As a small business owner, I have been asked a time or two what advice I can offer to someone that is thinking about starting a business. Business startup advice should be tailored to the type of business and the products or services being offered. However, some principles apply universally to all businesses, regardless of their offerings.
Here are some of my recommendations:
- Be Honest with Yourself
As a business owner, you will wear many hats. While you should try wearing all of them at least once, it’s wise to thoroughly understand all positions and their functions. Take note of the average time and effort required for various tasks and production levels. - Be Selective
Hire the best person for the position. Even if someone has experience, prioritize those who are willing to listen, learn new skills, and take on additional responsibilities if needed. - Know Yourself
Understand your strengths, weaknesses, likes, and dislikes. Focus on what you do best, and delegate or outsource tasks that others can handle more effectively. Enjoying your work is crucial—if there’s something you don’t enjoy, work on improving the process! - Always Have a Plan
A plan is essential, even if it evolves over time. Be prepared for setbacks and unexpected challenges by creating backup plans. For example, what would you do if a shipment of parts is delayed or lost? Or if a key supplier suddenly goes out of business? - Avoid Stagnation
Continue to evolve, innovate, and grow. Identify the weakest link in your processes, fix or replace it, and then move on to the next area for improvement. - Embrace Technology
Don’t fear new technologies, such as AI. Research their potential and determine whether they can serve as useful tools for your business. - Seek Advice
Listen to advice from others, evaluate it critically, and implement it only after thorough consideration and research. - Take Calculated Risks
Be willing to take measured risks. You won’t know if something will succeed until you try. If it doesn’t work out, consider it a lesson rather than a failure. Analyze what went wrong and use that knowledge to move forward. - Choose Reliable Partners
If your business relies on external companies for parts or services, partner with dependable and high-quality suppliers. Poor-performing partners can damage your reputation with customers. - Prioritize Safety
Always keep employee and customer safety in mind. - Eliminate Waste
Avoid wasting time, money, and resources. For example, reuse packing materials whenever possible. - Optimize Your Space
Use warehouse, office, and display space efficiently to maximize productivity and presentation.