Starting a business is no easy task… even when you love what you do. Creating a strong foundation is essential to your success. But the foundation I’m referring to might not be exactly what you’re thinking of.
From establishing a strong support system and finding non-traditional resources to pull from, to finding ways to save money in your business, you want to cover all your bases. Setting yourself up for success starts in the initial stages of entrepreneurship. Recognizing where you’re deficient and finding ways to fill the void is the best way to ensure that you’re running a productive and profitable business.
Here are 3 of our top tips for setting your business up for success
Get a business mentor
Having a mentor is highly underrated. Lateral relationships are always good to have in your corner because you need a team of women to build with. But, having someone in your corner, that’s in the same industry as you and has experience successfully running a business like the one you’re building, is priceless.
Consulting someone trustworthy when you need advice or need a sounding board for your next move, is a valuable asset.
A mentor can act as the person you brainstorm money-making ideas with. The one that will give you honest answers even if it’s not what you want to hear. A mentor can be the person that you’re able to vent to; the one that knows what you’re going through and won’t steer you in the wrong direction.
A good mentor is invested in your success.
Not sure where to look? Consider someone you trust that has a wealth of experience and has achieved success. Perhaps an old boss, an industry leader, or someone that has given you sound advice in the past. Take your time when looking. This shouldn’t be a rushed process. The mentor relationship needs to be the right fit – for you and your potential mentor.
Outsource everything… well, not everything
When you’re just getting started you’re the one that wears all the hats. You’re constantly juggling multiple tasks, which sometimes means lack of quality and rushed processes. You’ve got to work smarter… not harder. Outsourcing tasks or projects to a freelancer might be just what you need to consider to help take a little of the load off.
Outsourcing work simply means you don’t have to hire new employees unnecessarily. Instead, you’re able to only pay for the work that you need to be done… usually on a per job basis. This is especially helpful for one-off tasks like when you’re looking for people to design and create your site. Or maybe you only need someone to write the copy for your sales page or create a t-shirt design for your next promotion.
Outsourcing will save you time and keep you from hiring a team that you may not need long-term. Just be sure that you find freelancers or contractors with good references. Search sites like upwork.com and fiverr.com and pay close attention to the comments and reviews.
Establish business credit
If you’re an entrepreneur you may already know that your initial business credit is your personal credit. If you want to establish business credit, it’s important to make sure that your personal credit history is solid. To avoid getting denied or having to accept subpar interest rates and credit terms, do the work on the front end.
If you’re in need of credit card debt relief or are already struggling to pay back debt owed that was extended to you personally – don’t apply for a business loan or credit card. Trust me. Don’t waste your time. Take the time to pay down your debt and raise your credit score so that establishing business credit is not an uphill battle.
Tip: If you have extra financial resources consider opening a secured business credit card – Wells Fargo has a good program. That way the credit card isn’t dependent on your personal credit history and you’ll be building a business credit rating separate from your own.