Today, everyone wants to become an entrepreneur – or at least hopes to. Well, who doesn’t like to introduce ‘the next big thing?’ But we can’t blame them because owning a startup offers you tons of benefits – and that’s obvious. For example, you get to bring value to the people around you. You create something right from the beginning. You are your own boss, and not to mention, you make a decent number of bucks along the way. However, all of this happens when you’re successful, which unfortunately isn’t true for most cases. For example, the Harvard Business Review states that 75% of startups fail. But why?
Sadly, not all of us have an entrepreneurial spirit within us – at least, nature didn’t allow it. However, if you want to run a business successfully, you’ve got to get your act together. That means doing something that your nature doesn’t approve of, so be it. Otherwise, you’ll end up eating the same piece of pie the 75% of entrepreneurs are eating.
Here are some business pieces of advice that’ll help you become a successful startup owner.
Know your Instincts!
You should know yourself, what you’re willing to do to attain success, the amount of money you can afford to lose, and your proper motivational level. Undoubtedly, we’re all here to at least hit that one million marks. But are we ready to give up things to accomplish that goal? How far will your family support you? How far from your comfort zone are you willing to go? How many hours a week will you be able to devote? If you want to become successful, or come anywhere close to it, keep your business plans aligned with you and your family’s resources and goals. Learn how to this through the AACSB Online MBA with No GMAT program. It will teach some administrative skills to run a business adequately.
Nobody is asking you to love all aspects of your business (nobody can), but whatever you do, do it with all your heart. If you want to build a successful enterprise, you’ll need to put in some effort and devote much time. That is why you should be passionate about what you do, whether offering financial advice, creating pottery, or running fishing charters. How can you ensure you’re on the right track? By questioning yourself whether your business is worth the investment, you’re making in terms of both time and money. If not, you’re better off doing something else.
Keep the positive vibes around you. Plus, say goodbye to those people who put you or your business down. Don’t waste your energy and time defending yourself – use it on your business!
Be a solution:
Instead of basing your idea around what to sell, think about how it will become a solution. If your business is solving a problem, you’ll gain a solid customer base more efficiently. Why? Because your venture will be bridging a gap in a specific niche or market.
Going with your passion alone isn’t going to cut it; your idea should help the people. For example, suppose you’re passionate about accounting. In that case, you might design an affordable, easy-to-use payroll and accounting software that many people would like to invest in and be a part of it.
Give yourself some time and think about why you’re opening your business. If you’re able to understand your motive well, you’ll be able to market your company and build a brand. Just do one thing: determine what problems your target customers are currently facing and what you can do to solve them.
Start your business during your employment:
Without money, nobody can go far. Plus, your business won’t immediately offer your returns – you’ve got to invest in it first. If you start your business while you’re employed, you’ll have money to invest in your industry. It will also help you meet your monthly living expenses even if your business doesn’t readily offer returns.
Diversity will help ensure you don’t put all your eggs in a single basket. Discover other options, for example, sister products/services that you can add to your offerings to lure and retain more clients. It won’t just amplify your revenue and produce enough during times your business doesn’t do well. Plus, diversification will allow you to cross-market by increasing your bottom line and offering consumers more value for their money!
If you find it challenging to get your business off the ground, connections will keep it afloat. Therefore, it’s advisable to make connections and record every person you interact with and ask for their suggestions and assistance. Remain in touch with them and build your network – it’ll help you.
Research your competitors:
Regardless of the type of business you’re operating or thinking to start, you’ll have competitors even if there’s no other business with the same offerings as yours. There would be different products/services your target market may get used to to satisfy their needs. To be successful, you’ll have to research your competitors and determine what they sell and how. There’s no particular time when you should do competitor analysis, but it must get done now and then. However, if you don’t have any competitors, that’s a warning sign. See if whatever you’re planning to sell is something that people would like to spend their money on or not.
Have a solid financial plan:
It doesn’t matter whether the company is small or big; it needs to work out how it will manage its finances. Suppose you want your startup to survive in this economy and out-compete your competitors. In that case, financial management should be one of your primary activities. Don’t use your revenue for personal expenses; manage your expenditures and cash flow, and have reserves for steady seasons. Maybe, exercise caution – hire a bookkeeper or an accountant if you have to. It will help you complete your financial tasks, allowing you an opportunity to focus on other parts of your business.
As your startup comes to fruition, think of it like you’re driving a car. Let your mind control the steering wheel, and your passion hit the accelerator. By doing this, you wouldn’t just be confident about the path you take and sustain the momentum you need to arrive at your destination. Best of luck!