John Amis/Invision/AP
Want some top tips from an entrepreneur who doesn’t just write about starting a business, but has successfully launched four companies and counting?
Meet Rhonda Abrams -- not only is she one of the US’s foremost experts on small business, entrepreneurship and business planning, but she’s also a regular USA Today small business columnist and has helped millions of businesses in the US get off the ground.
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Adams was one of the guest speakers at the recent QuickBooks Connect conference in California -- and had these tips to pass on to budding entrepreneurs during her seminar, 5 Key Lessons For Every Entrepreneur.
Find your niche
- As a business you need to define your niche in all segments including industry, demographics, unique knowledge and differentiation;
- Plan, plan and plan again;
- Give yourself a measurable goal, evaluate your business plan and set deadlines;
- Learn from your failures and always try new ways of doing things;
- Always aim to innovate yourself, your business functions and processes;
- Make a ‘red book’ that is your good idea notebook, where you can record your ideas and review them periodically for inspiration and implementation.
Marketing matters
- Repetition, repetition, repetition -– marketing should be a weekly part of your business;
- Choose the right target market and make sure your message is clear and includes a call-to-action;
- Have more than one business card template to appeal to your different audiences, ie: you may want to appear to be the ‘expert’ or ‘market leader’ to one industry and as a friendly and dependable service to another.
Use your team and your networks
- You can’t grow alone, determine your needs and start slowly;
- Get advice. Look to different sources for advice and guidance, whether it is your bookkeeper, spouse or business colleague -- everyone offers a different perspective and can help you achieve a well-rounded understanding of an issue;
- When hiring, start small. Make use of contractors or casual staff, even a few hours a week will help you (even if it is administrative).
Do it now -- go to the cloud
- Transition your business to the cloud to enjoy increased flexibility and accessibility -– allowing you to deal with business transactions and interactions in real time;
- Tools for this include: QuickBooks Online, Microsoft 365, Google Docs, Dropbox, Box and Mail Chimp.