When starting a new business or venture it can feel as if making a bunch of mistakes or taking risks are fine. They’re just learning curves, right?
No. Taking so many risks without calculating them, as well as making a number of mistakes can hurt your business.
Travis Olsen, owner of Mountain Rides, LLC., talked with Jim Matuga, host of The Positively West Virginia Podcast, about his advice to new business owners and entrepreneurs.
Mountain Rides, LLC., is a grassroots cycling promotion company. They specialize in planning cycling races including gravel road cycling races across the state of West Virginia.
Do your homework.
Everyone wants to take the leap and go for the risk that they think may be worth it.
“Take the risk. Just jump in. Follow your dream and don’t be afraid to take that risk and try it out,” Olsen said.
The above piece of advice was later re-stated with, “It’s best to first do your home and then take calculated risks because of the margin of error is very slim when starting your own business.”
Do your homework when taking a risk that could hurt your company. Whether it’s a new product or a new location, talk with your customers, gauge what they think.
Take calculated risks.
There are a few things that you can do to make sure you are taking the right risks.
Remember to maintain your bottom line while also driving innovation within your company. If you aren’t looking for new ways to improve your business or your product people could forget about you.
Ask the people you trust the most about what they think you should do. Your trusted advisors can help you approach the situation with clarity and logic to make sure you aren’t being too emotional about a situation.
Know that you can say no. Sometimes a good opportunity is still a bad one (at the moment). What that means is even though a good idea may be a good opportunity, at the moment, while your business is new, it could be a bad one.
Work on your flexibility. Plans change and no one wants to be the business left in the dust. When you first started thinking about starting your business you should have written a business plan. That plan should always have the ability to maneuver its course.
Utilize social media and word-of-mouth marketing.
As you’re promoting your product, service or business, utilize the tried and true method of getting the word out about it–word-of-mouth marketing.
People trust other people, especially their friends and family. Gather testimonials, ask for reviews and try to get people talking through social media.
Engaging with your customers through social media can do a few things. It can show that you are willing to have an open conversation even if it’s about issues with your product. It can give you insight into what your customers are looking for in your product or service. Finally, if customers leave reviews on social media their family and friends can see that.
Olsen was a guest of The Positively West Virginia Podcast. Listen to the full podcast here.
PWV QUICK BITS | STARTING A NEW BUSINESS
Recommended Resource: Social Media
Recommended Resource: - People Olsen would like to meet: Senator Joe Manchin and Nick Saban.
- Piece of Advice: “Foster the relationships you have with people.” Olson says this is important because it’s
impossible to do it alone.