You might wonder what the pros and cons are of becoming an entrepreneur are, struggling to weigh up whether running your own start-up business is actually worthwhile.
Although the current climate isn’t entirely conducive to setting up a successful business, there are a few things which can help you to get any enterprise on the right track towards profitability in next to no time.
Here are a few things you need to know about starting and running a successful business.
1. Find a profitable niche
The importance of a great niche cannot be overemphasized. Niche markets are usually more likely to yield success for your new business than ones which are already pretty saturated.
In finding a niche, your company is more likely to become a leading firm within the market, making you seem like an authority on all matters relating to the market if you do well. Once you identify the right niche that suites your interest, conduct your research on how you can successfully enter and dominate with your idea.
2. Bootstrap if you can, but funding is crucial
Either through your local network of investors , angel investment groups or from your own personal funds, finding funds is important for the success of any business. Funds is the oxygen for business operation, without it you may not even run your business for a few months.
Most entrepreneurs start out with funds from their personal savings, friends or family. If you can, bootstrap and launch your business before you approach a third-party for additional funds. You are more likely to get external help if your business is already up and running.
Should you struggle to get enough money to make setting up your business less challenging, there’s always crowdsourcing through the likes of Kickstarter if needs must!
3. Expect the best but prepare for the worst!
Early on, it’s likely that running your business may seem like a chore more than joy. “Working long hours, experiencing sluggish sales and feeling like you’re not going anywhere are all normal” according to Michele Lord from Pod Space (a design firm).
Expect the best as an entrepreneur but prepare yourself for the possible worst case scenario. Most new businesses fail the first year. You should only start a business if you are solving a real customer problem and if you believe in your idea.
Focus on the big picture and remember why you started your business in the first place if you are thinking about giving up. Most entrepreneurs have their “down” moments but they hold on and keep fighting to sustain their business.
Trying to remember what you got into business can act as a great way to motivate you to go through the bad times when you feel like giving up.
4. Be agile and adopt new technology where necessary
Innovate or die. The vast majority of businesses need the latest technology to keep up, others use technology to their benefit. Whether it’s the latest productivity apps, a sophisticated piece of design or something completely different like efficient business process, you should make sure you’re not struggling with outmoded technology.
Whatever it takes to keep your company productive, you should consider using new tools and resources that can increase your level of productivity.
5. Value your customers
As you might expect, building up good rapport with your clients is essential for keeping your start-up in business for as long as possible. Your customers are employees are your most important asset, treat them well and you will win their loyalty.
Trying to offer products and services that combine value and quality is imperative. Ms Lord has also suggested that you should do what you can to solve any problem customers have. Repeat customers are more valuable for a sustainable business, she reckons.
What has been your most successful factor in business? Share with us in the comment box below.