Best Practices for the New Business Owner

Running a business is challenging, but getting yourself started can seem nearly impossible when you are unprepared. There are many hurdles that you need to get past before you are truly in business. A healthy balance of planning and perseverance can mean the difference between a profitable venture and failure. Here are three ways that you can give yourself the strongest possible start.

1. Know Your Strengths

Sure, it may seem smartly ambitious to be your neighborhood's one stop shop, but can you really keep up with the demand that would result? When you try to spread yourself and your services too thin, you are bound to disappoint someone at some point. You know your talents and what you can handle, so now is the time to be completely honest with yourself. If you really want to be able to share what you can do and hate the idea of limiting yourself, try to narrow the list down to two offerings. It is also wise to be sure that the services are at least somewhat related to one another. For instance, a printing service and stationary shop would be very complementary to one another.  On the other hand, a deli and craft store probably don't make much sense together.

While you note the most likely specialties for your undertaking, remember that you will also need to keep yourself up to date on relevant subject matter. If possible, give yourself some time each year to attend a workshop or conference. Scheduling well in advance will help to keep you on track and give you plenty of wiggle room for making any necessary staffing arrangements. As an added bonus, you can also use that time to network with other business owners and potential customers.

2. Communicate With Your Customers 

As a member of a community, it is very important that you make your neighbors and clients feel comfortable with you and what you do for them. While this is something that you will need to commit to for the lifetime of your business, it will also be necessary to introduce yourself in advance. In a sense, you will be playing a role in the advancement of your community by adding yourself to it, so the locals will appreciate getting to know you before you open your doors. You might feel like the new kid at school, but being a good neighbor will break the ice in no time. Attend community events such as festivals and fundraisers, and make every effort to relate to as many people as you can. They will remember you the next time that they are in the market for services like yours.

On the technical side of things, knowing your market and what the needs might be in your area will allow you some insight into how you can move your business forward and make your mark. When the need arises, your target operating models can be adjusted as you learn the ropes of operating a business in your particular niche. Keep a record of what works, and what needs more work. Make yourself open and available to your customers and involve them in your improvement efforts.

3. Stay Grounded

Of course, the planning and startup stage will be one of the most trying times of your life. You may have many days when you feel like giving up. When you find yourself feeling overwhelmed or pessimistic about the future, remember why you wanted to be a business owner. Yes, you have no choice but to dedicate most of your time to keeping things afloat. But just as you lived your life prior to opening your business, the world will keep turning if things don't work out this time. Many very successful people have experienced failure before finding their way. So take a breath, and keep on.

Privately owned businesses are the bedrock of strong communities. They are necessary for the very survival of many towns all over the country, and it takes a devoted person to be a part of that. Your aspirations for entrepreneurship can mean the world to a struggling neighborhood, and you may be the very person they need to get things rolling.