07 11 2014

07 11 2014

How Can You Succeed As A First Time Business Owner?

Since you started your own business, you’ve no doubt encountered challenges you didn’t expect, but if you’ve made it this far, you probably know a thing or two about how to make it on your own. There’s always more to learn, however, and there are many ways to improve your business on your own terms. Here are a few tips:

Never lose focus

When you got into business, you had a comprehensive business plan in place, right? As you continue as an entrepreneur, never lose sight of your original goals and be diligent in staying focused.

It’s easy to assume that you should accept every new opportunity that comes your way, whether that means taking on new partnerships with other companies or committing to new ventures that will supposedly boost your business. These may seem exciting, but opportunities can quickly turn into challenges. As a first time business owner, it’s of the utmost importance to avoid getting side tracked. Instead, focus on what you know and give yourself as much time as you need to make these decisions. You’ve been in business a while – that doesn’t mean you need to change. After all, you’ve found success on your own, so there’s no need to delve into new territory every chance you get.

Get your elevator pitch ready

There’s no doubt that your business is complex in its own way, and when you’re discussing your operations with friends, family and staff, it’s a great time to explain the details of what your company is all about.

When speaking to new acquaintances and potential allies in the business world during networking events, though, you should be able to describe your core business goals and accomplishments in a 30 second elevator pitch. Imagine if you ran into someone you admire in the business world while in an elevator and had just a few moments to explain why your company is the best in your field – practice your elevator pitch so you’re well-spoken and ready at a moment’s notice to boost your brand and interest prospective clients or investors.

Approach funding logically

Sure, you may find yourself in a position where a new networking connection wants to invest in your business, but this really isn’t likely. Instead, you should approach financing – which you’ll almost certainly need throughout your career as an entrepreneur – logically and realistically. If you’re interested in finding out more about small business loans or merchant cash advances, contact National Funding today.

Featured


  • How to repair bad business credit

    How to Stretch Every Dollar For Your Small Business

    Small businesses don't always have a surplus of cash lying around. When your enterprise performs well or you have an exceptional month in terms of sales, you're shrewdly deciding how to best allocate that revenue to keep the company stable and grow in an effective, sustainable way. Because most small organizations don't have the endlessly… […]

  • Inventory loans for small busineses

    What You Need To Know About Inventory Loans for Small Businesses

    If you're running a business which brings in most of its income through sales of physical products you know that keeping the shelves stocked is an important aspect of keeping your operation healthy. That's not always easy, though. Every business model has on- and off-seasons. A florist might see a large part of its revenue… […]

  • Encourage employee volunteerism

    4 Ways Companies Can Benefit From Social Responsibility

    Companies are taking corporate social responsibility more seriously than ever. According to The Guardian, more than 5,000 corporations release their environmental, social and corporate governance performance on an annual basis. And, nowadays, it's not hard to find an initiative designed to attract socially​ minded companies. The Guardian explained that today's trends in social responsibility are a… […]

  • Incentivize sales team

    How To Incentivize Your Sales Reps For Consistent Growth

    Sales staff are a unique group of individuals in the business world, in large part because they're so accustomed to individual and group incentives for high levels of achievement. While many people value the bonuses they may receive from their employers, salespeople are part of a smaller, distinct group that generally expect to receive performance-based… […]