Are you a startup business owner who’s looking for effective ways to run and grow your enterprise? We asked some of our peers who have experience managing small businesses for their thoughts and insights. Below are the tips we have gathered from successful entrepreneurs who started out small but have now made a name for themselves:
You don’t have to quit your full-time job just yet.
Some people have the courage to take a leap of faith by resigning from their day job to go full-time in running their startup. But this move can be very risky. What if your business runs out of money and fail? What will be your fallback? The best strategy is to keep your job for a few more years while you’re starting to get your small business off the ground. When you’re absolutely sure that your business will take off well, then it’s time to call it quits with your day job.
Lower your overhead costs.
Cutting down your overhead can minimize your spending while maximizing your business assets. Do you really need a large office when your employees are always out in client meetings? Do you really need all the equipment? Can you consider forming a virtual team to lower your overhead? Think about these when evaluating your overhead costs.
Put your full attention to one venture only.
Some business owners get tempted to start another business they’re interested in to the detriment of the first one they’ve worked hard to build. If you’re dividing your time and energy between two new businesses, one or both of them is bound to fail. Focus on just one business first. If you really want to have a second one, assign a full-time manager whom you can trust to oversee its operations.
What are your thoughts? Share your experience as a small business owner here in the comments!