It’s been 18 years since I’ve been a new entrepreneur, but that’s only given me time to figure out what I didn’t know that I didn’t know then. Looking back, I would have given anything to have someone whispering in my ear these three fundamentals about new business:
1. Build a solid, but flexible business plan.
Every successful business has a strong and comprehensive business plan to guide the company through the years. It’s impossible to predict the future, but prepare for all you can. Spend extensive time planning, and then once you think you have it, keep working.
With that said, a business plan isn’t set in stone. Don’t be so emotionally attached to your business model that you can’t adapt to change. Dozens of new technologies emerge every year””be prepared to accept and incorporate whatever the market throws at you.
2. Shut up and be patient
Try to spend more time listening than talking your first 2-3 years in business. You’re still learning during that time and it’s important that you continue to learn from those around you. Success is not immediate. It’s easy to get overly excited when you think you’ve had your first taste of success, but, in truth, you’ll have to wait twice as long to really be profitable.
There are so many learning experiences during your first years in business and it’s important not to get cocky. Keep your head down, work hard, and learn all you can. Profit will follow.
3. Don’t worry about interior design
Looks don’t matter. Don’t waste time and money on what your office looks like; it just needs to be comfortable and functional. A cozy environment where workers can be productive is worth twice as much as a Herman Miller chair or designer desk.
About The Guest Author: Jack J. Bergman is the President of Allied Business Network, a business membership program that offers small- and medium-sized businesses discounts on items that they use every day. Jack is a business thought leader and brings businesses together with abnsave.com, smartbizsavings.com, and businessadvantageplus.com. He welcomes anyone to reach out to him on Twitter or Google+.
Businesswoman Drawing Business Plan Photo via Shutterstock