Do you have the personality traits that make a successful startup owner? If not, there’s no reason to worry. You can simply build the habits into your daily routine. So, maybe you weren’t born with the instinct to conserve capital or deal with vehicle fleets.
Learn what entrepreneurs do to make those things happen, and you’re ready to dive into the daily operation of your own start-up company. What are the habits you want to focus on?
1. Conserving Capital.
During the first two years, keep a close eye on your financial reserves. Owners who do well in their respective fields tend to build up enough capital to run the operation for a year or two, even if revenues are minimal or non-existent. When you get those first few customers and money begins to trickle in, make sure to use it on necessary operational expenses and bank the rest.
Resist the urge to splurge on new office furniture, a larger space, more employees, or other luxuries, because at this point you can’t afford to do so.
2. Planning for Fleet Management.
For companies that use multiple vehicles to deliver goods, it is essential to understand the basics of fleet management. That’s a large topic but one that anyone can learn about rather quickly. A smart way to start is to review a comprehensive guide on the elements of fleet management. This kind of DIY education can help owners gain real time visibility into their operations and learn how to use automated systems to keep everything under control. Delivering via fleets is about much more than creating routes and schedules.
As business expands, routing and scheduling can become massive tasks, as can other things like making sure drivers don’t work too many hours, vehicles receive maintenance at the proper intervals, and more.
3. Always Scouting for New Customers.
Never stop looking for clients. That means you need to have your sales brain on standby 24/7. In elevators, restaurants, social clubs, and everywhere you interact with people, constantly ask yourself is this person a potential client? If so, what can you say or do right now to let them know about your company?
The solution is to have a good sales pitch ready to go whenever you identify a prospect. Be ready to answer questions and don’t be shy or hesitant about asking for their business.
4. Keeping a PMA.
Maintaining a positive mental attitude is a key skill that will serve you well, especially during non-revenue months. Starting a business is fun and exciting. No one disagrees with that. But it can also be tough to survive successive months with non-regular income. This is particularly true if your previous job was working for someone else and receiving a paycheck every couple of weeks.
5. Facing Tax and Legal Responsibilities.
Running your own company means getting over the basic human reluctance to deal with taxes and legal red tape. The good news is that you can outsource most of the pain and headaches that come with these two chores. Don’t put it off. Hire competent accounting/tax and legal help. Make sure to file all documents necessary with local and national authorities.