If you are thinking about starting a new business there are a few things you need to consider. Here are a few tips from a few successful executives who started with nothing.
- Business strategy. By business strategy, we don’t mean business plan. Some of the most successful business men and women will tell you that they didn’t start with a business plan but rather a business strategy. It is vital to create a written strategy before you start pouring all your energy and resources into it. You can modify this strategy as you learn and grow but it makes it easier to analyze which changes are required to maximize the outcome of your business model.
- Competitors and target market. Research and learn from the biggest competitors in the industry and from what they are doing. Look at their websites, pay attention to the way they market and communicate with their customers. Anonymously opt in to receive their emails, read their customer reviews on social media and other platforms. Do not copy their strategy but rather learn from it. Chances are they have been in the industry for much longer than you have and might have learnt a few extra lessons you might be able to avoid by learning from them.
- Start small and diversify later. It’s better to start small with one product or service and diversify later as the business starts funding itself and making good profit. This way you will have time to gain some experience in the new business before taking on additional challenges within the business.
- Utilize your own skills, available time and strengths. Until you have the financial ability to outsource, you might have to play most of the roles in your business to make things work. Another effective strategy is to barter with other people and businesses who have the skills you lack. For example, if you run a guest house and need a logo designed, you can offer a logo designer a free night’s stay at your guest house in exchange for a logo design.
- Learn from mentors and experts. Starting and launching a new business can come with many difficulties and challenges. Learning from experts who have already mastered the skills you are struggling with or still learning can make your journey a lot easier. Always seek out opportunities for growth.
- Passion. When you start a business, you might lack experience and have to work very long hours. If you are filled with passion for what you do it will make it easier to stay consistent, motivated and achieve successful in your endeavor.
- Prepare to face reality. Launching a new business is a great thing but you will have to work hard to reach your goals. It won’t always be easy without anyone to push you or keep you accountable. Very few new business owners take holidays and invest most of their money back into their new businesses, especially at the beginning. If you are prepared to deal with this reality, you will already have a head start.
Few things are as fulfilling as taking your future and destiny into your own hands. Nothing great will ever come without risk. Be willing to take risks but keep them calculated. We wish you all the best in your endeavors. Follow us for more tips, tricks and support.