When you’re looking into becoming a business owner, the amount of information and advice you receive can be mind-boggling. As a serial entrepreneur myself, I understand! As the owner of a virtual accounting firm I come across many individuals who want to be in business for themselves and I applaud their initiative!Picture1

Here are some tips I would offer to first time business owners (and they even make sense for long-time business owners):

  1. Have a focus. It’s easy to get off track if you don’t have a clear mission, vision and focus for your business. Don’t get sidetracked and say “yes” to opportunities that simply don’t suit your overall business model.
  2. Do what you’re good at. This may seem a no brainer, but many new entrepreneurs want to do it all. You shouldn’t. Focus your time and energy on your personal area of expertise. Grow a team to do those tasks at which you don’t excel. I do an exercise at least annually where I write down everything that needs to be done and then I look at what I can delegate to others. Do this exercise anytime you’re feeling overwhelmed.
  3. Work on a shoestring until you have “made it.” You don’t need to rent fancy office space or purchase a new business-only telephone or even spend hundreds on business cards. Start small and work within your fledgling budget. Work your way up to that office suite with a view, but until then work virtually. If your business lends itself to it, have your business meetings in your favorite coffee shop. Starbucks doesn’t charge rent!

What is the best tip you would give to a fledgling entrepreneur?

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