Samuel Nathan Kahn knows what it takes to be a successful entrepreneur. After growing up surrounded by business and entering into the world of entrepreneurship at the age of 13, Sam has now spent around 35 years in the game.
He has taken many risks, learnt many lessons along the way and his commitment to business and helping people kept him going no matter what.
Sam has put together his top eight recommendations to support you in moving towards success in your own business, regardless of what stage of your journey you are in.
Have a solid business plan
One of the most crucial roles within a business’s success is planning and being organised. Having a solid and clear business plan is the first place to start, and is an excellent reference point years down the track or whenever you start to wander off track. This can include defining your strengths and weaknesses, what it is that you offer, how that is unique and how you plan on growing your offering. This is also a good place to prepare yourself mentally and practically for any potential future issues and how you could deal with those if they were to happen.
Prepare for financial challenges
Cash flow can be one of the biggest challenges when it comes to entrepreneurship and business. I recommend saving at least a month’s worth of expenses at a time or being creative with minimising your business outgoings. You can also look at creating incentives for your clients to sign up on a monthly service subscription or a discount for clients that pay the full amount upfront.
Longevity over quick wins
Remember that Rome wasn’t built in a day, your business is and will be the same. Short-lived small wins at the beginning will not set you up for long term success. Remember that business is a long game and you may not begin to see a huge revenue for the first couple of years. But it will come, and it will be extremely worth the hard yards that you put in in the beginning.
Put your faith in a trusted mentor
A mentor is and will continue to be an invaluable asset to you and your business. It can be anyone from a family member, an old boss, someone you have been following online for years or even an online blog that you resonate with. It just needs to be someone that can be a soundboard and provide helpful advice for you in your business. Someone to push you but also support you.
Marketing on a low budget
You don’t have to go out and spend hundreds of pounds on marketing straight away, there are many free ways to market for success. Social media business pages, networking events, website, word of mouth, Facebook business groups, and Google business pages are all free sources available. When it comes to marketing, you have to try it all and see what works best for you and your business.
Look after number one
Entrepreneurship doesn’t begin at 9 am and end at 5 pm – it’s a lifestyle, but it doesn’t mean you neglect yourself and your loved ones in the process. Looking after yourself needs to also be a priority. This can include eating healthy food, regular exercise, having a hobby for yourself, scheduling in time for activities with your family and ensuring that you get a good night’s sleep. Time management skills are important to balance all of this.
Build a team that shares your vision
This is one of the biggest ones! You cannot do it all on your own, nor should you have to. Building a team of supportive people who also share a similar vision to you is very important. It also gives you a chance to build up your managerial skills and learn when it is necessary to delegate specific tasks. This also supports the growth and development of your team.
Never stop learning
Entrepreneurship is a constant process of growth and learning. It is important to enrich yourself regularly with practical skills and knowledge. This can range from learning new software within your business, learning a different area that you may not be familiar with, upskilling in managerial, presentation or motivational skills, or working on your time management skills. There are plenty of free resources out there these days.