5 Tips for the First-Time Business Owner

By Robert Whited Day-to-Day Business Operations Marketing Small Business Financing November 1, 2018

First time business owner

Tips for the First Time Business Owners

Owning your own business is a tough gig. It’s a journey filled with trials and tribulations, and sometimes it can feel overwhelming. We’ve put together some helpful tips to get you—and keep you—on the right track!

Do It Because You Love It

Starting a business simply because the lure of profits and success is tempting is not a good reason to jump into a venture this substantial. Start a business because you have an idea that you’re passionate about—something that you love. Building a business around your strengths is a surefire way to be successful; when your heart is truly in it, that’ll shine through in your operation. If there is no real passion and drive behind your moves, it can be easy to grow resentful when things get rocky. Start a business that’ll make you happy to wake up in the morning. After all, it’s not really work if you love what you’re doing.

Create an Elevator Pitch

An “Elevator Pitch” is a very common networking tool used by countless businesses to help them communicate their mission and vision in a compelling, concise way. The point of it is to create interest in what your company does, but you can also use it to convince others of a project, idea, or product you want to introduce. Good elevator pitches cap out at 30 seconds or roughly the length of an elevator ride. Check out some great tips for crafting an elevator pitch here.

Watch Your Wallet

Just because you’re a business owner doesn’t mean you need to drive the fanciest car and have the biggest house and foot everyone’s drinks at Happy Hour. When you’re just starting out, things are going to be tight financially. But as you grow, continue to watch the money you’re spending—you never know when you might hit a rough patch, and you’ll be thankful you were frugal if things get tight. Keep a close eye on your business’s finances, try to maintain a low overhead, and manage your cash flow like it’s the lifeblood of your business—because it is.

 

First time business owner

Have A Support Network

Owning a business has a tendency to be an isolating experience, especially if you’re a solo entrepreneur.Maintain a network within the larger business community of your area, and get a business coach if you don’t already have one. Business coaches are trained to help you work through tough decisions, with their ultimate goal being to bring your business to the successful place you want it to be.

Aside from meeting with a business coach at least once a month, you can network on sites like Facebook and LinkedIn, and join local groups of business owners. It can be eye-opening to hear the struggles and successes of other entrepreneurs in your area, and you might also get some ideas to implement into your own business.

Keep Your Day Job

We’re not saying to juggle two jobs forever. Keeping your current, steady job doesn’t mean you lack the confidence your business will succeed—it’s simply a smart business move that shows you’re prepared for whatever might happen. Imagine getting excited about your new endeavor, quitting your job and sinking all of your resources into it, only to run out of money after a few months and ultimately fail. If you keep your job and maintain that crazy schedule of working your tail off while you get things off the ground, you’ve got a built-in safety net to catch you. You’ll also feel less pressure to succeed immediately, which will lead to less hasty and more thought-out decisions. Then, once you’re absolutely certain your business is going to be a success, go ahead and leave your 9-5. It’s time to shine.

Are you getting ready to open your own business? Talk to the experts at ARF Financial for advice on securing the funding you’ll need to get started. With our large variety of restaurant loan options, you’re sure to find one that’ll help make your business dreams a reality. APPLY NOW!