July 3, 2022

Thrive Insider

Exclusive stories of successful entrepreneurs

Running Your First Business: Tips To Help Make It A Success

Opening your first business means that it will be solely your responsibility to make it a success. The choices that you make during the infancy of the business can dictate success levels for years to come. Setting a business up for success will take a detailed plan to do so. There are some factors that you cannot leave up to chance as they could result in disaster. Doing research or having a business mentor can be very important when you have questions. The following are tips to help make your first business successful. 

Fix Your Storefront

The storefront you currently have could look terrible or not turn any heads whatsoever. Storefront glass installation can make a huge difference when trying to attract attention. Products or graphics being put in the storefront glass can be the answer. New businesses might need foot traffic to find new customers and create a buzz in the local area. The area that you open in is also going to be of paramount importance. Market research being done before committing to anything in a location is a part of your due diligence. 

Build A Strong Sales Team

Generating sales on a consistent basis is going to be important for any business. Keeping customer retention high is important while attracting new customers monthly. Finding the right sales professionals might present a challenge. There are those that are very talented and can thrive in any industry when doing sales. Remote positions can be immensely flexible and perfect for those salespeople that want to work from home. People that have thrived in team environments like in college sports can be great additions to the company. Referrals for employees from your current sales team can be very valuable. 

Hire Slowly And Fire Quickly

Your first business is not the time to try to hire as many people as possible. You want cash flow to stay healthy which can be drained by employee wages. Firing people is going to be a part of the job and giving too many chances to new employees is not what you should do. If a salesperson is not making sales yet is paid hourly, then the position might not be a good fit for this individual. Hire only when you need to rather than getting in the habit of hiring due to ego so you can tell people how many employees you have. 

Organizing Finances Should Be Done Proactively

There are going to be expenses as well as invoices that need to be paid. Being able to forecast cash flow is also essential as you don’t want to pay employees late. Employee retention is also very important as it costs a business money to bring new employees in and train them. Use apps and a platform like QuickBooks to help organize finances. You can also enlist the help of an accounting firm that helps small businesses on a regular basis. 

A first-time entrepreneur needs to make sure they identify the aspects within their control and those out of their control.