5 Powerful Tips for Startups (You Don't Want to Learn These the Hard Way!)

Maybe you read our article on 10 businesses to start in Kenya and decided to start a business of your own. Maybe you have been mulling over the idea for years and have suddenly found courage to start that dream business. Maybe you have been patient enough with your boss - is it the pay, working hours, attitude, benefits? - and you can't stand them anymore. Maybe ...

It doesn't really matter.

What is important is this: you have come to this place in your life where you have decided to live your dream.

How exciting can that be! Do you have any idea how many people go to the grave with their dreams intact?

“The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream.” - Les Brown.

I'm happy that your dreams will impact the world!

I have gathered 5 great tips for successful entrepreneurs, especially when you are just starting out. Let's go!

1. Cash flow management - we have talked about this before but there is absolutely no harm in repeating this here. (Here is the link: 5 Ways You Can Grow Your Small Business Before December 2017) The idea is that you have to know where your money is coming from and where it is going. You also need to know whether the capital expenditures your are making are good for the business at that stage.
2. Customer acquisition - Is there a business with no customers? In your research leading to the launch of your business, you need to be clear on your market and how you are going to get more customers. Eventually, you will also need to know how to cross-sell to existing customers to increase your sales. 
3. Set your financial goals - for you to know whether you are making progress, you must set targets against which to benchmark your performance. Set your annual target of sales, profits, cost etc and break them down to monthly, weekly and even daily targets. Every time you don't meet your target, you have to reevaluate your strategy but still push those figures ahead!
4. Don't sell on credit - you have just started running a business, why would you want to mess up your cash-flow by selling on credit? What if your customers take long before repaying their debts? What if they don't pay you back? Will your suppliers give your new business stock on credit?
5. How about a salary? - This one is my favorite - but not so, unfortunately, for a large number of entrepreneurs. You have worked hard, dedicated your time, energy and resources on building your business, why are you not getting paid for it? Besides, taking a salary means you can comfortably focus on the business as your personal bills will be taken care of.

Remember,

"The will to win, the desire to succeed, the urge to reach your full potential... these are the keys that will unlock the door to personal excellence." -  Confucius.

To your success!