Building and growing your online business always comes with its highs and lows. Whether Digital Marketing or Forex Trading, there are always “business lessons” to be learned. In my 25 years of running businesses, there have been many lessons learned. In this special article, I’ll be sharing 17 business lessons that every Business Owner needs to know.
1. Business Lessons – Learn From People Who Are Where You Want To Be
If you want to be successful, take advice from successful people.
It makes no sense to take business advice from employed advisors, banks, government agencies or any of the above. Simply put, if your goal is to earn $100,000 in your business within 12 months, an employee of an agency or company earning $50,000 may not be qualified to give you business advice. (Unless they have a proven business background.)
The most trusted place for structured and trusted business advice can be from a self-employed Business Coach. A Business Coach will guide you through the process step by step.
2. Invest In Your Personal Development
One of the biggest challenges in developing a business from scratch is often the transition from employee to entrepreneur. This is when hiring professional Coaches can pay dividends for you.
It is a fact that Business Owners who invest in themselves make the most money. This applies to everyone.
Investing in online courses and training will give you additional skills, knowledge and contacts to learn your trade and reach your goals.
3. Don’t Blaze Your Own Trail
Every enthusiastic Business Owner wants to blaze their own trail. Running with a new business model without conducting proper research.
Let me tell you that it’s far easier, safer, and more profitable to blaze the well-trodden path. Facilitating an existing market, with tried and tested products is a more reliable way to generate business. You won’t lose your house if it goes wrong either!
4. Set Business Goals That Take You Out of Your Comfort Zone
Often the goal for people making the transition from Employee to entrepreneur is to replace their existing income.
My advice to anyone starting a business is to set a goal that excites you and scares you at the same time. Develop your business plan to double your current income in your business in the first 12 months.
In the world of online business, you can use the same skills to go from $0 – $100k. If you set your goals to replace your income (say $50k) you may achieve it, but if you plan to earn $100k and work your plan I would almost guarantee you’ll earn more than $50k.
5. Be Weary of People Who Give Their Opinion For Free
As you embark on your entrepreneurial journey, you’ll encounter people who give their opinions for free.
Family and friends may offer their advice, usually with the best intentions. Either way, you should take business lessons and advice from people who are where you want to be. People like your business coach and business partners who have a vested interest in your success.
6. Don’t Give Up The Day Job
One of the best positions to be in is building a business where 100% of the cash flow is to build the business.
Keeping your day job until you reach financial stability is a sensible consideration. I have seen people give up their professional careers too early and their business has suffered as a result.
Remember that a fledgling company needs time to mature and should re-invest profits wisely. There are often changes and unforeseen circumstances in business. During these times it’s important to have capital reserves available.
Of course, working a job and business together can leave you little downtime, so achieving a workable balance between your current commitments is important.
8. Loose Lips Sink Ships
If you have a marketable business idea, then keep quiet about it until you get it to market. I’ve heard lots of excellent business ideas casually discussed over a few beers.
There is an insatiable temptation among some people to announce their new business idea, only to watch it become successful at the hands of someone else. So keep your ideas quiet until your own ship has sailed.
Read part two of this article when I’ll be revealing more business lessons for building a successful online business.
