Are you thinking of starting a small business? Have you already started one and you need some tips on how to make it successful? Then you’re going to love the topic of today’s article. We’ll be talking about 3 small business tips coming from highly successful business owners. Let’s see what they have to say about the ups and down of building a small business from scratch.
3 Small Business Tips to Keep in Mind
1. Have Specific Goals
One of the main things you should keep in mind when opening a small business is that you need to establish some goals. Laura Kelly, owner of The Handwork Studio, a company that offers needlework classes and camps for children, advises people to always break big goals into several smaller ones. For instance, she has 10-year goals, 3-year goals, 1-year goals, but also quarterly goals. She believes that the more specific your goals are, the more likely they are to drive your actions.
Kelly doesn’t only adhere to this specific goals policy herself. She also asks that of her employees. At the office, everyone has a dashboard where they put down their goals. This makes it easier for the employee and for Kelly to track the progress and the amount of time left until the goals are reached. Not only that, but it also allows Kelly to know exactly how many Facebook likes or website traffic her company has at any given time.
2. Share the Workload
If you’re one of the people who feel a thing is only done right when you’re the one who does it, then you know the struggle of sharing the workload with other people. Even if that doesn’t come naturally to you, eventually, you’re going to need other people in order to develop your business. Gene Marks, owner of the Marks Group, used to share the responsibilities with his father. When his father passed away, he worked on his own for a while. Then, he realized he needs to hire other people as well.
The important thing to keep in mind when hiring other people is that you should hire individuals who are better than you at certain things. For example, Marks realized he had been doing things he wasn’t particularly good at, things that other people could do better. In the end, that helped him increase his revenue. That’s because he could focus on the things he did best and simply delegate the rest.
3. Find a Niche
Since your goal is to develop a small business, you shouldn’t try to do many things at once. In fact, in order to thrive, you should focus on just one niche. Then, work on developing your business as an instrumental part of that niche. One of the owners of Ace Apparel, Marc Mathios says that was exactly what he did with his business. He and his two brothers are running the family business, which has been around for 78 years. Their focus is on parking garage operators. Similarly, you should find your own niche and innovate around it.
In order to develop a successful small business, keep in mind these 3 small business tips from business owners who’ve been through the process themselves.
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