- Business and Employment
Tips on Starting a Successful Business
Have you always dreamed of starting your own business? Do you feel there’s that entrepreneurial spirit within you and you are now willing and ready to give it a go? As you may already know, putting up a business is no easy task. There are too many hurdles to go through but if you’re able to weather the storm so to speak, the rewards of being an entrepreneur are truly great.
According to Bloomberg, 8 out of 10 businesses fail in less than two years after getting started. That may sound alarming, but most of these failures are due to lack of preparation and the right information on how to start a business.
Setting up your business can be very exciting and I really suggest that you put your plans into motion while you’re still feeling that great desire to do it. So to help you get started, here are some tips on how to do it right.
1. Find your own niche.
A niche is a small and targeted market that you can do business with. Sometimes the more specific the niche is, the more successful a small business can be even in its first few months of existence. So how do you find a niche? Depending on the product or service you are planning to offer, you may zero in on your potential customers by doing a small survey, by joining conferences or trade shows, or simply talking to people who you think are your future customers. Just gather as much information as you can get and try to deduce from it the right niche for your biz.
2. Get funding.
Any business needs some funding for it to take off. Your own savings might not be enough to cover all of your startup expenses so you will need to get more money from potential investors. To do that you need to present your business as best as you can. You need to come up with a Unique Selling Proposition or USP as what marketers call it. A USP is that one thing that will differentiate your business from the others. You also need to show your investors that your product or service is really good and reliable and that it is worth their investment. Where do you find investors? You can try the bank but friends and family members can be a great start.
3. Create a business plan.
A business for it to succeed it needs to be following a plan. A business plan is a formal statement of what your business is all about, your products and services, the goals you want it to achieve, and how you are going to reach those goals. It should also include where you will get additional funding, how to efficiently operate, and how to market or promote your products. Just think of it as your road map to success.
4. Learn and master the essential components of your business.
During the first stages of your business it is reasonable to say that you won’t be able to hire all the employees you need to operate properly. You may have to be a jack of all trades and do most of the work yourself. You have to learn how to work the cashier, be the delivery guy, or even the janitor to keep your store clean. Eventually as your business prospers you will have the resources to hire the team members that can help you.
5. Understand how marketing works and how you should be doing it.
It is hard to sell your product if not many people are aware of it. This is where marketing comes in. You need to effectively promote your products to your target market, find a way to reach those people, and come up with a promotion or a platform to get their attention and notice you. Understandably your budget is small at the beginning so you should wisely choose the advertising and marketing tools to use, preferably one that is very cost-effective. Otherwise you might be spending a lot of money on radio ads when most of your potential buyers are more active in social media.
Get started on your way to success.
As an entrepreneur you have the drive to create a plan, develop a product, and guide your business to success. It is not an easy journey but you possess that fighting spirit and the desire to see it through. So take that first step and just innovate as you see fit.