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#1 Recognize the massive demand on your time
Young female entrepreneurs are often shocked to learn how demanding it can be on their schedule and time. You will be working around the clock. You can’t afford to stop strategizing, planning, and selling both yourself and your business. Be prepared to make sacrifices. While others around you may be partying, you may not be able to join in and enjoy the comforts of a typical 9-5. If you aren’t working on growing your company and your brand, no one is.
#2 Be smart about who you add to your team
Adding the right person to your team can take your business to new heights. Conversely, adding the wrong person can drag you and the rest of your team down. Be certain to do your due diligence and vet potential candidates thoroughly. You can never be too careful when analyzing a potential candidate. If you aim to hire people you perceive to be as/or even more talented and driven than you, it will pay huge dividends.
#3 Be prepared to ABN (Always Be Networking)
Your next big deal can come from striking up a simple conversation on the subway or in the airport. You always need to be on your toes. To do this well you must be outgoing and prepared to talk about your business at any given moment. Yes, it can be all about being in the right place at the right time. But you also must make the right impression when that situation arises.
#4. Plan ahead, especially when it comes to taxes
Being an entrepreneur you must be able to see three steps ahead, especially as it pertains to your businesses finances. You must be disciplined in your planning and saving throughout the year to properly prepare for year-end tax obligations. Working with a strong accountant can help. Ultimately, however, it is on you to be sure you are putting the right amount aside. The last thing you want is a surprise come April 15th. Being consistent and diligent in regards to this process is of massive importance.
#5 Spend wisely
You will have to spend to build and promote your business. It is both inevitable and unavoidable. However, being wise with how much you spend, where you spend it, and what you spend it on is pivotal. Finding the right balance in knowing when to be frugal and when to splurge is tremendously important.
Stephanie Abrams and Courtney Spritzer are the founders of Socialfly NY