3 Tips Marketplace Owners Need To Understand

Mistakes are only human right? Everyone makes them but only the best learn from it. As a marketplace owner, you will encounter many bumps along the road but staying course is key. Whether it’s pitching your demo to leads or finding out you just lost one of your major accounts, it is all apart of being an entrepreneur. We are here to share 3 tips from our own experience that a marketplace owner must understand.

1. Patience

You can ask anymore business owner and they will tell you that it did not happen overnight. There were days where they wanted to stop what they were doing and quit. Nights they questioned why they were doing what they were doing and even friends or family wondering why as well. Why put yourself through so much stress and in some cases taking out loans and acquiring so much debt? What others don’t see is how much bigger than that is.

Creating a product or service that you have invested so much time and effort into, is not something you just let go. It’s similar to being in a marriage. You don’t simply wake up one day and decide to throw it all away. Sure there are days where you just want move on but other days where it reminds you why you are doing it. The satisfaction and drive of success. There really is nothing like it.

2. Invest In Your Employees

Let’s face it, you can’t do everything on your own. You will need to hire employees to help with your sales calls, develop your website, customer support, and all the facets of a business. It may be manageable in the early start-up stage but once you start to grow, you will need to expand your team to handle the load. Try to stay away from hiring your friends and family unless they are fully qualified. It’s never good to mix the two together when it comes to business.

As you look to hire people for your marketplace, don’t feel time pressured. Just because you need a new salesperson doesn’t mean you hire the first person who you interview. Take the time to go through multiple interviews with people who you think will be a great fit for your marketplace. Not just from a business standpoint but also as a culture.

3. Work hard, Play Hard

As a marketplace owner, it will be tough to find the time but it is there. With your employees under your belt to help ease the load, you have to give yourself some time away from work. You will burn yourself out if all you do is work and not have a life outside of it. Lighten up on the weekends and spend some time away from a computer. Take vacations out of town, go out and enjoy nature. Work gets us so caught up with things that we forget about the small things in life that make it more enjoyable.

If you have a family, spend more time with your kids as they are not getting any younger. Cherish those moments as you balance the act of being a marketplace owner and a family man. Of course, sacrifices will need to be made along the way but overall enjoy it!

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