Have you ever felt unhappy while working a minimum wage job? Do you sometimes think of starting your own business and be your own boss? Do you have the passion, the determination of being an entrepreneur?
If you answered all the above questions in YES, then read on…we might have some useful suggestions for you. Running a successful business is not an easy task, it takes a whole lot of hard work, planning, preparation and most important of all it needs to generate revenue. Before starting a business you must keep some important things in mind, they will surely be beneficial for you in the long run. After extensive study of biographies of successful businessmen and experiences of entrepreneurs, we have devised a list for you of all the important key points.
Research the market:
Don’t just jump into the business that suits you. Look around and observe, what is in trend, on what do people tend to spend their money on?
It’s better to plan and then taking a step of initiating your business, than going in the wrong business and losing all your money.
Get the cashing flowing:
Another important thing…to make money, you should, first of all, have some money.
If you do not have enough money, bring in some partners and co-owners. It will help expanding your business and creating a flow of your products and services.
- Don’t hesitate to ask (people might surprise you):
So you are starting a business and you already short on cash?
Worry no more! Just start spreading the word and go on asking for favors. Ask for volunteers that might be helpful, offer internships in your start-up (students are always looking for internship opportunities for adding in their resume’)
Ask for that empty space in your aunt’s garage! You can use the work-space too.
Marketing should be on-point!
Never ever compromise on marketing. People have to know your product in order to buy it. So let them know! Nowadays people are more connected to the internet than ever and it costs nothing, so go crazy with social media marketing. Use all the platforms including Facebook, Twitter, Instagram, Snapchat etc. Offer promotional packages and rates to make more people your customers.
Keep quality consistent:
Once you have started the business, now start to focus on generating revenue. One thing customers never compromise on is QUALITY so keep that in mind.
Give them the consistent quality of your products or services. This will help to make your goodwill and to establish a customer base.
Read this too: Small Business Ideas for Young Entrepreneurs
Focus on profit too:
Don’t forget the real reason behind starting your own business was MONEY. Try to make the best of it, think up new ideas that might generate more profit. Cut the cost of production as much as possible (but don’t compromise on quality remember!)
Keep your eye on competition:
The economy is tough as it is. In this scenario you don’t need any more competition now, do you?
Just look out for your survival, be creative and open to new ideas, stand out from the competition. People are always in search of better deals, better offers, and better rates. So try to provide them that. Offer them better deals and rates with good quality and be the number one choice.
Work on your PR for Successful business:
Public relations and public dealing is a must in present times. Customers respond well to the companies that reach them in a more personalized manner.
Make a helpline for them, hear their suggestions and complaints and work on them. Your business needs customers and they need your products and services, it’s a match made in heaven!
Don’t let your passion fade away:
Just because you open a new business doesn’t mean that you will be starting to make money immediately. Don’t let this break your spirit. It takes the time to make people know who you are and what you are offering. Be patient, be focused and don’t let your passion fade away. Don’t take anything for granted.
At the end, we would like to wish best of luck to those who are looking forward to starting a new business.
Let’s have a look below at 9 Tips to create your brand.
9 Tips to create your brand!
Once you have started running your business, let’s focus on creating a brand image for your products. Remember to
- Realize what you are going for then go for image building, are you offering casual clothing? Formal wear? Luxury products?
- Be unique; never copy anybody’s logo, design or trademark.
- Have a catchy tagline for your product.
- Be innovative; don’t be afraid to try something that has never been tried before.
- Stay true to yourself and your business, never try to copy anybody else’s steps.
- Stay classy, it attracts people.
- Re-enforced your brand by consistent marketing, don’t let people forget it.
- Don’t compromise on the quality of products or services that you are offering, people are quite unforgivable in this department.
- Once you have created your brand image, keep improving on it. Never let your standards drop.