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Multi-million dollar business owner with The Body Shop At Home, Cindy Dinh (pictured), shares her top tips for new business owners.
Starting a business is a dream that many have, but few do. There’s no doubt that taking that leap is a daunting time, but if done right, the rewards far exceed all imaginable expectations and you’ll begin the ride of your life.
Having been there myself, on the edge of stepping out of the security of my career, weighing up the options, I believe you eventually get to a place where if it’s right, you will jump with both feet!
That initial step can be overwhelming, but by applying the right knowledge and mindset to your venture, you’ll give yourself (and your business) the right start and every opportunity for success.
Research your market
It is one thing to have a fantastic idea for a new business and another thing entirely to know that the market needs what you are providing.
To find out this crucial information you will need to do some research. Look at the business landscape that you are wanting to enter, the demographic and other businesses that may have a similar offering.
This will give you an insight into what is working, what isn’t, and importantly will help you identify any gaps that you can slot into. It may seem tedious, but having this knowledge is essential as it helps you to develop a strong offering and will be the backbone for your business plan.
Develop a business plan
Your business plan will act as your ‘business bible’. It sets out your strategy and is essential in helping you set goals, assess weaknesses and measure success.
A good business plan also helps keep you on track and will stop you getting distracted by small things, allowing you to focus on the big picture.
Establishing a business plan can be tricky, particularly if you haven’t had experience developing one previously. All that research you did in point one will come in handy here, but if you get stuck, there are lots of free services out there that can assist small businesses with this crucial step, so don’t be afraid to ask for professional help.
Success is learning
When starting your own business, it’s natural that you’ll find yourself in unfamiliar territory. Try not be overwhelmed by this, instead try to see it as a wonderful opportunity to push boundaries, take risks and think outside of the square.
Everything you learn from this experience should be viewed as success, even if what you’ve tried doesn’t end up working as well as you originally thought. Every business will experience set backs, hurdles and bumpy rides – that is after all half the fun – but it is learning from these experiences that drives the success of your business.
Fear of failure is irrelevant
Try not to worry! Worrying about failing will not do you or your business any good; it really is a wasted emotion that not only takes a toll on your own health and wellbeing, but also creates significant stress on your business in its early stages.
Remind yourself that every business needs time to grow and establish itself within the market, yours is exactly the same. Allow yourself room for mistakes, to change direction and re-evaluate strategies; simply because you’re changing direction of your business or reworking an initiative that wasn’t quite right, doesn’t mean you’re failing.
Your business, like any growing thing, needs room to grow, change and find its feet, what your business evolves into will often be something more than you could have imagined.
Reward yourself for the little wins
So often when starting a business you’re focused on where you want your business to be in five or even ten years time. And while it’s important we look at the big picture, it’s also important that we don’t put all of our power into focusing on the end goal and forget to recognise and celebrate the little wins.
Set yourself some mini goals along the way to keep you motivated; your first sale, your first 100 likes on Facebook, a strategy that works well, or a great customer review. They are all signs that your business is doing what you set out to achieve, so celebrate! Don’t be afraid to reward yourself for these wins – you’ve worked hard for them, you deserve it!
Support is key
There’s an old saying “no man (or woman!) is an island” and you are no different! You will need support; someone to sit down with at the end of the day with a glass of wine and vent the issues you’re facing, bounce new ideas off, and speak openly and honestly about what you’re feeling.
Establishing a successful business can be stressful; it involves long hours and a lot of hard work, so having someone there for you through these times is critical.
About the Author
Cindy Dinh is a multi-million dollar business owner with The Body Shop At Home™. Starting her party business back in 2005, Cindy has built her business from the ground up following the above tips and now has an organisation of more than 300 consultants and makes an annual business revenue of more than $2 million.
For more information on running your own business through The Body Shop At Home™ please visit: www.thebodyshop.com.au/TheBodyShopAtHome.