Building a Successful Small Business: Tips from a 20-something Entrepreneur
Building a successful small business can be an exciting and rewarding venture, but it also comes with its fair share of challenges.
Fortunately, there are plenty of 20 something entrepreneurs paving the way and sharing their tips for success. In this blog post, I will explore some valuable advice on how to build a successful small business as a 20-something entrepreneur.
Firstly, ensure that your small business solves a genuine problem. Before diving into the entrepreneurial world, take the time to identify a problem or gap in the market and develop a solution for it. Not only does this increase your chances of success, but it also gives your business a purpose and direction.
I noticed by working in a large educational institute and in several small charities, that they desperately needed admin and social media support but they didn’t have big budgets… enters Wild Grace Associates. We want to help these clients succeed, no matter their budget.
Surround yourself with a strong and diverse team. Building a successful small business requires a wide range of skills and expertise. By bringing together individuals who complement each other's strengths, you can tackle challenges more effectively and bring innovative ideas to the table.
When looking for new people to join our team, I am looking for people who have skills that I don’t have. This helps us to offer more skills and services to our clients.
Additionally, understanding the importance of adaptability and learning from failures. Small businesses often face unexpected hurdles and setbacks along the way, but it's how you handle these challenges that can make or break your success. Embrace failures as an opportunity for growth, learn from your mistakes, and adjust your strategies accordingly.
Not everything we have tried to launch has worked but it is just another thing we can tick off our ‘what we won’t offer’ checklist. We are looking for the things that we are good at and sticking to them.
Furthermore, it is important to stress the significance of networking and building relationships within your industry. Attending events, conferences, and even joining online communities can help you connect with like-minded individuals, potential investors, and mentors who can offer valuable guidance and support. Cultivating these relationships can open doors for partnerships, collaborations, and access to resources that can accelerate your small business's growth.
‘Networking’ sounded like a horrendous word when I first started, particularly being an introvert. But having a strong elevator pitch (2 minute summary of who you are and what you offer) can help you connect with new contacts in a short period of time.
Lastly, let me emphasise the importance of perseverance and passion. Building a successful small business takes time, effort, and dedication. Believing in your business idea and maintaining a strong sense of purpose can fuel your motivation to overcome challenges and push forward even when the going gets tough.
Focusing on the small success moments, when a client thanks you for a spreadsheet you created for them or booking a complicated travel itinerary, these moments can keep you focused and dedicated to pushing forward.
In conclusion, building a successful small business is no small feat, but it's certainly achievable. By following this advice, such as solving a genuine problem, building a strong team, learning from failures, networking, and maintaining perseverance and passion, you can increase your chances of building a thriving small business. So, embrace the journey, learn from those who've been there before, and pave your path to entrepreneurial success.