Starting and maintaining a successful business is a grown dog’s game but you’re up for the fight. You can start and finance a fruitful business on your own if you act wisely. Here are the 5 ways to boost your young business.
1. Reinvest in your business
You have to be willing to reinvest your money or profits back into your business. You have to believe in your business and fight for it everyday like Mel Gibson in Braveheart. If you’re not willing to grow dreads, paint your face blue, and lead you and your team into suicide warfare then no one will believe in your business because you don’t.
2. Budget accordingly
Take a moment and learn to budget your finances. Realize that NBA League Pass and daily visits to Buffalo Wild Wings may be worth cutting loose and sacrificing for the great good of your business.
3. Focus on the bright side
Yeah, it sounds kind of soft and you don’t like that because you’re bad to the bone – but, it’s a smart thing to do. Focusing on the bright side of any given situation can literally work wonders. In regards to your young business, knowing you have scarce funds, look on the bright side and realize that having limited resources will force you to focus on the core of your business or product.
4. Focus on cash
The Wu-Tang Clan offers an incredibly useful entrepreneurial mindset in a verse of their song C.R.E.A.M. “Cash rules everything around me C.R.E.A.M. get the money, dolla dolla bill ya’ll.” In this manner, cash is everything for a young business. In other words, prioritize cash flow over profitability. Profitability is an enjoyable friend to have but with the struggle being real, your young business needs actual cash to pay off the bills on a monthly basis.
5. Cater to returning customers
It’s important to create that initial sale, but what will prove incredibly fruitful for your business is providing them with a great product and great customer service so that they keep coming back. Not only that, but word of mouth marketing will hit their closest friends and family who are most likely to be your exact target audience.
(image via akascia)
by Derrick Huey