My Best Advice for Entrepreneurs
I’ve been running my own business for a long time — I started when my kids were little, and now they’re both grown, and my son even has his own little one on the way!
With all those years of experience, you definitely learn some things along the way. So today, I’m sharing my BEST advice for entrepreneurs!
My recommendations change depending on where you are in your journey, so I’m sharing my best tips for every phase. For those just starting out to those that are beginning to think about retirement, here’s the best advice I can give you:
Newly Minted Entrepreneurs
- The absolute best thing you can do for yourself as a new entrepreneur is to find yourself a mentor. It’s a big task, so choose your mentor carefully. You need someone that has walked this path before who can help you navigate challenges, prepare for situations you might face, solve problems, offer advice, and keep your spirits up when they start to drag.
- I also strongly recommend joining a group of other entrepreneurs. Whether you choose a local organization for business owners, or a virtual group, you’ll benefit from the support of people who are in the same place you are. These groups are great places to bounce around new ideas, get helpful tips, and share your experiences with other people who truly understand.
Successful Business Owners Who are Ready to Grow
- Start thinking about your goals — you have to figure out exactly HOW you want to grow your business. There are countless ways to grow, so you really need to start by narrowing your focus and determining exactly what you want your success to look like.
- If you want your business to grow, your team has to grow along with it. Choose experts that can help you achieve the growth you want for your brand.
- Choose smart, creative, out-of-the box thinkers with knowledge of the latest tools and tech. When your team brings new ideas and different points of view you have the brainpower to try new things and take a few calculated risks that bring huge pay-off in the end.
Seasoned Business Owners Planning for the Future
- Don’t wait until you’re ready to retire to start planning. I advise business owners to start planning their exit strategy several years in advance.
- Decide how you want your future with your company to look. Are you going to sell? Pass it on to your children? Stay on in an advisory position?
- Start with a good financial advisor. They can help you figure out the best way to reach your retirement goals and establish the legacy you want to leave. They can also help you create a retirement plan that calculates your estimated living expenses and ensures you can continue to live the life you love long after you stop working.
Do you notice a theme here? No matter where you are in your entrepreneurial journey, my very best advice is to get the support you need to thrive!
It comes in so many different forms, and your support needs change as your business evolves. But at the end of the day, you ALWAYS need people you can count on.
If you’d like to hear more of my best tips for entrepreneurs at any stage of the game, check out this week’s episode of Building Your Empire with SophieZo.