Six Super Business Tips To Empower New Entrepreneurs
Starting a new business is exciting, as you get to be the boss, make all the crucial decisions, and keep a large portion of the profits. However, often entrepreneurs are not prepared for the rollercoaster ride of starting up, which includes managing cash flow, creating awareness, and chasing up debtors. Therefore, weighing up your options before jumping in with both feet is vital.
At Misic Accounting, we understand the challenges entrepreneurs face when starting a new business, which is why we want to help you. Therefore, we have compiled a list of six super business tips to empower new entrepreneurs.
Tip #1: Build to last
First and foremost, build your business to last! Focus on building a company with a legacy by doing what you do so often that you do it better than anyone else. Focus on providing the highest quality you can rather than just quantity.
Tip #2: Choose the right niche
Identifying a niche will help you narrow down your message and aid in your marketing efforts. Therefore, deciding who your ideal customer is will allow you to be unique and cater to the right audience.
You need to find customers that require your help the most, as you can’t be everything to everyone. Not everyone will be a good fit, so be very selective of your customers. It’s arguably just as important as any other factor when starting a new business.
Tip #3: Solve a burning problem
Ultimately, no matter how good your idea is, nobody will pay you unless you solve a problem for them. The bigger the pain point you can eliminate, the more in demand you will be. Period!
The problem does not have to be complicated. It can be relatively simple, but people need to want it urgently enough.
Tip #4: Match your personality
This one is interesting, and some entrepreneurs may not think about it too much. However, it’s essential that you can be authentic in your business and in everything that you do. The last thing you want is to come off as tacky, fake, and salesy.
Tip #5: Be your authentic self
You need to have a great passion for what you do, as there will be many days (and nights) when it seems like everything is going wrong. Unless you enjoy the process, you will find it very easy to quit. Even coming from an accounting firm, we would place this tip near the top of the agenda, along with all your numbers and projections.
Tip #6: Profit > Revenue
Profit is what gets left over after you’ve covered all of your business expenses. So although it may SOUND nice that your business makes $X, that number is irrelevant compared to what you keep and take home.
It’s, of course, one of the main reasons you NEED to invest in an accountant or at least a bookkeeper. You MUST, absolutely MUST, be aware of your business’s financial health at any given point in time. It would help to make sound growth decisions and allocate limited resources.
Without this, you will surprise yourself one day when you have no money left and may get forced out of business. Don’t let this happen to you. We suggest that you Invest in the right advisors from day one.
Get in touch with us today!
We hope these five tips help you to make intelligent business decisions. If you need assistance with the accounting side of your start-up, get in touch with Misic Accounting today. As a CPA and Bookkeeper firm in Kitchener, Ontario, we provide a comprehensive range of reliable services.
Our services include income tax solutions, bookkeeping, business accounting, payroll, and financial consulting. We serve clients across Kitchener, Cambridge, Waterloo, Guelph, Brampton, Mississauga, and the surrounding areas.
To learn more about the accounting services that we provide, please click here. If you have any questions about the financial aspects of starting a business, contact us by calling (226) 750-3521 or emailing sasa@misicaccounting.ca.
