3 Tips for Future Entrepreneurs
I have been wanting to write this for all you young fierce entrepreneurs out there that are bursting to create something and don't even know where or how to start. You're young, ambitious, hungry, and have trouble sleeping at night because you seek to build and run business. This article is for all of you! I am so excited that you stumbled upon my blog, it is my honor that you would take time out of your life to read this. Okay lets get to it!
You are about to embark on a wild journey of running business in a world full of advancing technology, wireless internet, smart phones, and technology that pops out of nowhere and creates new industries. This era of business is fast and there is enough for everyone to go around. The opportunity is everywhere, you need to make sure you are focusing on something that is scalable (meaning it doesn't always rely on your presence), and that it is systemized to sustain and adapt to changing environments within individual industries. Hope I didn't lose you yet. So here are some things I learned in the last 8 years of starting, scaling, systemizing, and expanding my company: Jumptwist, LLC.
Tip #1: Educate Yourself on Modern Business Techniques // Know Who Your Biggest Competition Is.By learning about your industry and studying how businesses are already operating will give you a starting point on creating your systems and controls within your business. It is important to not conform and copy and paste, but rather to solve a problem and enhance the blueprints of your competitors. Make sure you know everything about your competition, their prices, their customer service level, their marketing efforts, and more. You need to know everything always. That is how you always keep up and forge ahead of them.
Tip #2: Make an Accurate Financial Projection and Budget
Making money is simple math. You want more money coming in than is going out. So why is it so hard to stay out of debt if it is basic math and most of us know how to do it. Most likely that is one of the flaws of the 2018 human species but it doesn't have to be the reality of a young entrepreneur. Especially if you are lucky enough to have access to funding, make sure you account for every dollar and make your projections as accurate as you can. Always estimate a little lower income than you hope and set your expenses a bit higher, this way your projections leaves you survival room. Room for survival is pivotal in sustaining your business. If you can't keep your business afloat in its first few years, you are going to fail due to lack of funds. Businesses take time to generate income if you don't have resources for mass marketing and hiring a sales team. You need an annual cushion in case your company doesn't go in the green. If I gave up every time I had to re-invest in my company, I would have never gotten the opportunity to hear my music products in the 2016 Olympics on the Floor Exercise. If you want to be as fierce as your attitude towards being successful acts, then you need money on deck for innovations to keep up and continuous marketing efforts.
Include your ambition as a factor when it comes to funding and budgets.