Anyone can have an idea, and it’s easy to start a small business, so what makes one small business owner different from the other? Running a small business is mostly hard work, stressful, and time-consuming.
So the best way to to learn about how to become a successful small business, is to hear from people who have done it themselves.
From a range of successful small business owners on the web, I’ve compiled and summarised a list of small business values that’ll help you take a fresh perspective on your small business, and help you succeed yourself.
Surround yourself with a supportive team
There will be many doubts and questions upon starting and running a small business, so that’s why you should surround yourself with people who feel comfortable with challenging and critiquing ideas and decisions in an open environment.
If you have a small business idea, start today
These days, all you need to start a small business is a laptop and a credit card.
Focus on one product (and do it well)
You may have a higher chance of succeeding if you focus all your time and energy on your niche and refine your perfect product.
Take time to look after yourself
Yes, you must work hard and focus to have your small business succeed, but don’t work so much that your brain burns out and body fatigues. Give yourself some time to exercise, eat healthy, get some sun, and most importantly, sleep!
For more information on a healthy work/life balance: click here.
Get s#&t done
Slow and steady doesn’t always win the race. Be urgent and get things done now, because later is too late.
Be wary of competitors
See what they’re doing and do it better in your own way — you don’t have to reinvent the wheel, just improve it.
See challenges as a positive
No business runs without issues, so you must take a positive attitude and know that you and your company can only get stronger by overcoming a challenge.
Make sure you’re passionate about what you and your small business is trying to achieve, because successful businesses don’t happen overnight, and the only things that will get you through the tough times are your motivation and passion for your business to strive and succeed.
Be prepared to walk away
By all means, be passionate about your small business, but there may come a time when it just isn’t working for whatever reasons, so you’ll need to understand when to let go, because abandoning ship may be less painful than sinking with the wreckage.
This doesn’t mean that you should just walk away from your dream; if one small business idea doesn’t work, find another way to make it successful.
Hire people who resonate your values
Integrity goes a long way, from the work that you do, relationships you create and especially the people you hire. Make sure that these people have a similar passion, motivation, and integrity to create a working and business culture that replicates those values.
Know where you want to go
Decide whether you want to be a small business or high-growth company. One targets a smaller, more localised market, while the other is going after a big, globalised market.
Have the right attitude to investment
Know the right type of investment for your business: if you’re a small business trying to enter a big, competitive market, you should be looking to sell equity to venture capitalists to raise money, but if you’re not planning on high-growth, you should try to retain complete ownership of your company.
The key to success is to know your customers
Know what your customers want from you. You may be passionate about one aspect of the business, but your customer really wants to know about a different aspect — so market that to them.
Don’t run out of money
Don’t undercapitalise and spend every dollar strategically. One of Crucial’s values is: Invest company money like it’s your last dollar.
If you’d like to read about some of Crucial’s small business success stories, visit our page dedicated to our successful customers.