Learn from my mistakes: 30 pieces of advice from small business owners

If you’re considering starting a small business, congratulations. America’s 28 million small businesses account for 54 percent of all U.S. sales and provide 55 percent of all jobs. Further, the number of small businesses in the U.S. has increased 49 percent since 1982.

If you haven’t been living under a rock, you know about the failure rate of small businesses. But that rate varies by industry, and failure often happens because of factors that could have been avoided with careful planning. CNBC recently listed the top reasons as lack of capital; lack of research; poor pricing strategy; issues between partners; burnout; stale marketing; failure to digitize; cyber-theft; underestimating the competition; over-reliance on one customer and disgruntled employees.

Perhaps the best way to prevent such problems is to go straight to the source — small business owners who have already launched their enterprises. Here, then, is a conglomeration from various entrepreneurs who have given advice online:

1. Don’t rule out a new venture just because of a lack of funding or experience.

2. Don’t give up if you make some mistakes. But if possible, make them fast and early.

3. Set concrete goals so you know exactly what you’re shooting for.

4. Maintain integrity. Do your best, and follow through when you say you’re going to do something.

5. Let online tools handle as much of your work as possible.

6. Don’t underestimate the importance of giving back to the community, if only because it makes you feel good to be a role model.

7. Have a plan in place to acquire customers; otherwise, everything else is a waste of time.

8. The most important characteristics for being an entrepreneur are mental, physical and spiritual toughness. Focus on the journey instead of the destination, since major effort, perseverance and discipline will be required.

9. Good, clear photos and graphics are more important than you may think in online marketing.

10. Think of your suppliers, staff and customers as members of your team, and collaborate with them as much as possible.

11. Optimize both social media and email marketing. Using videos is a good idea.

12. Be very careful whom you hire. Then treat employees like family.

13. Test everything, then respond to the results.

14. Focus on building long-term relationships with customers and a solid reputation.

15. Always be networking. Sometimes chance encounters become important opportunities.

16. Pay attention to details when serving customers.

17. Think like your customers; How can you help them solve their problems?

18. Don’t be too risk averse.

19. Out-pricing your competitors doesn’t always work.

20. Pay attention to building a brand and telling a “story” about your business and products.

21. Stay on top of taxes.

22. Plan for longevity by building your business around your life, not vice versa.

23. Share joys and sorrows with other small business owners, either individually or as part of an organized group. Invite speakers to share their ideas.

24. Don’t be afraid of honest website reviews. Feedback is crucial to your success.

25. Focus on setting yourself apart from the competition.

26. Institute an individual profit and loss statement for each day to keep a handle on potential issues.

27. Don’t hesitate to haggle with your wholesale supplier.

28. Pay attention to SEO and Google Analytics. They’re more important than you may think.

29. Hire out your marketing so you can focus on running the rest of your business. But consider handling your own PR for a more personal touch with customers.

30. Find out how to work with influencers, bloggers, editors, reviewers, etc. to improve website traffic.

In summary, you really can’t over-plan when starting a small business.

As Benjamin Franklin famously said, “If you fail to plan, you are planning to fail.”

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