In today’s crowded marketplace, few small businesses outlast the competition. In fact, according to the Small Business Administration, only half of small businesses survive at least five years. For new entrepreneurs, starting a business is just the beginning. Here are four great tips for turning your small business dream a reality.
Most entrepreneurs are accustomed to taking risks. But the risk-taking doesn’t end after you start your business. As your company starts to grow, don’t be afraid of making unconventional decisions and taking risks that could improve your company, such as developing a new product or service.
Identify your goals
After the initial thrill of launching a business, many entrepreneurs find that the day-to-day operations lack the excitement and energy of the early days. The truth is, running a small business is often like riding a roller coaster: you’ll experience exciting activity as well as slow business days. Stay on track by identifying your goals early on and creating action steps for accomplishing each goal.
Create a schedule that works for you
Entrepreneurs are notoriously busy people, and many small business owners lack a clearly defined work-life balance. To avoid burnout, create a schedule that works for you and stick with it. While many enjoy the freedom of working from home, you can maintain a better work-life balance by limiting the hours you spend responding to work calls or checking email.
Don’t be afraid to ask for help
Finally, don’t be afraid to reach out for help when you need it, especially as your business improves. Hiring and training new employees can be time-consuming, and your may not have the resources to support a full-time staff. Save time and money by outsourcing labor for product assembly, packaging, and inventory management with an outsourcing company. Outsourcing specialists like those at Ohio Valley Goodwill Industries can complete complex projects within a small business budget. Contact us today and receive a free tour of our Cincinnati facilities to learn more.