3 Tips for New Entrepreneurs (Chelsea Ellis-Hogan)
As a new entrepreneur, many people struggle due to the fact they know they have the desire to work for themselves but they just don’t know where to start. I want to share with you three tips I have for any new entrepreneur starting out on 3 basic things you need on your journey. 1. Find a Business Coach On any new journey in life, it is always easier when you have someone helping you that has previous experience. I personally was blessed enough to be raised by an entrepreneur who naturally turned into my first-ever business coach that helped me reach a multi-six figure business within my first 7 years of business due to his guidance in the industry. Due to it being my father, Samuel Ellis I knew I could put in sweat equity in exchange for his guidance and leadership. I also had to invest money in other coaches who provided ebooks, training courses, and live events for me to learn from. So realize when finding a business coach you may have opportunities you have to pay for our opportunities that only require your time and dedication. A business coach helps you think outside of the box, helps you know in what ways you can scale, and gives you an outside opinion to help you avoid simple mistakes a business owner would make without a proper coach. With this added person in your corner, you are able to reach success faster because they will help you avoid a lot of rookie mistakes others will make that don’t have a business coach. 2. Learn. Implement. Teach. One thing I have noticed with a lot of new entrepreneurs is they spend time learning but they don’t implement the things they learn due to fear. So they are gathering a lot of information but are afraid to take that leap of truly implementing the information in a strategic way that allows them to grow and have results. The system that helped me make sure I was truly growing as an entrepreneur is through the Learn. Implement. Teach system. What the system allows you to do is learn something new, make sure it works for you, and then teach it to others in order to make sure it is also information that anyone can learn and grow from. Also, it helps brand you as an expert when you are able to help others see results from the information you shared with them. 3. Follow the Numbers This is one thing most entrepreneurs lack in! I know because it was even one of my weak points at one point in time as well. We hear it all the time about businesses owing thousands in debt or looking good to the public but horrible on paper. Or the businesses bringing in 6 figures but at the end of the year never has anything to show for it in assets or cash flow. It is important that you check your documents such as your balance sheet, profit and loss statement, and other metrics monthly or quarterly at the least to keep track of your business and if you are profitable and scalable. Do you know your Cost of Goods Sold? Your Cost of Doing Business? Most people grow their business off of guesses… & With guessing they hope and wish for growth. You don’t want to be that business person! If you grow your business based on the numbers you will make it easier to scale due to you have data you are using and you are able to make the proper changes in your business that will drive results. The data will tell you when to buy equipment, how much funding you need, when to give raises, when to hire, if you should buy in bulk, etc. Let the numbers tell you how to run your business… So with that being said you need to hire a great accountant(CPA) and bookkeeper! One who will not only be there at the end of the year to help you file your taxes but one who will also help you track your business metrics to help you scale. With these three steps, you can truly have a great foundation and game plan that can lead you to many years of success as an entrepreneur. Contact us today at www.jimreynoldsasphalt.com or 502-494-1137 for any questions about our business!
Chelsea Ellis-Hogan is the third-generation award-winning owner of female and minority-owned business Jim Reynold’s Asphalt Contractor, Inc. located in Louisville, KY. Chelsea helped take her family’s business from $100,000 to $500,000 alongside her father and mentor Samuel Ellis. She also self-published and hit #1 Amazon Bestseller with her debut motivational book entitled “Fail to Success”. Born and raised in Louisville, KY she enjoys teaching others about financial literacy, generational wealth, and entrepreneurship to help bridge the wealth gap taking place in her community.