5 little known entrepreneur tips and tricks
Being an entrepreneur takes curiosity, persistence, risk tolerance, adaptability, a strong sense of direction and a thick skin. But more than that, to stay in business for the long haul, it's important to choose the right business for you. There must be a market for your product or service, and you have to be the right person to provide it.
There is endless business advice out there for solopreneurs, but these five tips will help you take your business to the next level.
1. Be consistent
There is not enough said for the positive benefits showing up every day will have on your business. By being consistent you show to yourself, your staff and your customers that you take your business seriously and you're willing to do what it takes to make it work.
Creating consistency in your business also helps you make long-term positive habits that allow you to run a business according to your values. It develops an expected experience for your customers that will serve your business long-term.
2. Keep detailed records
You will never regret keeping detailed records for your business. This gives you a clear picture of where your business stands financially and allows you to make well-informed decisions rather than reactive ones.
Here are the types of records you'll want to keep track of:
● Accounting records (keep track of business transactions)
● Bank statements (account information, investments, credit card records)
● Insurance documents (liability, renters, vehicle, cybersecurity, etc.)
● Legal documents (business license, articles of incorporation, partnership agreements, etc.)
3. Compile standard operating procedures
Entrepreneurs coming out of the corporate world may be resistant to standard operating procedures (SOP) because they had a bad experience with them, or they created SOPs that were never followed at the office.
However, when used properly, SOPs allow you to empower your team to run the business exactly how you want without micromanaging, because the strategies and workflows are clearly defined and documented.
4. Maintain a virtual office or virtual address
If you're just getting going as a solopreneur or freelancer, you may not feel the need for a professional business location or address, but eventually you'll need a place to receive business mail and meet with clients or customers.
Having a virtual office or virtual address could be the best of both worlds. You benefit from the perks of an office without the added burden of taking sole responsibility for it.
When you explore the possibilities of what having a virtual address may mean for your company, you may be surprised at the benefits it provides. It's a little known entrepreneur tip that will set you apart from the competition.
5. Find ways to stay focused
Running a business can be tough, and entrepreneurship is isolating. You can easily feel like you're not making progress or that your business idea isn't working and want to pivot or make larger changes. However, in many cases, staying focused and playing the long game will serve you much better than shifting every time you feel impatient or like you're not making progress fast enough.
By simply finding ways to stay focused and plug away at your business you'll stand out in the marketplace. Customers appreciate when they feel a business is committed and by staying on your path, you'll outlast much of your competition.
In business, you will never be short of ideas. These five little-known entrepreneur tips and tricks will help you take your sparks and develop them into a business that's here for the long haul.