5 Key Strategies for Any Entrepreneur Starting Out

Starting is one of the hardest steps for entrepreneurs, so be proud of the fact you have taken the leap into business ownership. You are no longer making someone else rich, but instead, you are the master of your own destiny, building a business that is yours and yours alone.

In past articles, I spoke of the importance of having a clear idea of who you are, what you do and who you serve. Then, researching the marketplace and devising a strategic plan so you can be sure your messaging and time is focused on the activities that are monetizable.

When you start a business, it is up to you to make it successful, at times this can become overwhelming. Having the right mindset and getting past the negative self-talk will be crucial to your success.

STRATEGY NUMBER 1: Burst your Negative Self Talk Bubbles

This is a crucial step. You must get your mindset into a place of strength and perseverance. Even though you have done all the necessary planning and strategy work, there will be those days, heck weeks, sometimes months that will go by before you truly see the fruits of all your hard work pay off. Entrepreneurship is going to push you to your limits, exhaust and frustrate you, but you must keep going. Remember your why and stay positive and move forward. If you burst those negative bubbles, you will be shocked how quickly you start to see your vision and customers come into sight.

STRATEGY NUMBER 2: Do not chase the money and all that sparkles

This is a massive pitfall that many new entrepreneurs fall into and I understand why. In fact, my mess is my message because I fell hard into the pit. As you start out your money and time, seem to be flowing out at the speed of light, which can be terrifying. But taking actions out of fear will cost you money and valuable time. Remember when you were doing your strategy work and crafting the one thing you will be known for and stick to it, stay the course. It has been said it is not the most intelligent person who is the most successful; it is the person with the most focus.

Chasing “opportunities” or expanding your target market to be everything to everyone will water down your effectiveness and will cause confusion for your customers. We all know a confused mind does not buy. Stick to your one thing.

STRATEGY NUMBER 3: Invest in processes,infrastructure and teams

Spending your money and time wisely will be one of the biggest contributors to your success. Many entrepreneurs will not invest in things that will truly make a difference. The I cannot afford it statement can be your downfall. Building a team with functional experts such as an accountant or a virtual assistant will open up your time and effectiveness. Imagine what it will cost you if you do your accounting incorrectly and as a result, your taxes are done incorrectly. Think of the time and cash penalties you will endure. You must be comfortable with being uncomfortable. Understand what you are good at and do it and hire out the rest, get creative. There are also plenty of services such as Fivver that can help you get the expert help you need at a very reasonable cost. Interns are another lowcost option with high returns, have them do tasks such as filing and social media. Technology can be your best friend here too, research apps and systems that can help you put procedures in place that takes you out of the equation. Sometimes a touch of a button can take away hours of tedious work. Then you can spend your time on the tasks that are strategically crucial to the business and make you money.

STRATEGY NUMBER 4: Listen to your customers and the marketplace, be adaptable

As business owners, our products or services become our babies. We protect them, nurture them and sometimes hold on to them a little too long without letting them grow up and change. Understandably you started this business because it was your passion but listening to your target market and watching the product lifecycle and trends will be crucial if your business is going to stand the test of time. Keep your eye on future trends not just in your industry but in all industries. Sometimes other industries can be significant indicators of what is coming. Your ability to adapt and integrate these changes into your current offerings and accommodate what the market will bear will lead to a business model set up for success. The key… speed of implementation.

STRATEGY NUMBER 5: Network,Network,Network

You will never meet that one person or customer that could change the course of your business or your life sitting at home behind your computer. You need to get out and meet your customers, your strategic partners, your allies. Make sure you have a good system to follow up with the people you meet. I used to joke I was the place business cards went to die. I did all the networking, but my follow up was horrendous. I would get back from an event throw all the business cards on my desk and a week or more would go by and guess what, it is now too late. So, it was wasted time and effort. There are some very affordable CRM systems available that allow you to simply scan the cards and make notes, so you can remember crucial conversations and follow up points.

In addition, have a plan when you go to events. Are you looking for specific types of people or are you looking to pick up some information or a new skill? A focused networking plan can prove to be a lucrative tactic in your marketing plan.

Also, I know we tend to get comfortable, going to the same groups repeatedly. I would like to challenge you to reassess where you are spending your time. Is the group still serving you and adding to your business goals or has it become a glorified social hour with friends? Continue to search out new groups and opportunities that allow you to grow your relationship capital.

ABOUT THE AUTHOR | Michele Malo - Your Business Accelerator

Michele is an Amazon best-selling author, speaker, master connector and business expert. She is the Master Marketing Consultant at Michele Malo, Your Business Accelerator, where she identifies, strategizes and advances businesses by breaking down barriers through communication. Michele pulls from 18 years of Fortune 500 corporate experience and five years of being a successful serial entrepreneur to help accelerate your profits within a year of taking on her program.

As a powerful and polished speaker, Michele inspires audiences with her personal story and proven strategic principles to help guide audiences to a better, more fulfilling life and career. She provides listeners with actionable tools and takeaways based on extensive research and education, delivered with sincerity, compassion and humour.

www.michelemalo.com | Email: michele@michelemalo.com Facebook: michelemaloyourbusinessaccelerator