Without a shadow of a doubt, the year 2020 will be remembered for all of the wrong reasons throughout history. But there is one story that we are quite pleased to see: one in every five people in the United Kingdom has launched their own company since the beginning of the coronavirus outbreak. Not only that, but more than a quarter of them are making preparations to do so in the near future.

If you are ready to put in the effort and attention necessary to manage a successful company, you may anticipate enjoying the advantages, which include autonomy, flexibility, financial independence, and the ability to pursue what you are most passionate about in life. There is a never-ending list of advantages.

If you’ve decided to go for it, you should be commended. Here are some useful pieces of advice for business owners to keep in mind.

Tip 1: Trust Your Gut

Steve Jobs. Entrepreneur Richard Branson Oprah Winfrey. Jeff Bezos. They are all well-known for the importance they put on following their gut impulses and making decisions based on those instincts. In point of fact, 62 percent of leaders in business agree that it is often important to depend on one’s instincts and other “soft” variables.

While it’s true that the statistics don’t lie very frequently, there are moments in the life of an entrepreneur when going with your instincts may help you make choices that have a far greater effect than those that are based only on the facts.

It takes time to develop the ability to trust your intuition, but it is a talent that can be honed and improved with practice. You are able to take greater chances and make judgments more quickly as a result. Something that is essential when you are producing a large number in a single day.

Tip 2: Fail Fast, Fail Often

One piece of advice that is often shared with aspiring company owners is that they need to experience failure in order to learn from their mistakes and become successful.

There is a good reason why venture capitalists prefer to put their money into business owners who have already failed many times, and they steer clear of those who have never had to overcome any obstacles in their lives. Failure is the ultimate test since it reveals what aspects of your company need to be improved in order for it to be successful.

Accept your shortcomings and think critically about what went wrong. If you take the time to learn from your mistakes, you can ensure that you won’t repeat them in the future. Make a plan of action and construct something that is larger and more impressive the next time.

Tip 3: Stay Organised

You presumably had some inkling that this one was going to come up.

Being your own boss comes with a variety of obstacles, the most significant of which is learning how to multitask and remain on top of everything going on in your business.

Putting strategies into action right away will help guarantee that you have done all possible to position yourself for success. Delegation and automation will serve you well in this situation.

On the internet front, you should investigate the possibility of using the power of technology to automate routine chores like email marketing, the collection of past-due invoices, and the sending of invitations to appointments. Because there are so many resources accessible online, there is simply no excuse!

However, there are situations when offline organizational tools may be just as helpful. The first thing you need to do is get a pen and paper and write a list of all the things you despise doing and that take up too much of your time. Analyze the list and determine the duties that do not need you to personally carry them out. This might include things like answering the phone, scheduling social media postings, providing customer support, or managing the books.

These are the tasks that you should delegate or outsource so that you have more time to concentrate on expanding your company. You might also consider employing a virtual assistant to take care of the necessary administrative tasks on your behalf.

Tip 4: Never Stop Learning

Learning is something that successful company owners never stop doing. It is not a coincidence that chief executive officers of firms in the Fortune 500 read an average of four to five books each month.

There is always an opportunity for improvement, even for those who have reached the pinnacle of their field. Expanding your knowledge and seeing every encounter as a potential learning opportunity can assist you in future-proofing your company, since no industry or market segment remains static for an extended period of time.

There are hundreds of different online courses to choose from, and you can find them everywhere from Google’s Digital Garage and FutureLearn to LinkedIn Learning and Udemy.

Tip 5: Hire The Right People

Success doesn’t happen in a vacuum. As Jim Rohn famously put it: we are the average of the five people we spend the most time with. In a nutshell, the people who are close to you are important.

Employ individuals who will push you to be better, who are willing to put in lots of effort, who have expansive thought processes, who have upbeat attitudes, and who are curious. Your company will be grateful to you.

Do not set your sights on becoming the most knowledgeable person in the room on each and every subject. If you want to improve, surrounding yourself with individuals who push you further is essential.

Tip 6: Shout About Your Business

Learning how to sell oneself is a challenge that a lot of people who own their own businesses never get over. Putting oneself out there in a potentially hostile environment may be an intimidating task, but the corporate world has no room for timidity. If you tend to be more reserved in social situations, you should make an effort to improve your public speaking and networking skills.

Make sure your mission statement, objectives, and the advantages you provide to customers are included in your elevator pitch. Show it to your loved ones and get their opinions once they’ve seen it. Continue to make adjustments and improvements to it until you are certain that it will attract clients right from the start.

Tip 7: Find A Mentor

A good business mentor is essential for every entrepreneur. You can only go so far with the help of the internet.

According to research conducted by the worldwide platform for financial services, Kabbage, the majority of owners of small businesses believe that mentors have a direct influence on the expansion and continued existence of their companies. Further research conducted by The UPS Store discovered that the rate of small companies that were mentored had a survival rate that was two times higher than the rate of small businesses that were not mentored over the same time period.

The years of expertise and vast networks that mentors have at their disposal make them excellent candidates for the role of sounding board for your company. They do not have any hidden agendas, and they are able to provide a novel viewpoint, pointing out any problematic aspects of your company strategy as well as areas that might need some improvement. The best part is that they often provide their services without charging a fee, which means you won’t have to be concerned about your expenses going up.

Tip 8: Look After Yourself

Even while the 9-to-5 workday may be a thing of the past, you shouldn’t let that free you from the responsibility of taking care of yourself. Even though it may be difficult for you to put yourself first, you should make an effort to get into the habit of treating your health like a customer or client. Create a block of “me time” in your schedule and commit to keeping it. You should take some breaks during the day by going outdoors to get some fresh air, and you should also make sure that you get some exercise at the end of each day.

This concludes our advice to entrepreneurs, which we hope will help them feel more prepared for the difficulties that lie ahead. And may I offer one more bit of advice about business? Feel the dread and do it anyhow, as Susan Jeffers advised in her book “Feel the Fear and Do It Anyway.”