In the 2019 job market, many workers are making the bold decision to become their own bosses. Thanks largely to the internet, there has not been a better time to become an entrepreneur. Because of the digital marketplace, you can alleviate some of the risks normally associated with starting a new business.
Location is still important when you start a business, but if you start an online business you can reach a significantly larger audience even if you live in a small town.
However, there are still risks associated with starting your own business. It helps to learn from both the past successes and failures of other entrepreneurs. Every business runs differently, but if you look at what works for other business owners, you can learn valuable lessons to help shape your business. Listed below are some of the most common influences to focus on while becoming an entrepreneur in 2019.
Learn How to Delegate
For many entrepreneurs, one of the hardest lessons to learn is how to delegate. New entrepreneurs often overestimate what it means to be their own boss. In their mind, because they are now running the company, they have to do all the heavy lifting themselves. While new entrepreneurs have many responsibilities, there is no reason to handle everything alone. Trying to take on too much at once leads to burn out.
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Who you turn to for help depends on your personal situation and your business. Many entrepreneurs get help from friends and family in the earliest days, either signing them on as potential partners, or just asking them questions and getting advice. As you start to grow, you can hire your first employees or get help from contractors. The more work you are able to delegate, the more time you have to focus on the most important tasks to help your business grow.
Outsourcing vs. Team Building
As a beginning entrepreneur, you are more likely to rely on freelancers and independent contractors while you build up your businesses. The more successful the business is, then the more money you have to spend on hiring employees. When you hire employees, especially in the beginning, you need to prioritize hardworking employees you can trust. Here are a few tips to consider when deciding between using contractors or employees:
- Do not fall into the trap of relying on a single employee for every task. If you only use one employee for everything, then he or she is going to become burnt out. You also run the risk of becoming overly reliant.
- It is normally tempting to use contractors or freelancers for difficult tasks, since these workers often have more experience. However, keep in mind that they are only temporary employees. If you need certain tasks to be completed daily, consider taking the time to train an employee.
- Never skip out on checking references for either freelancers or permanent employees. It may feel like a waste of time but hiring even one employee or freelancer with poor references can set you back weeks or have serious long-lasting effects on your business.
- If you rely on contractors, make sure you understand how and why they are doing their jobs. Delegating is important, but you do not want to over delegate to the point that you do not understand what your contractors are doing. If you do this, you become entirely reliant on the contractor for this part of your business.
Never Underestimate Social Media
In previous years, it was possible to start a small business and never touch social media. Moving into 2019, it is almost unheard of for any business, whether large or small, not to have a social media presence. Social media is one of the most effective advertising tools as a small business owner. Whether you succeed or not largely depends on building a reliable customer base.
Social media lets you reach customers and also gives customers an easy platform to leave reviews. The more positive reviews you rack up, the more likely you are to get new customers. It is also an excellent tool to recruit new workers in the area. In the 2019 job market, there is an influx of highly skilled candidates looking for jobs below their normal paygrade. Many candidates advertise themselves through social media, so keep an eye out for experienced employees willing to take a chance with a new business.
In addition to new employees and customers, you may even be able to find investors through social media. For the last few years, a surprising number of investors have turned to social media for their next projects. With a strong brand, you increase your odds of someone influential noticing your business. Even if you do not have a company website, consider creating a company Facebook page and Twitter account. If you sell physical goods, then Instagram is a great resource for showing off pictures of your products.
Stress is the Biggest Enemy
Starting a business is stressful, there is no way around it. As an entrepreneur, you are responsible for the overall success of your business. Even if you have a small team helping you or multiple partners sharing business responsibilities, you are bound to become stressed and frustrated. For many entrepreneurs, whether new or veteran, one of the hardest lessons to learn is when to step back and take a break.
Sometimes all it takes to get through a difficult situation is giving yourself a day or two to rest and recover so you can approach the problem with a fresh perspective and more energy. If you do not properly manage stress for yourself and employees, you risk becoming burned out. This increases your odds of making mistakes, which causes more stress and creates a difficult cycle to break.
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