3 Key Business Tips That Could Save You Money and Generate More Business!
Q: As a first time entrepreneur, what business tips were you completely blind to before you started and which would you recommend before you start a new project? A.J. Martinson Arlington, Texas USA
As a first time entrepreneur there are three business tips that we strongly recommend before you start a new project. I have to laugh a little at this question because it takes me back to my first mega disaster at age 20 when I opened my first company. As a result, I learned these tips the hard way. You won’t have to.
I was in a service industry and took on a client and a project that I had no business taking on. I was way over confident and I have to admit I was a little greedy (It was a multi-million dollar contract). What I didn’t do was double check on my client before I committed myself to the job to make sure they had the resources and stability to back up their claims and run the numbers carefully to insure that I would generate a profit, stay within their budget, and be able to meet their deadline without incurring extra labor expenses.
In just a few months after starting the project the company suddenly went bankrupt and I was out thousands of dollars. It was a real struggle to regain my confidence and financial stability. Years later and lesson learned, I was once again approached with a huge and potentially very profitable project. This time however, I took a different approach.
3 Business Tips for Entrepreneurs Before You Start New Projects
1. Full Vet a New Project in Advance
Even before our first meeting and with the clients full knowledge, I completed a full vetting process of them and their potential project.
2. Verify Costs
We then sat down to have our first meeting and go over their project and proposed budget, I had doubts about how realistic their budget was and asked for 48 hours to verify what I thought would be closer to the actual costs of the potential project. You noticed that I said “Potential” because I still had not committed myself to the project yet.
3. Take a Professional Approach
Taking a more methodical approach safeguarded my bottom line, but also presented a more professional demeanor to my client and let them know that I was looking out for their interest as well as my own by giving them the most accurate information that was available.
3 Business Tips for First-time Entrepreneurs to Help You Grow
The final result was that by extending the same level of professionalism and excellence throughout the project not only did I make a profit, I also had very happy customers. So happy in fact, that they referred my company to others resulting in two additional projects. The bottom line;
- don’t take on projects bigger than your company,
- verify everything before you commit,
- and perform every task no matter how small with the highest level of excellence and professionalism.
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