Six Tips for New Business Owners

Starting a new business is not easy! But it’s also really rewarding to be your own boss and do things on your own terms. There is a lot that goes into starting a business, like figuring out what to do, learning who to take advice from, and making decisions about what to spend money on. 

Regardless of where you see other business owners at now, we all had to start somewhere with a brand new business, and had to figure out what to do and how to build it. Here are some key takeaways I would recommend to all new business owners.

1. Success is anything you want it to be

The beauty of entrepreneurship is that you can take any path you want. Don’t get too caught up in what everyone else is doing - you don’t have to follow what they do, not even the ‘leaders’ in your industry. 

And remember that success is different for everyone - it’s not just defined by multiple six-figure years. Success for you can be simply making enough money to cover your expenses, because there are so many other non-monetary factors to consider, like mental health, time freedom, and no longer dealing with toxic work environments.

Everyone’s business experiences are unique, and there’s no clear or ‘right’ way it has to be. You don’t need to reach some arbitrary goal to be “successful”... it is all about whatever success means to you and your business!

2. Get your finances and legal in order

Regardless of what kind of business you have, you’re gonna have to pay taxes and you’re gonna have to comply with the law.

Make sure you’re tracking ALL your income and expenses, whether you’re doing it on a spreadsheet or through Wave (a free account software). Schedule a time every week (or bi-weekly) to make sure everything is updated, and always keep your business finances and personal finances completely separate.

Buying lawyer-drafted contracts will likely be your number one legal priority, but if you can also spring for a consultation with a lawyer, that would also be super helpful to figure out what your other legal priorities are for your business.

3. Do the most you can without spending money

A lot of people get overwhelmed thinking they have to spend a ton of money to get their business off the ground: lots of software, a professional website, and branding created by a designer. But you don’t actually need all of that when you’re starting out. 

You always want to keep your expenses low and make the most out of your money you are spending. Then once you start earning more, you can slowly invest in other things for your business.

For example, you don’t even need a website right away. It may be tempting to hire someone to create a shiny new website with pretty colors, but as well as it being expensive, you may not even know what direction your business will take yet. When you’re just starting out, you won’t be 100% solid on your goal, mission, and values - all of which contribute to branding - so it will be hard to give directions to a brand designer to get your desired outcome.

Instead, as you grow, use a free design tool like Canva to play around with brand imagery, and use your social media page as your marketing and just keep a link in your bio to your Calendly for people to book calls with you (as you can set up your first calendar for free).

4. Do your research on the best systems for YOU

Everyone has their own opinions on what are the best platforms and systems to use, but just because it works for them, doesn’t necessarily mean it will work for you. 

Kajabi may be a great all-in-one platform for websites and courses, but will you actually use all of its features? Or would something like Podia be a better fit? MailChimp may be a leading email marketing software, but would MailerLite (which is free for up to 1000 subscribers) or Flodesk (one flat fee regardless of how many subscribers you have) be more suitable?

Make sure you look into all of your options before jumping into the first one someone recommends.

5. Figure out where your ideal clients hang out online

When it comes to marketing, you don’t have to master all of the different social media platforms at once. 

Instead, evaluate who your target audience is: if they’re more corporate people, then maybe focus your marketing efforts on LinkedIn, but if you’re targeting coaches, maybe your time is best spent on Instagram or Facebook groups.

It’s usually better, especially at the beginning, to stick to one or two platforms at a time and really be consistent with them. It’s easier to come up with a great strategy for one platform, then lots of half-baked strategies for multiple social media platforms.

6. Don’t underestimate the power of email

While social media is a great tool for finding your ideal client, make sure you don’t sleep on email!

It’s good to be on social media, but remember that you don’t own your audience there - it’s just rented space that you could lose any day. Email, on the other hand, has been around since the beginning of the internet. Trending social media platforms will come and go, but email will always stay consistent. And you’ll always have access to the people on that list (unless they unsubscribe, of course!)

I would always recommend opening up an email account, even if you’re relatively new in your business. Email can often convert higher than on social media, because the people on your list have already bought into your brand and want to keep hearing from you. Sometimes I get people purchasing from me over email who I’ve never encountered on social media, because they aren’t super active on it. 

The best way to attract people to sign up to your email list is to set up a lead magnet, like a checklist or cheat sheet - anything that is a no-brainer for your ideal client to download. It’s also something that doesn’t need a lot of time and effort to put into, but will pay off in the long run as people keep signing up to your list.

Don’t forget that you are the one building the business, which means you get to do it your way. But I hope these tips have helped you gain some clarity as you plan for short and long-term goals for your new business. If you need business mentorship or help getting the legal side legit, check out my services to see how we can work together.