September 25, 2017 By email@example.com
Avoid clients who take up too much of your time, who consistently have unrealistic expectations or who you just generally dread working with. It’s just not worth it!
4. There are no cheap shortcuts in marketing. I often speak to business owners who want marketing advice, but who then shun my recommendations as being “too expensive.” The truth is, cheap marketing can make your brand look cheap.
Low-quality content, cheap ads and “budget” SEO may save you money in the short term, but the damage they do to your brand’s reputation can last far longer. For insight on how to market the right way, see my ebook.
5. Outsource as much as possible. If you don’t have in-house staff to share the workload, consider outsourcing. Many entrepreneurs find that hiring an overseas virtual assistant significantly reduces the time they need to spend on routine tasks, freeing them up to work on revenue-generating tasks.
6. Build your personal brand as well as your company brand. Many entrepreneurs make the mistake of focusing on building their company brand to the exclusion of building their personal brand. However, your personal brand will differentiate you from your competitors, give you authority and credibility in your field, and stick with you in the event your company ultimately experiences failure.
And while there’s been a lot of talk over the years about work-life separation or work-life balance, our whole thing is about work-life integration. Because it’s just life — and the ideal would be if you can be the same person at home as you are in the office and vice versa. — Tony Hsieh, CEO of Zappos.com
Related: Simple Yet Powerful Business Lessons From a Broke Entrepreneur Turned Multi-Millionaire
7. Work is life, and life’s too short to hate your work. Work-life balance is something many entrepreneurs struggle with, which is why I’m such a huge fan of Tony Hsieh’s approach. When you’re passionate about what you do, and when you focus on happiness (both your own and that of your employees’), work isn’t just something you do to fund your “real life.” It becomes infinitely more enjoyable and meaningful, and significantly reduces your chances of experiencing burnout.
My philosophy is to always find the smartest people you can. Hire people smarter than you. — Donny Deutsch
8. Hire people who are smarter than you. Face it: There will always be people who are smarter than you. If you’re lucky enough to find these people, hire them. Focus on the things that you’re best at, and give them the freedom to do the same.
9. Best practices may not be best for your customers. Particularly when you’re just starting a business, it’s easy to get caught up in doing what others tell you is the “best way” to do something. Problem is, “they” don’t know your customers or clients. Use best practices as a starting point, but adapt them to meet the unique needs of your business and customers.
10. Just do it. Planning, strategizing and weighing options all have important roles within a business. But there comes a point in time when you just have to do it. You know the quote: “Better to do something imperfectly than to do nothing perfectly.”
Analysis paralysis or simply the lack of ability to execute a plan will stifle growth, innovation and progress in any business. Even if the payoff for work done now won’t come for years. Successful people do the work anyway because they know how to delay gratification, and this ability is what separates successful people from unsuccessful people, according to renowned physicist and author Michio Kaku.
There you have it: 10 lessons every entrepreneur must learn in order to build a profitable and sustainable business. Not easy lessons, to be sure, but ones that ensure the best possible chance of long-term success.
What would you add to the list? Share in the comments section below!