Start Up Strategies from Successful Entrepreneurs | Small Business Tips

A sluggish economy continues to drive more workers to consider starting their own businesses.  These budding entrepreneurs, consultants and small business owners face enormous hurdles during their start up year and according to a recent article in the Wall Street Journal, the trend in entrepreneurial start ups is “lean.”  The WSJ article sites a recent Kauffman Foundation study statistic showing start-ups are now being launched with an average of 4.9 employees, down from 7.5 in the 1990s. And, the study concludes, this may be a permanent trend.  Our own anecdotal (and highly unscientific) polling of readers leads us to believe that even more single person or solo-preneur businesses are being created each year and a staggeringly high number of those do not succeed.

Start-up financing is harder to obtain than ever before, money is tight, hurdles to qualifying for financing are higher, and consumer confidence is low.

So I asked several successful entrepreneurs and small business owners to share either one tip for first year business start ups or one daily habit they’ve incorporated into their lives to provide entrepreneurs with some guidance and inspiration.

LENA WEST, Keynote Speaker, Social Media Superstar (my words) at Influence Expansion.

“The best advice I can give to anyone in the startup up phase is this: whatever it is that you do, know it inside and out. Live it, breathe it. This breeds confidence. And when you’re confident, you make money.”

MATT MULLERWEG, Keynote Speaker and founder of WordPress.

“The thing I do every day that helps me the most is reading long-form content, anything from a book to a New Yorker article. Whether it has anything to do with my interests or not, good writing clears my mind and expands my horizons.”

 

CARRIE WILKERSON. Author of The Barefoot Executive: The Ultimate Guide for Being Your Own Boss and Achieving Financial Freedom, Speaker and founder of The Barefoot Executive.

“My most valuable habit is making a list of crucial to-do tasks the night before I ‘close up shop’ so that I’m not overwhelmed when I start my next workday wondering where I Ieft off.”

MARI SMITH, Author, The New Relationship Marketing: How To Build A Large, Loyal, Profitable Network Using The Social Web and Coauthor Facebook Marketing: An Hour A Day and owner of http://MariSmith.com

“In all your business endeavors, do your best to stay true to your “FOCUS,” which I like to define as Follow One Course Until Successful. Identify your deepest passions and greatest strengths; stay focused on those. Then, delegate and outsource as much as possible–even a small investment in the right part time (virtual) support staff can make all the different in the world. And, any time you bump up against limitations and challenges (which you will!), stay focused on your highest vision, your big “why.”

STEVE BORRELLI, Co-Founder of first year start-up http://WeArePetNation.com, a new company that has gathered more than 40,000 friends, fans, followers and subscribers in just six months.

“Keep track of your metrics. You can’t make informed decisions about spending unless you have the data. Make a list of the important metrics for your business, put them in a spreadsheet and track them. Use that information to inform your future spending decisions.”

JUAN FELIX, Executive Editor at Mirror Yourself and founder of his own new media magazine Nieuwemediagids.nl for the Dutch Market.

“Find your niche first and develop the product next.  One of the most challenging decisions for any business owner is deciding who your customers are. For what audience can you add value? Review what you have done in recent years. What problems can you solve with your knowledge and experience? Translate these problems into challenges. Identify the target audience that faces these challenges. This will take you directly to your niche. Next, you can think about the products or services to meet these challenges.”

I just celebrated the 4-year anniversary of the launch of my own entrepreneurial enterprise, Brand New Brand You Inc. I have made a ton of mistakes and have written about them before.  But here are some of the things I recommend new business owners do without delay.

• Consult an accountant and/or lawyer to make sure you’ve selected the best structure for your new company, albeit an LLC or an S-Corp or simply a single owner consultancy. A consultation with a pro is worth every penny in the long run.

• Apply for and use a business credit card to help you keep your personal purchases and expenses separate from your business expenditures.

• Create a simple, inexpensive blogsite with information about yourself, your business, your product or services and contact information.  This is your cyber business card, a place for people to find you and acts as a virtual yellow pages in terms of SEO. Do not wait until you have the money to make it perfect.  Get it up and perfect it later.

Please share your advice for first year start-ups and entrepreneurs. Let’s create a virtual check list to help new business owners buck the trend and succeed in building a healthy business.