The first thing you need to do when starting a business is to decide which customer problem are you going to solve. This will be your value proposition. One way you can do this is by researching the demographics of your potential customer base.
By doing this, you’ll start to understand their buying habits, know their pain points, and be able to supply them with a solution to their problem.
Start small and try to fund your business yourself, because you don’t want to incur a lot of debt when you’re starting out.
Watch competitors like a hawk and browse their websites. You’ll garner a lot of competitive intelligence this way that will prove to be invaluable.
Consider social media and email marketing to cut costs. These methods are way cheaper than traditional advertising methods.
Have a passion for what you’re doing. If you don’t have any, find another business idea that will energize you. Otherwise, there’s a good chance you’ll fail. Forget about the statistic that 95% of all businesses failing in their first year. This will only make it easy for you to give up. The truth of the matter is that many of these entrepreneurs gave up at the first sign of hardship.
There’s a fine line between dedication and obsession. Remember, your family matters more than your business. Business success won’t mean a thing if you sacrifice your family in the process.
Focus on your higher priority tasks. These are the things on your “to do” list that will generate most of your value for your business.
It’s so easy to get caught up in the trivial minutiae of everyday life.
And in doing so, we neglect the things that will make our businesses thrive.
Read a lot, but not just business books. Being well rounded and educated will give you insights that you can apply to anything in your life.
Know when you need to hire professionals. Accountants, lawyers, copywriters, web designers, and others can help you a lot. Surround yourself with advisors who know what it takes to make a business thrive. One thing that can make a big difference is hiring a SCORE mentor.
For over 50 years, this program has been providing guidance to business newbies. Its volunteer team of mentors will give you invaluable advice.
You’re not going to be able to know everything without relying on others, so don’t even try.
It’s particularly important to make sure you have a good accountant. You may think you don’t need one.
Or, that you can’t afford one. But think how long it would take you to do your taxes yourself.
Your time is valuable-is a better use of it getting your taxes done, or working on growing your business?
Plus, there’s always the possibility you’ll make a mistake, and you can’t afford that. Accountants can also help you write a business plan. And they can help you make it more realistic by adding in financial projections based on sound data.
An accountant can prevent you from getting overwhelmed. The myriad financial details of your business can easily do this to you. By letting an accountant handle these details, life becomes so much easier.