Being an entrepreneur and running your own business is hard work. Once you start to grow, your company will need to scale and you’ll need to build a team. Since you’ve been a one woman show for so long this can be pretty scary, yet very necessary. So, here are 5 ways to run an online business successfully:
#1 Hire good people
This one is pretty obvious, but you’d be surprised by how many start-ups and entrepreneurs just hire the first person off the street to help them run their business! You should do your research for the specific role you’re trying to fill while keeping your own goals in mind because you want someone who is going to help you reach them.
You also want someone who brings something unique and creative to the table – a go-getter who will help you grow. This person is a master at his/her skill and adds massive value to your company.
#2 Delegate efficiently
Once you find your ideal team, trust them enough to delegate important tasks to them so you can focus on building your business. Katherine Power of Who What Wear says her job is to do what only she can do and she delegates the rest of the work. Take this advice, it’s golden.
#3 Don’t micromanage
Micromanaging is no fun for anyone. It makes your employees feel uncomfortable and intimidated, and makes for an awkward work environment. Yes, you are the boss, but you’re also a leader and leaders trust their team to make educated decisions on behalf of the business. The best companies are those who give their employees plenty of autonomy.
#4 Stay organized
Online businesses tend to move at a rapid pace and things can easily be overlooked because it’s all digital. Keep track of every expense, every sales peak, every Skype call, etc. If you’re a blogger, content calendars will rock your world, as will Excel spreadsheets, Gmail folders, and scheduling services like Hootsuite or MeetEdgar.
#5 Know & stay ahead of your competition
It’s extremely important to stay on top of trends. It takes years to truly know your market and what you’re up against. Just when you think you have the latest and greatest idea, you come to find you’re a day late and dollar short. You can avoid this to some degree by collaborating with your competition instead of trying to beat them. Team work makes the dream work.
Do you have any advice for running an online business? Sound off in the comments below!