8 Tips for the First Time Business Owner

It can be hard to let go and start that business you've wanted to start for as long as you can remember.  But its important for you to know that YOU CAN DO IT!  You got this.  Here are the tips I give anyone looking to start their own business.

1. Be Frugal.

Yes, your business should look legit when you are just starting off.  However, there is no need to go out and start renting an office when you can work from your dining room table at home for free.  There is no need to buy a faster, brand new computer until you can afford it.  Don't do it!  Save your money!  And when you start to make money, invest it back into your business.

2. Work Hard.

This seems like a given, but so many people believe that an entrepreneur works an hour or two a day and can still bring in that 6 figure salary.  If you can do that, please contact me because I'm interested!  But reality is the entrepreneur will work 80 hours a week to avoid working 40 hours a week for someone else.  You will need to put in the time and the sweat in order to be successful especially when just starting out.

3. Don't Let Failure Get Your Down.

There will be failure, that is a fact.  No matter who you are or what you do, there will at one point be failure.  Failure so big that you don't think you can recover.  But the true test of failure is how you react to it.  If you throw in the towel and give up, then you were not made to own your own business.  But if you take a deep breath, roll up your sleeves and prioritize to get back to where you need to be, that is true success.  Failure is an opportunity to learn.  I suggest you learn from failure and keep on chuggin' along!

4. Don't Listen To Naysayers.

They will be everywhere, especially at first.  They will tell you how hard it is to start a business and that the economy isn't good and that you don't have enough experience.  Nod and smile and erase everything they say from your memory.  Yes, it will be hard, BUT you are capable of anything with a positive attitude.  Whether you think you can or think you can't, you're right.  So keep that positive attitude and keep telling yourself "I KNOW I can."

5. There Is No Blame Game.

You know when you're at work and you made a mistake that you don't want to admit so then you tell the boss that you made that decision because of blah, blah, blah...?  Well, that stops now.  There is no blame game when its just you.  If you make a mistake, suck up your pride and fix it.  There is no blame game in the world of entrepreneurism.

6. Know Your Niche.

If you don't know your niche, then you don't know your business.  You cannot have a business that targets everyone.  I promise, it will not work.

7. Marketing Is Worth It.

Many first time business owners think marketing is a waste of time or money.  Trust me its not.  How else will you get your business in front of customers?  These days its easier (and cheaper) to market your business using social media.  If you can become a social media expert, its easy peasy to market your business for very little time or money.  Just ask me how!

8. Be Consistent.

I am no stranger to trying to get your business off the ground while still working your day job.  The best advice I was ever given was, you may not be able to work your start up full time, but you need to work is consistently.  You cannot work it sometimes.  If its an hour or two a day, that's great.  But working one week and not the next and then maybe working a couple days the week after is not consistent enough to get it off the ground.

What is the best tip you ever received for starting your own business?