Small Business Administration Tips for First-Time Leaders

Emma Sturgis

September 30, 2014

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Being at the reigns of a brand new business can be both an exciting and terrifying venture. While you likely enjoy the complete feeling of control over your business's future, you likely also realize that its fate is in your hands. The following are some tips for maintaining control and leadership over your new business so that it stays on the right track to success.

Find a Successful Mentor

You may have to network to do it, but finding someone a successful leader that you can admire and take notes from is a solid first step toward successful leadership. Particularly, you should find someone that knows your particular business so that you can glean the appropriate advice and pointers for how to run it. Cultivate your relationship with your mentor, and be sure to always get in touch with them over any questions or concerns you might have concerning your business.

Hire Quality Professionals

In business, you cannot risk settling for less. This is especially true when you are attempting to break into the market with a new business. From the basic employee to the business accountant, you should focus on hiring those that have experience in what you're hiring them for and know exactly what they're doing.

Stay Ahead

As you operate and grow your business, you should always keep your ear to the ground to observe what competitors are doing. Additionally, you should stay up on new trends and demands that might cause you the need to change how you do business. Ignoring changes in the market and industry could very well lead to eventual failure.

Pursue a Degree in Business

Pursuing a Bachelor of Science in Business Administration is one of the best ways to pick up key skills required to successfully lead and operate a business. These types of degrees can even be pursued online at virtually any pace, providing a flexible schedule for those who are busy and already immersed in their own businesses.

Focus on Branding

Lastly, do not underestimate the importance of branding your company and products. In most cases, the product simply isn't enough when it comes to making a sale. The packaging of the product, as well as its branding, will be half of the sale. Additionally, watch out for competitors that use your branding techniques in their own marketing strategies. This, in some cases, can be an infringement upon your trademark. Additionally, it can even damage your own brand. Create a solid brand, and don't let those who attempt to mimic it steal your business image.