Ready for some yuletide cheer? No, I’m not just talking about my big tips for entrepreneurs. Inflation might have hit its peak this year. So say the “experts.” 

That particular category of people hasn’t exactly covered itself with glory of late … so, we’ll see how that actually plays out for businesses in the coming months. 

What’s the price environment looking like for you within your industry right now? Curious to hear what you’d have to say.

We’d actually love to hear a broader picture about how your Downtown Los Angeles business is faring after the past couple of years of rising supply costs across the board. Do you need help examining where the dollars are going out and coming in? We can take a look with you to shore things up for success (and survival) in 2023.

Schedule a time with us here:
calendly.com/dtlacpa/request-a-meeting

Now, in actual honor of the small business owners and entrepreneurs that give our economy strong during the ups and downs, I thought I’d put together my thoughts on real-world entrepreneurship … and how to manage it now. 

Again, this is just for the purposes of being a helpful voice to you… I don’t presume to have all of the answers, but I *have* seen a few businesses work pretty darn well in my day.

Here are my top 3 tips for entrepreneurs who want to make something more of their business…

Sabillo’s 3 Big Tips For Entrepreneurs
“Most of the successful people I’ve known are the ones who do more listening than talking.” – Bernard Baruch

It’s been yet another … interesting, to say the least, year to run a small business. In years past, being an “entrepreneur” could carry a negative connotation. The general public (or “civilians,” as one of my business owner friends refers to them) may have viewed business owners as possessing a small level of insanity. After all, who would invest everything they had into running a business that may or may not succeed?

Well, in truth, many people including one Steve Jobs – he made the business of being in business “cool” again.

When Jobs burst onto the scene with the Apple Macintosh, Silicon Valley millionaires jumped to the forefront. Guys in their 20’s, with style, making great products that the masses loved. Suddenly, business was no longer the realm of backroom cigar-smoked pinstripes. (Oh, and those products sure are great.)

Because of guys like Steve Jobs, business ownership is now a badge of courage–something to be admired. Despite the inflation-riddled economy, “business opportunity” companies are cropping up everywhere and many are thriving. 

But here’s something you may be surprised to hear me say about these folks: Too many of the “new” generation of entrepreneurs want to play it safe. 

They start a part-time company while still holding a regular day job. Or, they invest a little bit of money into a company and back out when things become too difficult.

If this describes you, I have a little bit of news. You are a risk taker. Whether you would consider yourself one or not, you’re an entrepreneur…and therefore a risk taker. You took a risk in starting your Downtown Los Angeles company. 

But are you holding back to the point where you’re stunting your growth?

Well, I can relate–I’ve never been known as a “free-wheeler,” but I’ve learned a few things over the years about risk – and reward.

So here are a few “big picture” concepts you can use to guide your risk-taking decisions and still see large returns:

1. Invest in your education. The wisest entrepreneurs read about the successes/failures of others, and plan accordingly.

2. Invest in a system. If you do not understand the importance of having a system in your company, read Michael Gerber’s books (The E-Myth series). But, I think you probably inherently understand how critical it is to make your business “scalable.” 

3. Invest in sales and marketing automation. Marketing is the key to growing your business. And, automation is a way to run your company while you work on growing your company. Rather than investing in expensive salespeople, figure out a way to make sales online, or through other advertising media … in a systematic, “hands-free” sort of way.

If you’re not taking risks, you will certainly not see the rewards of your efforts. Take the time to analyze the level of the risks you might be taking. But realize that without being willing to go out on a limb once in a while, you will never see the rewards you dream of.

And something that enables you to take risks is knowing what your Downtown Los Angeles business’s financial state is before you take them. Having the right knowledge at your fingertips equips you to navigate both the expected and the unexpected. 

If you’re thinking about expanding or even starting new ventures, you need an advisor who gives out more than just tips for entrepreneurs like you, but actually knows you and can help you make the right moves to get there. That you? Let’s talk: 

calendly.com/dtlacpa/request-a-meeting

 

Helping risk-takers everywhere,

Argel Sabillo