20 Tips For Small Business Owners

1. “If you or your employees clean, or do other manual tasks, buy a bluetooth device and listen to books, TED talks, or motivational speakers. It’s a double benefit, getting paid and learning.”  -Edgar Aguila,  Business Launch Boot Camp Class #11, Owner, Legacy Construction Cleaning & Janitorial Services

 

2. “Social Media is NOT a viable marketing plan. It is a marketing tactic, and a pretty mediocre one at that. It is extremely difficult to build a following on Social Media, and even if you do it successfully, you did it by posting content consistently; now you have to sustain that. Social Media becomes your sole focus, with relatively low conversion rates. So don’t fall into the trap of relying solely on Social Media! Use it as an extension of your actual website; funnel everything back to your website, and focus on keeping the website fresh and updated, rather than wasting your time and energy on a Social Media page that doesn’t directly generate sales. Use Social Media, but use it correctly!” John Hogue, Business Launch Boot Camp Class #13, Owner, Sporting Club Denver

 

3. “Action feeds action.” Art Romero, Business Launch Boot Camp Class #11, Owner, My Poor Meatball

 

4. Don’t Rush Out to Get a Patent: “Most entrepreneurs get a patent on their new product as soon as they open their business.  All that does is help build your patent attorney’s business rather than yours.  It’s a much better bet to put all your energy into getting your product to market before the next guy does.  Patents only protect you IF you have the money to defend them, and most young businesses don’t”. -Barbara Corcoran, Forbes

 

5. “Your brand is not your logo, it’s what other people say about you/how you make them feel”- Leslie MacRossie, Owner, Lark Realty Group and RMMFI volunteer mentor

 

6. Know when to call it quits: “Contrary to popular belief, a smart captain does not go down with the ship. Don’t go on a fool’s errand for the sake of ego. Know when it’s time to walk away. If your idea doesn’t pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity” -Scott Gerber, Entrepreneur.com

 

7. “Starting small and taking small steps is to your advantage as you grow and learn. Small corrections cost you less.” Art Romero, Business Launch Boot Camp Class #11, Owner, My Poor Meatball

 

8. “Don’t be afraid to acknowledge your weaknesses and outsource that part of your business – you’ll be more successful”- Leslie MacRossie, Owner, Lark Realty Group and RMMFI volunteer mentor

 

9. “Take the old expression ‘measure twice, cut once’ to heart.  Despite my small budget, enthusiasm to complete my checklist and move forward got the best of me when opening my salon.  Unfortunately, I had to revisit a couple of those costly decisions.  Take a breath, research the options and select the best one – THE FIRST TIME!”  Rich Ashburn, RMMFI boot camp instructor and co-owner of Indigo Salon.

 

 

10. “Whether you admit it or not, you have competition, don’t shy away! Embrace that and define why your business is different/how you’re solving a problem your competition is not”- Leslie MacRossie, Owner, Lark Realty Group and RMMFI volunteer mentor

 

11. “Stay connected to the RMMFI family and surround yourself with like-minded entrepreneurs.  Being an entrepreneur is full of ups and downs. Staying connected will keep you balanced.”- LaRae Martinez Business Launch Boot Camp Class #12, Owner, 52Eighty Entertainment

 

12. “You’re not casting a wide enough net with your marketing. You never are. There is an infinite number of ways to market your product/service, so always be looking for more ways to enhance your visibility!” John Hogue, Business Launch Boot Camp Class #13, Owner, Sporting Club Denver

 

13. “For BLBC 20: Genuinely be open to everything you learn, the help you are receiving is genuine with one goal intended- your success! Let go of all those false beliefs.”  LaRae Martinez Business Launch Boot Camp Class #12, Owner, 52Eighty Entertainment

 

14. “Expect disappointments and don’t ever think you have to have a perfect plan.  Be flexible because there are so many variables.”  Art Romero, Business Launch Boot Camp Class #11, Owner, My Poor Meatball

 

15. – “The immortal words of Phil Barton are constantly screaming in my head: ‘NO DISCOUNTS!’ And he’s absolutely right. I gave discounts early on, and the discounted price for a customer becomes that customer’s price for life. It’s much harder to raise prices than lower them, so stick to your price point; if it’s too high (it rarely is) then you can lower it later. There’s nothing wrong with selling packages (ex. one unit for $50 or two units for $75) or using other promotional tools like that, but don’t give discounts. It drags down your profits, hurts your margins, and sends a message to the customers that your prices – and YOUR VALUE – are negotiable!” John Hogue, Business Launch Boot Camp Class #13, Owner, Sporting Club Denver

 

16.  Hire the Right People: “While this might seem obvious there are a few important guidelines to keep in mind. Mary Shulenberger, CEO of Parle Enterprises Inc., a promotional advertising company in Brisbane, CA, says one of her first mistakes was employing family members, which caused problems when it didn’t work out.”

 

 

17. “Manage your time appropriately. There is always something else to do, especially when you have a small team. Balance is key if you expect your energy and your business to last.” -Deborah Biddle, IBMadison.com

 

18.  From Patrick Efferson, Business Launch Boot Camp Class #16, Owner, Exclusive Cuts Barbershop and Salon and newest member of RMMFI’s staff! : “Surround yourself with positive, supportive people.  A quote I enjoy: ‘Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.’- Mark Twain”.

 

19. And, why parents should want their children to be entrepreneurs: “They’ll create a better life for their children. The best way to do that? Set a great example by showing they believe in themselves.” (Read the rest of the list here: www.inc.com/jeff-haden/why-every-parent-should-want-their-kids-to-grow-up.html?cid=hmside4)

 

20. – “Above all else, stay connected to this RMMFI community! Starting a business gets dark and lonely, and it’s easy to lose sight of the goals you had going in. But if you go to the Retros, graduations and community functions, you’ll talk with other business owners and managers. Some of them are going through the exact same thing you are, some already pushed through that stage, some haven’t gotten there yet. You can commiserate, you can get advice, you can give advice, and you’ll always walk away re-energized for your own business. The most powerful thing about RMMFI and its community is that “We Urge You Endlessly On” isn’t just a slogan, it’s a promise. It isn’t figurative, and it doesn’t expire. You’re not alone; you have supporters and mentors and fans behind you, literally urging you on.” John Hogue, Business Launch Boot Camp Class #13, Owner, Sporting Club Denver