I Started a Business, Now What? 4 Tips to Maintain Success. Entrepreneurs need to avoid burnout, continue learning and keep their passion burning.
By Beryl Stafford Edited by Ryan Droste
Opinions expressed by Entrepreneur contributors are their own.
There is a great feeling of achievement in creating your own business. You can successfully work for yourself and have flexibility in your daily schedule. The potential for growth, expansion and money is unlimited as long as you are able to maintain your company's progress and profits for the long haul.
In fact, starting a business is just the first step to a new career path or venture. Once that initial excitement fades, it becomes clear that starting a business is the easy part and keeping it alive is much harder.
With good business savvy and arming yourself with the right set of tools, you will be able to maintain your business and find new ways to make it thrive. Here are a few tips to keep in mind as you grow and develop your venture that will make the process a little simpler and help open new opportunities.
Network
It's crucial to dedicate time to connect in-person with people in your industry who might become valuable as potential partners, advisors or clients. Schedule weekly meetings or set a minimum number of networking events to attend per month. It's not unusual to spend many hours at coffee meetings, happy hours or discussion panels hoping to learn.
It is also equally important to grow your social media presence and be noticed in order to reach potential customers in your target market.
LinkedIn and Instagram are great ways to find others in your industry and keep your business relevant. This also allows you to stay top of mind with new, existing and potential customers.
Post stories or blogs on Facebook to engage with your audience and attract views, likes and direct messages. This will help you gain more visibility and followers.
Related: How to Instill an Entrepreneurial Spirit Across Your Entire Team
Build your bench
If your company has several employees, you will quickly realize how valuable each is to the company and its success. The departure of one person can dramatically affect the functions of your business, and replacing that individual can be very difficult and time consuming.
Employees often suddenly leave or require time away without much notice. That is why you want to build your bench and protect your business with the assumption that there isn't time to prepare. Building a bench in business means ensuring employees undergo some kind of leadership training to learn the duties of their superiors or coworker so that they can step in if someone is unable to work or leaves suddenly.
It is smart to regularly train your employees who can fill the void and keep the business running during this uneasy period of transition. Avoid scrambling for new employees or hiring hastily, both of which can be costly and time-consuming. Build your bench with immediate replacements and potential leaders from within.
Find a work-life balance
The fastest and easiest way to inhibit growth and success is to push yourself to burnout, at which point it is hard to find the motivation and excitement you once had. The passion you have in the beginning is easy — keeping it around can be difficult when the thrill is gone.
When you find a good work-life balance where you enjoy work as well as time off to recharge and spend time with friends and family, you are more likely to be happy. You will find your business more internally rewarding. That sense of internal achievement is what we are all seeking, and a poor work-life balance can quickly jeopardize both.
When you are overworked or have too many projects going at once, you are unable to give each one your full attention and the effort becomes mediocre. This is disappointing to yourself and to your client — and bad for your long-term business. A happy founder, happy friends and family, and satisfied customers all work together to create a rewarding and solid business.
Related: Life is Better With Friends – How to Make Time for Your Loved Ones
Always be learning
When running your business, it's important to control your ego and avoid thinking that there is nothing else for you to learn. We are always students and there is always more to know. Businesses, like people, are never static. We are always changing.
Successful business owners consider themselves to be both a student and mentor. Be eager to keep growing and gaining knowledge and learn from others, whether they are young, old, early-stage business owners or late-stage. Adapt and transition in this evolving world and do so with an innovative mindset. Try to stay a step ahead.
Always continue your business education. Stay current with others in your industry and be curious and observant. Promote steady growth by implementing innovative ideas that can set you apart from your competitors. The brain is limitless in its capacity for knowledge.
And most of all, don't forget to have fun.
