8 Tips for Starting a Successful Business in 2020

By Edgar Cree posted 12-04-2020 12:46


Are you a new business owner? Are you nervous about starting a new venture?

Don’t despair? We interviewed some of the most successful entrepreneurs in different industries to bring you the following tried and tested tips on how to improve your chances of success when starting a business. 

  • Don’t Quit Your Job Just Yet

Typically, it can take years before a business is actually profitable so you don’t want to pressure yourself into a corner by quitting your job right away. 

Rather, stay at your job and treat your business venture as a side hustle for a while until you start seeing some profit from it. 

Even then, you should re-invest that profit but until you’re making enough to do that and pay yourself a salary, then you shouldn’t quit your day job just yet. 

  • Be Excited

A good indication of success when starting a business is being passionate about the venture itself, even if you’re not particularly passionate about everything that goes with it. 

It’s important to be excited about your new business because it’s something that you’re going to spend most of your time and energy doing. 

It’s going to take time before you see success and there will be a lot of challenges along the way, so it’s easier to hang on through the challenges when you’re doing something that you love. 

  • Build a Business Plan

A business plan will help you to put all of your plans and goals for your business in paper and can be a great way to keep yourself accountable and ensure that you manage your finances properly. 

  • Find a Partner or Mentor

Building a business is tough. That’s why you need to have a solid support system in place if you plan on making a success of it. 

Even if it’s your best friend or family member, you’ll need someone who’ll act as a soundboard and a shoulder to cry on when things get tough.

On the business side of things, find a mentor, or join some sort of business start-up program that will provide you with guidance along the way. 

  • Reach to Potential Clients

One of the best business tips is to start getting clients and prospects before you even launch your business. 

Start networking and making connections in your industry. Offer incentives to build brand awareness and advertise, advertise, advertise! 

  • Hire Professionals

While you’re starting out, you might be a one-man show, but you’ll quickly learn that you can’t do everything by yourself. 

You’ll need to assemble a team that includes a bookkeeper or an accountant as well as a lawyer. 

Having these experts in your corner will go a long way in helping you to avoid common mistakes that small business owners make and you won’t be one of those statistics that people always talk about of small businesses that fail after just one year. 

  • Do In-Depth Research

In addition to the research that you’re going to do when writing your business plan, you must also do thorough research on the products and services that you offer, as well as the niche and industry that you’re getting into.

You simply cannot avoid doing this work, it’s essential if you’re going to join any industry. You must be an expert on it. 

  • Put Some Money Aside

Most importantly, make sure that you have savings in place as you grow your business. 

You’ll need it for those first few years because you probably won’t be able to get a loan for the first few years in business.