Business success strategies – 5 Things I Did Right in 2005
Some people are born with a silver spoon in their mouths, lucky enough to have the opportunity to skate through life without putting forth much effort. This is not me. I grew up dirt poor and had to work my butt off for everything I achieved. But that doesn't mean that anyone has less of a chance at success- it just means they'll have to work harder for it. Although there are many different paths one can take, I've identified five things I did right in 2005 which helped get me on the path towards business success:
I cut out all extraneous expenses (i.e.: buying coffee) and started investing as much money as I could in my company. When I started my company, I knew that I could get by without a second car, without cable and without lattes (other than the ones I stole from the office). For six months, I saved 60% of every dollar that came in- grudgingly giving myself a raise in December to help pay the bills.
In the summer of 2005, after having saved over $20,000 (that's enough to buy a good car!), I went on an investing spree. I bought a new computer for my office and an expensive cell phone with high speed internet so that my company could receive more business. These weren't luxuries- both were crucial tools which helped me work more efficiently.
I attended seminars and went to business events when I had time. This was one of the best investments I ever made. Why? Seminars are great for learning new skills, and they're free! If you're interested in going to them, the NFIB (National Federation of Independent Business) has some great ones. And if that wasn't enough, you can also get them on video- a nice bonus!
The years 2001 – 2003 weren't too bad for me- I was making good money but our business was growing slowly. In 2004, things started to pick up- we received a large order, were featured in several local magazines and won awards at an industry trade show. As a result, we had to hire several new employees. By the end of the year, I was making more money than ever before. Unfortunately, I didn't have the time or energy to put into the business in 2005 that I had in 2004.
By taking these five simple steps, I was able to spend more time working on my company and less time working on myself. And in 2006, things continued to get better- we won a big contract and made enough money to give me a big raise as well! After all my years of hard work, it felt good to let my team know that they did well by me.
I am 25 years old and have been in business for myself for a little over three years. My company does camera repair, photography and print finishing. This article is about the lessons I have learned over the past few years since starting my own company in July of 2000.
I'm writing this article because I'm tired of hearing other people say that it's too late to start your own business or that you can't make money at it without an MBA. In many cases, this is true. But for me, it wasn't. I did it, and you can too!
Before you get started:
1) Have a go-to person who will listen to your plans. The first person I told my new business idea to was my girlfriend at the time. When I was excited about what I was doing, she was my "go-to" person- someone I could tell about my ideas and share how she thought they were good or bad. This way, when you're facing an obstacle or dilemma in your business, you can bounce things off of someone who has your best interests at heart.
2) Have a mentor who can guide you through the first few years. The first year is undoubtedly the hardest and most draining. It's tough to get your business started and to find your niche, especially if you have no experience in the field you plan on in the beginning. Having a mentor who is willing to help guide you through the business process and has first-hand experience will enable you to overcome obstacles that may come up along the way.
3) Write down all of your business ideas. Especially at the beginning, when it's hard enough just to make ends meet, it can be easy to lose focus on your goals and forget how long it takes for a new business idea or product idea to take off. Write down everything you have ever thought of, no matter how crazy it seems. If you keep these ideas in your head and don't write them down, you'll probably forget about them before they take off.
4) If you have a great idea but don't know where to start, research businesses around the same niche. In my business, I had original ideas for products that never quite took off. One idea involved customizing picture frames with photos of people's pets to give out on Christmas. Another involved selling customized gift boxes made from recycled paper to food companies. I spent many months on both of these ideas, but neither panned out. Why? Because I couldn't find the product and I didn't know how to sell it. The best way to avoid this problem is to research like-minded businesses, so you can see what they're doing and how they go about selling their products.
5) If you want to succeed with your business, you need to stand out from the crowd. For instance, my company provides local camera repair for everything from point-and-shoot cameras to professional studio equipment. Not many people know that their camera has a broken LCD screen or that their film is scratched. Therefore, when people contact me for service, it isn't hard to get business because my company stands out from the crowd.
6) Finally, have fun with your business! In my first year of business, I was pushing myself so hard to get everything done that I never took time off to enjoy my successes. I worked constantly and got burned out after working long hours and having little time to talk to my friends or family. So starting in 2005, I took some time away from work to relax and clear my head. I spent this time getting involved in music- playing guitar at open mic nights and jamming with other musicians.
Conclusion
Starting a business is not for everyone, but if you want to be successful at it and are willing to put in the time and effort, I believe it's possible. Here are some other blogs from NFIB members that can help you get started:
15 Steps to Starting a Business
Being an Entrepreneur: The Freedom of Creating Your Own Future (NFIB)
A Guide to Starting a New Business (NFIB) **FREEBIE!** A Guide to Starting a New Business: Free E-book with Great Tips on Starting Your Own Business
Interested in learning more about camera repair? Take a look at these helpful articles.