David Deicke’s advice for Entrepreneurs & Small Business Owners
GET THE RIGHT IDEA FIRST
Research your idea carefully, avoid starting a business because someone said it would be a good idea. You have to do your own research and see the potential yourself. Make sure the job is something you would enjoy doing or you will get bored very fast.
CLARITY ON YOUR GOALS
Rather than be distracted to the next best thing along your journey, its important to keep clarity of what you are doing, and the why. Opportunities are often misleading, and just a distraction from your normal routine. Try to not multi-task too much. Do one thing well.
ELEVATOR PITCH SAYS IT ALL
Once you have clarity of what you do, and why you do it, then you need focus on your elevator pitch, which is where you say in one paragraph or less what your business is about and how it can help people.
GET A GOOD TEAM
Because you run a small business, doesn’t mean you can do everything. Hire and outsource all the tasks and roles you possible can afford to. Surround yourself with people who are on the same path as you and your business will grow into a successful, profitable saleable business.
BE COST EFFECTIVE
Don’t worry about having the best of everything when you start out, simply get what you need, and build from there. Keep your cash flow close to your business.
GET STARTED NOW
Don’t worry about years and years of research, if you can, get started as soon as possible. Money loves speed, so the faster you get your business up and running, the faster you will make money.
GETTING CAPITAL IS IMPORTANT, BUT HARD
People don’t like to invest in untested models (including you if you are new to the business). Banks will want real security, like a mortgage on your home to secure any business loan too. So be prepared to start a business with minimal funding and capital. Always check with the Government if they have any support plans to help you get started.
WATCH YOUR WEALTH & YOUR HEALTH
Eat right, exercise regularly and find time for yourself to wind down every day. With more and more people being office bound, their health is at risk. Always keep a good active life, even when you are working hard.