Opening a business is about much more than finances: It’s also about grit, resilience, and the commitment to learn and grow along the way. Over the years, we’ve picked up tried-and-true practices that have helped take our companies from ideas to thriving businesses.
Whether you’re a seasoned entrepreneur or haven’t launched your first company yet, you can benefit from these nine business success tips:
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1. Utilize the democratization of information
For the first time in human history, billions of people from every race, religion, and economic background have access to almost all of recorded history and human knowledge. Everything you need is simply one Google search away. Hold yourself accountable for seeking out and finding the right people to listen to and learn from.
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2. Never cut corners
I preface “never” by saying this, “Never say never.” However, stay away from illegal, unethical, and immoral practices in your business. If you need convincing, do a Google Search for “common ways bad businesses cut corners,” and do the opposite of what you find.
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3. Stop trying to think of every way not to do your job
When the going gets tough, the tough get going. I have had some of my best new business ideas while trying to solve hard problems in my business. Don’t get distracted by a shiny new toy before you have mastered the toy in front of you. That is not to say don’t pivot. However, when you find yourself daydreaming about the next thing, remember to do your job!
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4. Just start
The best way to do anything is to just simply DO IT. Go for the run, start with a walk, make the call, write the code, design the shirt, whatever you need to do. Stop what you are doing and start. Do it now. Remember, you’ll need access to capital. Reach out to local, regional, and national banks. You won’t get the first bank to give you a loan, so take meetings. Learn the lingo; discover the difference between traditional banking (line of credit) and the Small Business Association, and educate yourself on other options such as PayPal lending and Shopify capital.
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5. Build it & sell it
Once you do start, it can be tricky if you are not having success. You started. You did it. You took the advice, but you’re not getting the results you want. Well, you may be working in your business and not on your business. Operations must get done. But sales drive the way.
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6. Prioritize people
Follow the golden rule of “treat others as you’d like to be treated.” It’s incredible how many people can’t get this right. Make it a point in your life to treat people well.
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7. Keep in mind that people do business with people
People do business with people; treat them well. Building off of our last point, this is a core philosophy in all of our businesses. I am sure you have heard “the customer comes first and that they are always right.” At our business, we believe in treating all of our people like a customer. That means vendors, landlords, employees, service providers, customers, friends, family, etc. Treat everyone well!
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8. Remember that an angry or upset customer is your best opportunity for service
Listen when people complain. They are doing you an incredible favor. The customers you burn who don’t say anything and never come back are the ones you need to fear. Don’t defend yourself to an upset customer. Listen and learn. Make them happy and thank them for making you and your company better. Believe it or not, this is harder than it seems. Especially when you start building your team. Your front-line, junior employees might have their feelings hurt if you do not train them on how to deal with this kind of feedback.
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9. Pay vendors, landlords, and service providers first
This is a business fundamental. Not only that, but it’s the right thing to do. Even in the earliest stage of a new business, when it seems the most challenging to pay bills, pay others first. We guarantee the relationships you make with key players will come back to help you in so many ways, and maybe when your business needs it most.
By following these nine tips, you’ll build a solid foundation for a lasting and successful business.
This article was adapted from the book This Is It: If You’re Waiting For a Sign to Start Your Business, by Jordan and Glenn Edwards. Jordan is the president of Mixology Clothing Co., a Long Island-based fashion retailer with a robust web presence and 10 brick-and-mortar locations. He is also a real estate entrepreneur and investor, an avid reader, and a Brazilian jiu-jitsu athlete. Glenn is a seasoned, service-minded business leader who grew a family home healthcare firm into one of the largest on the East Coast. Today, his investment company, Chart Organization, LLC, has multiple holdings. Glenn is the author of a previous book, Coming into Your Own, and he serves alongside his children, Jordan and Gabrielle, at Mixology.
This article was syndicated by MediaFeed.org.
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