16 Feb Six-Figure Entrepreneurs: Advice and Tips to New Business Owners
Starting a business will not be peachy. The road to operating a six-figure to seven-figure business is even rougher. But the important detail that new business owners should focus on is that it is only difficulty—it’s not impossible.
How can new business owners achieve success?
So here are some of the pieces of advice of six-figure entrepreneurs
Too broad and too common, right? Well, Ben Huber, the founder of DollarSprout, a financial blog, said that new business owners are always tugged at different directions.
It is important that a new entrepreneur narrows down his focus to a couple of things or even less. “It may sound cliche, but I don’t think entrepreneurs often realize the forces that are dragging them in several directions at once,” Huber said.
So he suggests putting your mind on one goal and work hard to achieve such goal. Once that goal has been ticked off, then another goal is in order. In terms of his business, Huber said that online presence is very important. To achieve that, he and his team focused on just one platform and worked on getting heavy traffic in that specific platform.
Businesswoman Allison Braun, who found success in lifestyle consultancy, believes that an entrepreneur would be more successful if her business is aligned with something he loves doing. She said: “Alignment is everything. Create something that you want because it’s what you are good at, not because it’s the ‘smart’ thing to do, or because other people are doing it. Get clear on what you want, how you want to do it and then go for it.”
You would be more successful doing something you love and something you are truly interested in. Doing something that is not aligned with your interest would be more taxing and would feel more like work. As a result, you will not be coasting through the business, you will be toiling.
It is all too common for a businessman to start a business all on his own. Hiring help will mean spending money he still doesn’t have. In the long run, the entrepreneur will actually save more money if he hires help. If not, he will be spreading himself too thin. When that happens, mistakes are prone to happen since he could not do everything correctly for lack of energy.
Knowing when to delegate plays a big role in dictating success in business. But if a full-time employee seems expensive for the moment, some of the tasks for startups could actually be outsourced. There are virtual assistants and freelancers everywhere—one may be able to connect with them online. This way, one does not have to spend on benefits for these outsourced help. What is the point of starting a business when one becomes too exhausted to do business?
How cliché is this? But six-figure entrepreneur Stephanie Nickolich of The Success Mentor, said: “Dream big (really big) and then create a solid plan for the success you desire, with how you’re going to reach it. Invest in yourself, in the best mentors in the world that have accomplished what you want. Never, never give up on your dreams regardless of where the journey of entrepreneurship takes you. Dreams really do come true when you have the courage to pursue them.” If all these successful people are saying one should “dream big.” Then there must be a lot of truth to it.
One really needs to get in contact with a lot of people and other businessmen. That’s networking. These people know more people and will get one’s business within range of the market. This is the practical applications of social media. It’s the best way to connect with people. To connect with more people, one could join activities in the community to meet more people. But one should only choose activities related to the business or one that would have participants that would be interested in the business or the possible market of the business. That’s a social investment needed to grow the clientele.
Know where to invest
For the first three to five years of the business, budget will be tight. But one should know what to spend money on: marketing. Every businessman who is just starting out should invest on marketing because that is something that needs expertise. Accounting is another area that one should invest on because finances are tricky and very important. This part of the business also needs expert knowledge. “It’s very tempting once the business starts turning over a decent level of revenue to increase your overheads and start paying yourself a lot more. I’d suggest doing the opposite of this and make sure that you’re running a tight ship—this will put you in a strong position for future phases of growth,” said Seb Dean, the founder of Imaginaire Digital, a UK digital marketing agency. So for daily and regular expenses, one should just stick to the basics.
Find a mentor
Get a mentor. It’s always great to have a model, someone to look up to. It has already been established that starting a business is difficult and hard. But if one has a mentor, it would not be a lonely journey to the top. It’s like a journey with a guide to make things better and more bearable.
Do things right first
Six-figure marketing coach Ilean Harris has one great piece of advice to new entrepreneurs: Do it right before you do it better. There is no sense doing things better when it was not right in the first place. Starting a business means a lot of mistakes and errors, but this is also an opportunity to correct those. And once things are right, there is a chance to make things perfect and then better.
These six-figure entrepreneurs know what they are doing, so their words are wisdom. They did not become successful by jumping into a pool of dough. They worked their way to six figures and are now sharing what they have learned in the business and in life to the world, especially the new business owners.