Not everyone is cut out to be in business. It takes a serious commitment of time and money and there’s no doubt your personal life will suffer, at least in the short term. If you feel compelled to take the plunge and start your own business, we offer the following bits of advice for entrepreneurs.
- Be Realistic About Money
The most important thing to understand is how much money it’s going to take to carry your business until it brings in enough cash on its own. You need a solid business plan for generating and managing money. Don’t be afraid to get help with this if you need it.
How much money do you have and how long will it carry you? Do you have enough to pay the rent and overhead for at least one year? The number one reason most start-ups fail is because they run out of cash – don’t become a statistic.
- Understand What Your Customers Need
The key to your success lies with your customers. What problem are you going to solve for them and how are you going to do this differently or better than your competition? Make sure you talk to your customers now rather than later after you’ve spent all your money.
- Communicate Your Value Proposition
If your value proposition is a well-kept secret, you’ve got a problem. You need to communicate your message in a clear, concise and compelling manner. Do your customers understand who you are and what value you bring to them? Make sure to use words that persuade your customers to take the action you want them to.
- Invest In Yourself
Realize your business is your baby – that makes you the founder and the leader. Even if you have good ideas and the ability to execute them, you could still crash and burn if you lack people skills or if you have personal issues that need to be resolved. Invest in yourself and improve what needs to be made better. Fix what needs to be fixed so you don’t self-sabotage your dream.
- Your Word Is Your Bond
If you make a commitment, you have to deliver no matter what happens. Not only is your business brand at stake, but your personal brand and reputation are at stake too. Poor business decisions could put your status as an entrepreneur at risk.
Marketing Advice For Entrepreneurs
- Have A Good Marketing Plan
Make sure you set aside enough money for marketing. It’s pretty hard for people to do business with you if they don’t know you exist. Remember, the last thing you should cut back on is marketing, even during lean times.
- Take Advantage of Online Marketing
It doesn’t cost a lot to promote your business through online marketing and social media. However, while many companies have a web presence of some sort, it is surprising how many businesses don’t sell their products online. That’s money slipping through their fingers and a missed opportunity to gain new clients, especially younger ones.
In an age where ‘Google’ is a verb, you have to make it easy for your customers to buy your products on your website.
Your online marketing efforts will be available 24/7 and in addition, they will have a positive impact on your business for years to come if done properly. Lastly, remember to maximize the effectiveness of your web presence with your social media accounts.