It’s often said that small businesses are important to our economy, but they can be difficult to start and maintain, especially if you don’t know where to start. In honor of Small Business Week, J & M Security Solutions’ President Jason Nagy sat down to share some of his advice as a small business owner. Below, he shares 5 important lessons he’s learned from his experiences.
1. Research Your Idea.
Before you even begin a business, research your idea. You’ll want to identify where there’s a need and develop a solution to fill that void. One of the best chances you have at succeeding is by providing a need—not a want—because wants will eventually fade. The key is to be honest with yourself when determining whether or not your solution is truly necessary.
2. Assemble a Skilled Team Who Believes in Your Solution.
It’s important to surround yourself with a team that believes in your goal. When you’re assembling a team, find people who believe in fulfilling the need you’ve identified but also have the skills to bring your solution to fruition. You’ll want to surround yourself with smarter people; your goal is to remove the obstacles so your team can succeed.
3. Gather All of Your Resources.
It’s easy to have an idea, but it’s a whole different ball game when it comes to gathering your resources. One of the biggest struggles an entrepreneur has is gathering resources, specifically money (about 60-75% of your struggle). But it’s important to make sure you have these resources before you start your business or else you’ll risk a higher chance of failure. The easiest part of a business is starting it; the hard part is actually maintaining it.
4. For a Small Business, Free is the Golden Word.
When your business is young and you have limited capital, it can be difficult to market your company. Fortunately, there are many free tools and events available that specifically allow you to promote your small business under these conditions. Attend local networking events, reach out to customers through social media, and look for other opportunities now abundant throughout the web. You just need to tell your story.
5. Always Listen and Be Open to Ideas.
If there’s one thing you take away today, it’s this: always listen and take other perspectives into consideration. When you start your business, you have a vision. But the more you close yourself off from others and focus only on that goal, the farther you stray from success. Listen to clients, employees, etc., because they see your business differently than you do. It’s not to say that you should take every suggestion and implement it, but be open and seriously consider whether or not what you hear is a valid criticism. If your idea is set in stone and you don’t adapt, your business will never get very far.
In the comments below, tell us what you think about Jason’s advice or share your own. As always, be sure to subscribe for future posts, news, and more!