1. Don’t Spread Yourself Too Thin
When you try to do too many different things at one time you may find that you are doing none of them well. As a start up business owner, often we get excited and want to seize every opportunity thrown our way. Often time’s we reach a point were we have to make tough decisions and have to sacrifice the things we enjoy most to succeed in our ventures. For example: When I first started Island Physique, I quickly saw how much energy and time it would take to build a solid foundation for my business to flourish. One of my favourite creative outlets is writing and recording music. In order for me to create music at the professional level which I desired, I understood it would take a huge investment of time and energy, and therefore, I had to make a serious to decision to put the music aside in order to fully focus on my business. I made this sacrifice for the sake of mastering my passion for fitness and entrepreneurship…..will I create music in the future? Of course! But in these early stages of my business I’ve chosen to direct the majority of my energy into seeing my business off the ground.
2. Keep Cost Down
Look at all of your expenses and seize every opportunity to save. Your first year will be a year of hard work and sacrifice. Everything and anything that you are able to do yourself, do it! I regularly advertise on Facebook for FREE and have been successful in gaining new clients this way. I often post flyers in grocery stores, coffee shops, take-out restaurants and places where I know my target market frequently visit.
3. Communicate with your customers and others with careers in the same industry
Doing market research as a start up can help you to avoid many mistakes. Network with others in the same field to learn about their experiences. Talk to your customers and ask them for feedback on the service you are providing and ways that you can improve their experience.
4. Keep Track
One of the most difficult duties I’ve found in my start up is sticking to a budget and keeping track of money coming in and money going out. My advise is to create a strict discipline of keeping a budget for your business expenses and also a running Cash Flow Statement so that you can track your business’s financial growth or decline. This will aid you in making more realistic financial decisions and projections.
It’s important to know your customers and the ones that you want to attract. Place yourself in a convenient location where your ideal customers frequently travel so that it increases the likelihood of them choosing your services.
Fajr Bashir is Owner & Certified Personal Trainer at Island Physique. Island Physique specializes in personal and group fitness training, including bootcamps and comprehensive fitness programs to assist individuals in achieving optimum health and weight-loss results.