Starting your own business can be a difficult venture. Therefore, new entrepreneurs require dedication and a drive to succeed. With persistence and a little help along the way, those who embrace the challenges that come with entrepreneurship are sure to be successful. Building a successful business can bring great rewards, making entrepreneurship a very lucrative endeavor for many.
As a health and fitness entrepreneur with more than 16 years of experience, Perry Lieber can attest to the struggles faced by any new entrepreneur. Located in Santa Barbara, California, Lieber has extensive experience in business management, operations, and team development. He shares his insight and helpful tips for new entrepreneurs.
Build a Strong Support Network
One of the best things you can do as a new entrepreneur is build a network of like-minded individuals. By surrounding yourself with other entrepreneurs, you will have access to a wealth of knowledge and advice. Whether you need guidance or just want to run an idea by someone, don’t be afraid to ask those around you for help. This is one of the greatest perks of having a strong network. If possible, it is also helpful to find a mentor to confide in. Connecting with someone who has already achieved the success that you’re striving to attain can go a long way in helping you succeed. To begin building a strong network, Perry Adam Lieber advises new entrepreneurs to attend events and seminars in their field. By networking at these types of events, not only can you connect with potential mentors and friends, but also with possible clients and business partners.
Pay Close Attention to Your Finances
Maintaining a steady cash flow is often one of the most challenging aspects of starting a new business. Therefore, it’s important to keep a close eye on your finances. Pay attention to where money is coming in and going out. Perry Lieber suggests keeping overhead costs as low as possible when starting a new business. Save money wherever you can without sacrificing the quality of your products, services, or customer support. As a new entrepreneur, it’s also important that you set aside some savings. This way you will have funds to fall back on in case you run into hard times or a slow month.
Find a Trustworthy Team
From running the day-to-day activities to providing customer care, the people who work for you can make or break your business. Although you may not need to hire anyone initially, as your business continues to grow, you will undoubtedly require a team to help you manage the workload. In addition to finding someone qualified for the position, try to find employees who share your vision, work ethic, and values. Hiring the right people will ensure you can continue to expand your business and will allow you to develop a positive company culture. Keep in mind, the company culture you develop now may help you with recruitment in the future. To find a hardworking and trustworthy team, Perry Adam Lieber recommends that new entrepreneurs are very thorough in their hiring and interview process. Take the time to get to know each candidate and what their goals are so that you can ensure they are the right fit for your business.