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10.Start Small, Grow BigSome entrepreneurs go into a new venture with an all-or-nothing mentality. Our experts suggest s...
02/04/2022

10.Start Small, Grow Big
Some entrepreneurs go into a new venture with an all-or-nothing mentality. Our experts suggest starting small and giving the business time to grow organically. If at all possible, avoid leaving a stable job to launch your business or taking out a loan. Instead, mitigate risk by trying your business as a weekend or part-time job and let the market validate your idea first.

9.Build A Dream TeamFor many entrepreneurs, starting a business is a one-person show. However, there comes a point when ...
02/04/2022

9.Build A Dream Team
For many entrepreneurs, starting a business is a one-person show. However, there comes a point when doing it all becomes impossible.

“The most difficult thing for entrepreneurs wearing multiple hats is knowing where to point their attention — you cannot boil the ocean. Professional service people will help narrow your focus so that you can make the most of your energy and time,” says Welch.

While some aspects of the business can be handled internally, other aspects require a dedicated professional service team to see through. Compton recommends starting with a reputable legal, insurance and accounting team. Then, look for services specific to your business. This can vary depending on your product and service — a good service provider will show you when it’s appropriate to use their services and when to go alone.

“It so hard for small companies to relinquish control of these critical things, but it is absolutely critical to your future success. If you are not good at something, admit it and move on,” says Welch.

8.Carve Your Niche and Learn to MarketWith many new marketing opportunities that came from the pandemic, 2022 is a great...
02/04/2022

8.Carve Your Niche and Learn to Market
With many new marketing opportunities that came from the pandemic, 2022 is a great year for conducting fast and affordable market research. Social media has made it easier to instantly connect with hundreds of people. But many new entrepreneurs fail to engage effectively.

“One of the biggest issues we see with early-stage businesses is they never budget enough for marketing. Word of mouth is not a market strategy,” says Chesnutt.

Having a marketing plan established in your budget ensures that your message gets across to the right people. Partnering with a marketing analyst will allow you to understand the data received and help avoid false positives or confirmation biases.

7.Own Your Personal Finances Before Owning a BusinessSimply put, there is no way to have your new business under control...
02/04/2022

7.Own Your Personal Finances Before Owning a Business
Simply put, there is no way to have your new business under control without having your personal finances in order. Compton recommends launching a business with zero personal debt, except for a mortgage. If you do have debt, Compton suggests bringing the debt down to below 25% of your take-home pay.

The next step is having a 12-month security or personal expense fund and $50,000 available to comfortably fund your project. Having the support of your significant other is as important as having financial support. Analyzing the personal barriers that threaten your business will mitigate the stress placed on your startup and keep you focused.

Chatt365 and TSBDC encourage entrepreneurs who do not have t

6.Research, Research, ResearchAcross the board, our small business experts encourage due diligence and research before l...
02/04/2022

6.Research, Research, Research
Across the board, our small business experts encourage due diligence and research before launching a new venture. Entrepreneurs should understand their product, market and competition prior to launch. Many go into the market with false perceptions of how their product will be received or fall into the misconception that there are no other competitors in their product space.

“Everybody has a competitor. Maybe not for that product, but for those dollars,” says Chesnutt. “Do the research and put things in the right order. Don’t go off getting a business license, getting a bank account or establishing an LLC until you’ve really researched [if this] will work right now.”

5. Be CreativeAlways be looking for ways to improve your business and make it stand out from the competition. Recognize ...
01/04/2022

5. Be Creative
Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business.

4. Understand the Risks and RewardsThe key to being successful is taking calculated risks to help your business grow. A ...
01/04/2022

4. Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

3. Analyze Your CompetitionCompetition breeds the best results. To be successful, you can’t be afraid to study and learn...
01/04/2022

3. Analyze Your Competition
Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

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