Tip 1: Think BIG – you have nothing to lose. 
I have “Go Big or Go Home” plastered on our co-working space’s walls because it’s our mantra, the lens that I want all of our members to see goal-setting, life, and their business through. There is great truth in these five little words. In business, especially the pursuit of the entrepreneurial lifestyle, we tend to think practically. I often hear “I just want to make enough money to pay my bills and provide for my family.” While I think that is a wonderful and legitimate goal, I encourage my members to think bigger. What would you want if money were no object? Now go for it. It’s no secret that my goal is to franchise 200 locations in 5 years. When I share this goal with people, I get raised eyebrows, pats on the head and questionable looks. My response? I say, “Hell. Anything that seems insurmountable or strenuous can be accomplished.” Be audacious – dream big, HUGE. What are your goals? How would you like to see your business grow? Do you want to earn $5,000 a month to cover your bases? Great, now triple it. Rise to your standard. Trust and believe in your talent, dream, and business. If you don’t, who will?
Tip 2: Be strategic, yet flexible – planning is imperative but you have to know it’s going to change.
So, now you’re going to triple your goal? Right? Yes! Of course you are! As much as I enjoyed The Secret, simply wishing things into fruition does not work. In lieu of this fact, I host a quarterly strategic planning session that mandates each participant list their large overarching goals. I then have them write SMART goals around each desire. We don’t stop there. I have them list what they need to do daily, even hourly, to make those goals happen. Each day should bring you closer to your goals. My goal of launching 200 locations in five years means that I have a long list of daily tasks that will lay another brick in my business’ empire. I plan on having 30 signed franchise agreements within my first year. My speaking opportunities, conferences, free-time and networking events should take me one step closer to reaching that goal. I have been in business long enough to accept that the only thing in life that is constant is change. That being said, “ I am flexible” – flexible with my employees, with my time, and with my goals. Flexible does not mean flakey. It means should external factors deter me from my original path, I create a new one. Just like Mohammed Ali, I bob and weave with the best of ‘em.
Tip 3: Build and use your network – always be connecting, growing, reaching out.
My business’ aim is to create a holistic community in which ALL aspects of business development, wellness, and services are covered. My members range from bio-tech professionals, venture capitalists, social media gurus to wellness coaches, attorneys, CPAs and stylists. I built this model because I know how powerful one’s network really is. If you need someone or something, think about who you know before you open up your wallet and pay a high consulting fee. Think about who you know and then about who and what they know. Tap into your network. Remember every new encounter is an opportunity to learn about their passions and also to share your own. Consider a working trade. You have a talent and someone you know might be a subject matter expert in a particular field. See if they would be interested in trading work with you, that way they get to learn about what you do and you, in turn, get support with what you need. Don’t be shy about your aspirations or business. Own it, declare it, and start sharing it with whoever you encounter. You never know what these amazing interactions/conversations can lead to.
Tip 4: Trust your instinct – your first reaction to something is always right.
Your intuition, the very thing that inspired you to revel in the knowledge that you will be successful, is powerful. Don’t let anyone let tell you differently. My intuition has led me to me to hire particular people and part ways with others. It has inspired me to select particular office spaces vs. others. Your immediate impulse or gut feeling is real, raw, and honest; use it as your true north.
Tip 5: Follow through – your word is everything.
Your word is your bond, especially in the business world. I work diligently to ensure that I follow through on my commitments. If I say I will introduce a member to a great resource, I make a note so I don’t forget. If I plan on hosting an event and I have another obligation that arises the same day/time, I make it work, even if I have to get partial coverage for one. As business is about relationships, it’s important to keep those relationships in tact, to honor others’ time and to stick to your commitments. Potential investors, clients, partners, members, will remember you for your work and your word.
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This piece was written by Felena Hanson for The Company Corporation’s Five Tips Giveaway contest, entitled, “5 Tips for $5,000”. Their prompt reads: If you’re a small business owner, you are undoubtedly acquainted with some of the stumbling blocks on the road to success. Whether your company began as a start up, or you became a partner after a company had already been established, there are plenty of challenges along the way. In the spirit of community, The Company Corporation would like to encourage entrepreneurs to share their small business tips for success with other fledgling business owners. Click here to enter.
