When starting out as a young entrepreneur, it often seems that everyone has advice to give. You are told that in order to succeed, you must be passionate about your work, know how to adjust to just about any situation, and keep it as simple as possible to begin with. As good as this advice may be, chances are you’ve heard it all before.
From networking to the importance of an efficient accounting and management software, here are four useful -and perhaps less cliché- tips to help you build your new business.
1. Don’t underestimate the value of a professional network
Many young entrepreneurs and new business owners underestimate the importance of professional networks, or they end up neglecting them over time. It’s important to partner up with people who share your views, and to find mentors who will know how to guide you.
While you should value your professional network, don’t forget the incredible benefits of having a solid team. By carefully choosing team players who are motivated and positive, you are ensuring that your new business has what it needs to keep growing. Make sure you foster an environment in which all your employees participate so that you can celebrate your company’s successes, big or small, together.
Read our interview with Richard Martel, CEO of AP International, to learn more about how having a strong team will improve your new business’ growth.
2. Be prepared for your plans to fall apart
No young entrepreneur wants to see his or her business fail before it’s even up and running. Even though you may not want to consider that possibility, it’s crucial that you establish a back-up plan in case your new business does fail. As you may be aware, near half of new businesses go bankrupt within their first five years of activity. That’s why you should think about the possibility of having to find a temporary job for extra income. Do you have enough savings to deal with unexpected events?
Failure is part of life. The best entrepreneurs know this very well and recognize that it is always a learning opportunity.
3. Talk about your new business
Many young entrepreneurs don’t know how to sell themselves. For many, talking about themselves and their new business can be awkward. You should nevertheless try to enjoy it as you are, after all, the best person for the job! Attend networking events in your area whenever you have the opportunity and use social networks to increase your visibility. Don’t underestimate the power of word of mouth and above all, don’t forget that each interaction has an impact on your company’s image. So, make sure you are always professional.
4. Know the legal requirements to start a business
Before you start your new business, make sure you know what your legal and tax responsibilities are. It is important to act in accordance with the law when setting up an accounting system. It’s always best to be proactive than to suffer the consequences of a poor knowledge of legal requirements. A wide range of accounting and management software, such as Actif Software and its free functions and multiple additional modules, are available to help you succeed.
These software programs assist you in the management and accounting of your new business. They are also essential to all young entrepreneurs as they help you save time and money, two invaluable resources for anyone starting a business. After all, the more prepared you are, the more likely you are to succeed!