Dear entrepreneurs,
Starting a business is exciting! It’s also full of pitfalls that could pull you back to a 9-5 grind.
Here’s how to avoid these and thrive instead:
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Define your niche: Dive deep into market research to pinpoint your specific audience. An unclear niche is a common downfall.
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Prioritize your health: Treat breaks and time off with the same importance as your job.
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Set clear Goals and KPIs: Document your objectives and the metrics by which you’ll measure success. Goals without KPIs are just wishes.
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Make sales a priority: Without sales, there’s no business. Craft a robust lead generation strategy and allocate daily efforts to sales activities.
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Break out of isolation: The entrepreneurial path can be lonely. Engage with business networks, secure a mentor, and find peer support.
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Prepare for taxes: A separate tax savings account can prevent bad surprises. Allocate a portion of each sale to this account.
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Strategize: Distinguish between working “on” the business (planning, strategizing) versus “in” the business (day-to-day operations).
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Financial planning is key: Keep a close eye on your finances, including revenue, expenses, and profit. Regular reviews are essential.
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Price your services: Ensure your pricing strategy allows for healthy margins and reflects your value. Don’t underprice.
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Master time management: Employ apps and techniques to prioritize tasks. Set time aside for deep work.
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Excellent client experience: Regular feedback from clients can show areas for improvement so you create recurring clients.
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Don’t skip legalities: Investing in legal advice upfront can save you from potential pitfalls down the line. Avoid handshake deals.
Pro Tip.
Year 1: Focus on sales
Year 2: Build systems
Year 3: Grow your team and scale
Remember, all successful entrepreneurs once started somewhere.
You’ve got this!
Till next week,
Noemi
P.S. As you know I usually have a book recommendation at the end of my posts. (not affiliate links)
One of the books that saved me in my early days of business to help me:
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Always be profitable
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Save money for emergencies
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Pay myself a salary with PTO
