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3 Tips for Starting or Growing Your Business

17 December 2017 No Comment

Entrepreneurship is on the rise, as many Americans are turning to self-employment and starting small and medium-sized businesses to earn a living. There are many advantages to entrepreneurship, such as tax benefits and flexibility with your working hours. Most importantly, it’s about breaking the dependence on a job or an employer to pay your bills. When you’re running a business, you’re spreading your risk significantly, because you usually have more than one client or customer. If you want to start or grow your business, you’re certainly not alone, but how can you become successful?

Read a Lot

As much as reading is emphasized in schools, many adults don’t pick up a book after they graduate high school or college. That’s a shame, because you can learn a lot from reading. Tai Lopez, a successful entrepreneur himself, credits much of his success to his prolific reading habit. He reads a book a day, and says that doing so has taught him important lessons that have contributed to the growth of his business.

Through reading, you can get the inside scoop from a wide variety of experts. If you want to become better at what you do, you can find a book to help you. If you want to learn how to control your cash flow for your business or leverage debt to invest in real estates, books are the teachers. You can even get several books on the same subject to figure out the best answers for yourself.

Incidentally, the cost of reading is very low. You only have to invest some of your time, because most books are available for free at your local library. If you really dislike reading, you could still get all the same benefits by listening to audiobooks instead. A lot of libraries even have a growing collection of those, but there are also some subscription-based services where you can borrow audiobooks.

Build a Network

Teams can accomplish more together than one person alone. You really don’t have to know everything about running a business, but you should know who to ask when you have questions. The first step to success is to build a network of people you can call on when you need advice. You can also use your network to refer customers to one another.

If you’re not really a people person, don’t despair. You don’t have to have a huge network to be successful in business, although it helps to have several quality contacts you can rely on. You can also use other entrepreneurs to keep you accountable and on track with your daily goals. The question is, how do you find people to network with? Here are a few suggestions:

  • Join professional organizations
  • Volunteer in your field
  • Write or publish material
  • Connect people with each other
  • Host an event

You don’t have to do everything at once, but it’s important to get out there and make yourself known as an expert in your field. You also want people to know you as someone who will help if you can. They’ll return the favor eventually.

Focus on Providing Value

Deciding which business to start can be difficult, because there are so many things you could do. From network marketing and blogging, to affiliate sales or running a store or delivery service, if anything, there are too many options to choose from. That’s precisely why you must differentiate yourself by focusing on providing value. You can think about existing businesses to determine why their offers appeal to people.

It’s not always the product they sell. For example, McDonalds sells hamburgers, but what they’re really offering to you is convenience, because you can make a better hamburger yourself at home. Think about what value you can provide to your customers. Even if you have an existing product or service in mind, how can you improve its value for your customer base?

These 3 tips, when implemented appropriately, can help with your business’s growth over time.

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