I wish I knew that starting a business is not just selling; it is more than that. It is important to know that a lot of people can sell products/services but may not be able run a business. Running a business is more than creating a product or offering a service, it is also creating a brand, dealing with processes, and handling outcomes. I wish I knew this before I started out as an entrepreneur. Learn these secrets from me for free, I am not charging but you can thank me later.
I wish I knew that starting a business is 60% customer service &marketing and 40% products/services. In fact, it is a ton of trial and error because you will not get everything right the first time. The first lesson you should know is, work never truly ends and there is no set schedule. When you work for yourself, you have no closing time because you would want to make sure that everything is in place before you go to bed. In as much as this is a great management tool, you also need rest. Equip yourself with the right tools and systems that will save you money. Starting a business is not always easy and I will be honest with you. It takes a lot of hard work, dedication, resilience, and accountability but no matter what, you will get through it.
Secondly, do not ignore the business part of your business; take it seriously. Make sure you have a great accounting system that tracks your finances i.e., paying of taxes, tracking of expenses, sending out invoices and more. Document every penny spent for accountability. Create a system that works for you. Set up your personal business goals and make sure they align with your business. Your business is your reflection, so make a connection and merge both. Pay attention to your business and create a structure or strategy that will improve your business. For example, sending an acknowledgement message to your customers after a purchase builds loyalty and reassurance. This strategy might improve your customer service and keep the customer buying.
I wish I had focused on my core product. This is one of the biggest mistakes entrepreneurs make. While it is okay to jump on trends and try out new thing, do not forget your vision and your core product. Most entrepreneurs jump from one product to another and there is nothing wrong with that, but it is advisable to have a niche or product you are well known for. Your customers do not want to second guess your products or services. Be focused on serving a particular niche and audience, establish authority in that industry and you will grow faster than expected.
Furthermore, build great relationships because your network is your net worth. As an entrepreneur, your business might not survive if you do not have supportive people behind you. These people might be your employees, stakeholders, customers, suppliers or even your friends. Build relationships and expand your network; after all, your business is all about the people at the end of the day. Reach out to people in your industry, attend events, connect with people outside your niche, and you will realise how easy some of your problems will be solved.
Desist from waiting for opportunities to come to you; jump in and seize every opportunity before you are even ready. This is part of investing in your personal development. Embrace business opportunities you feel you are not qualified for and you will be shocked at how qualified you are.