What Every New Business Owner Needs to Know to Succeed

When you’re newer in business, getting started can feel like a whirlwind. There’s so much to juggle - ideas, clients, marketing, systems, and so much more. The excitement is real, but the overwhelm can quickly set in, especially when you realize that building a business takes more than just great ideas and hard work.

So, how do you set yourself up for success when you’re just starting out, especially with all the things you don’t know? The answer is simple: focus on the basics. And by basics, I mean the fundamentals that truly set a business up for growth.

I’ve had the pleasure (and challenge) of building and running multiple businesses, and I’ve learned that success doesn’t happen by accident. Success is a result of doing the right things - in the right order, with the right mindset. When you start, there are five key areas that will set you up for success, and I call them the 5 M’s: Mindset, Materials, Methodology, Mentorship and Measured Growth

Let’s explore and discuss each of these five areas, and how they will help you set yourself up for success.

1. Mindset

It all starts here. Before you even think about your products, systems, or business strategy, you have to get your mindset right. Your mindset is the foundation of everything you do. You see, when you’re first starting a business, there will be moments of doubt. There will be moments where it feels like everything is working against you. But it’s your mindset that will push you through those tough times.

Having the right mindset means you approach your business with a growth mentality. This means you’re always looking for ways to improve and grow. It’s about understanding that failure is just a lesson in disguise, and that you will get better with every step. This is one of the biggest things I tell people: You have to be willing to learn. Not just from your successes, but from your mistakes as well.

2. Materials

Now that your mindset is in the right place, it’s time to think about the materials - the tools and resources you need to run your business. What kind of infrastructure do you need? What tools will you use to get the job done?

Materials go beyond just the physical things you need. Sure, you’ll need a website, accounting software, or maybe office space, but it also means having the right resources at your disposal. Things like knowledge, expertise, and networks. In other words, do you have access to the right materials, whether that’s technology, people, or capital, to operate your business efficiently?

Having the right tools is one of the first steps to setting yourself up for success. For example, I always emphasize the importance of accounting systems. Your business may be booming, but if you don’t have a proper system in place to track finances, you’re setting yourself up for disaster.

3. Methodology

This is the “how” behind your business. It’s not just about having the right mindset and materials; you need a solid methodology - a step-by-step approach to actually running your business.

When I work with new entrepreneurs, I always stress the importance of developing a clear, efficient process for how things get done. Without this, you’ll be spinning your wheels, trying to juggle too many things at once. That’s where systems and operations come into play.

The method you use to manage your business will determine how scalable and sustainable it is in the long run. If you’re unclear on your methodology, or if you skip important steps because they feel like “extra work,” you’re setting yourself up for failure. This is where many entrepreneurs fail. They get excited about the idea of a business and forget to set up the systems that will enable it to thrive. Take the time to build processes that streamline your operations and create efficiencies wherever possible.

4. Mentorship

Mentorship isn’t about who’s mentoring you; it’s about how intentional you are in mentoring others. As a business owner, your job is to develop your people so well that they can eventually replace you. That’s the ultimate test of leadership. When you invest the time and energy into growing your staff, you’re not just building a stronger team - you’re building a business that can thrive without you at the center of everything.

But it doesn’t stop with your team. You also need to mentor your clients. When you guide them, teach them, and help them grow, they become more successful working with you - which means your relationship gets stronger and more valuable.

And finally, extend mentorship to your third-party relationships: your partners, vendors, and collaborators. When everyone around you is learning, improving, and leveling up, you create an ecosystem of growth where everybody wins.

The key is this: mentorship isn’t a one-time effort. It’s a consistent, deliberate practice that multiplies your impact. And once you’re leading in this way, the next step is making sure all that growth is measured and directed, which brings us to the fifth M.

5. Measured Growth

Lastly, we come to measured growth. This is about understanding your progress and tracking key metrics. Many entrepreneurs get so focused on growing fast that they forget to measure their success along the way. But if you’re not tracking your growth, how do you know where you are or where you’re going?

Measured growth means setting goals, tracking your KPIs (Key Performance Indicators), and assessing what’s working and what’s not. It’s about taking a step back regularly to look at the big picture and making adjustments as needed. Without this, you’ll be chasing goals without a clear sense of direction.

Setting yourself up for success

So, here’s the deal: when you’re starting your business, don’t skip the foundational steps. Don’t rush to get started without making sure you have the right mindset, materials, methodology, mentorship, and a plan for measured growth. These five pillars will give you the framework to set yourself up for success.

I've taken all my experience and learnings as someone who has started and owns multiple businesses and packaged them into a course to help you get started on the right path. If you’re looking to set yourself up for success, whether you’re just getting started or you’re in growth mode, the 5 M’s for Entrepreneurs: The Freedom Path course is for you. For the month of May only, the course is available at an introductory price. Don’t miss out - grab it now and start setting yourself up for real, measurable success.