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16 “I started out wanting to specialize in coaching young families and ended up building a company that provides financi...
25/08/2022

16 “I started out wanting to specialize in coaching young families and ended up building a company that provides financial education and coaching to employees in the workplace,” he said. “This was a result of identifying my strengths and being nimble enough to jump into a market with tremendous opportunity that I did not know existed when I first opened my doors for business.”

15 Be Flexible and Willing to AdaptIt’s important to know exactly what you want your business to be and to develop a pla...
25/08/2022

15 Be Flexible and Willing to Adapt
It’s important to know exactly what you want your business to be and to develop a plan to make it a reality. But it’s also important to be flexible, as Robson-Smith discovered when he was launching his financial coaching business.

14 Pay Attention to Billing and Accounts ReceivableYour sales can be great, but it doesn’t matter if you’re not getting ...
25/08/2022

14 Pay Attention to Billing and Accounts Receivable
Your sales can be great, but it doesn’t matter if you’re not getting paid on time for what you’re selling. That’s why Hespos said it’s important for business owners to pay particular attention to billing and accounts receivable.

“Look at your customers who pay quickly and find out what is it about them that makes them pay their bills on time,” he said. Hespos learned this important business lesson from his father, who had an irrigation business. His dad would separate his customers into tiers based on their payment history. As he was growing his business, he’d cut out the bottom tier of his customers — the ones who paid late or didn’t pay. “Let your competition have those people,” Hespos said. “They’re not worth it.”

13 Get a Handle on Your Sales PipelineTom Hespos, founder of marketing company Underscore, said one of his top business ...
25/08/2022

13 Get a Handle on Your Sales Pipeline
Tom Hespos, founder of marketing company Underscore, said one of his top business tips for beginners is to immediately get a handle on your sales pipeline. To do that, you need to be able to answer questions about your sales process: How long does it typically take to close a sale? What’s the average amount? How many sales do you need in order to keep the doors open? What are your sales goals by month, quarter and year? How are you going to measure them?

Using a customer-relationship management system will help you answer those questions and manage your sales better, Hespos said. “Which one you use is secondary to the metrics and process you can put in place with whichever one you select,” he said.

12 Recognize That Bigger Isn’t Always BetterSabatier learned the hard way that growing a business doesn’t necessarily re...
25/08/2022

12 Recognize That Bigger Isn’t Always Better
Sabatier learned the hard way that growing a business doesn’t necessarily require growing the size of your team. “I mistakenly believed that in order to grow, I needed an increasingly bigger and bigger team,” he said. “But what I didn’t anticipate was the amount of time and energy it takes to manage employees while growing a business.”

As he added employees, his responsibilities shifted from doing work to managing employees. “I spent all my time managing the ins and outs of the business, as opposed to doing what I loved, which was digital marketing,” he said. Growing a business, he learned, isn’t just about making it bigger — it’s about creating something that gives you the kind of life you want.

11 Don’t Be Afraid to Ask for ReferralsA great tip for starting a small business is to not be afraid to ask for referral...
25/08/2022

11 Don’t Be Afraid to Ask for Referrals
A great tip for starting a small business is to not be afraid to ask for referrals, Koraca said. “Let people know that you are taking on new clients or looking for new business opportunities,” she said. “If you don’t speak up, people will assume you don’t need any new introductions.”

Koraca said she got some of her best clients by asking others who knew them to make introductions for her. If you’re nervous about asking for what you want, then ask yourself, “What do I have to lose?” she said.

10 Set a Reasonable Timeline for Your Business to Exit the Startup PhaseFor your business to be successful, you can’t ju...
03/08/2022

10 Set a Reasonable Timeline for Your Business to Exit the Startup Phase
For your business to be successful, you can’t just focus on what you need to do to get it up and running. You need to figure out what steps will get you past the startup phase, Stengell said. Identify specific milestones that your business needs to achieve to move forward. “Set reasonable goals and move aggressively toward achieving them,” he said.

9 Keep Your Job Until Your Business Is Up and RunningOnce you have an idea for a business, you might be tempted to quit ...
03/08/2022

9 Keep Your Job Until Your Business Is Up and Running
Once you have an idea for a business, you might be tempted to quit your full-time job to focus entirely on getting your venture up and running. But that’s a mistake, said Grant Sabatier, who started his digital marketing business while working full time.

“An idea doesn’t mean anything. What matters is having paying customers and clients and a growth strategy,” said Sabatier, who is also the author of “Financial Freedom: A Proven Path to All the Money You Will Ever Need” and creator of the blog Millennial Money. “I see far too many people who start a business jump all-in with no proof that it could work.” That’s why he recommends keeping your full-time job until you know that your business is succeeding.

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