The number of small business owners around the world is increasing all the time. With the rise of ecommerce and online selling, and countless opportunities to run companies from home, virtually anyone can become an entrepreneur these days.
However, just because the door is open, doesn’t mean you’re guaranteed to be a success. Businesses still fail within the first 2 years of opening their doors, and that percentage grows within 10 years.
While these figures aren’t as bad as they used to be, they’re still evidence that companies need to think carefully about how they’re going to make their entities a success before they go all in.
If you’re planning on changing your life by starting an organization of your own, here are just some of the things you’ll need to be successful.
Target Audience
As tempting as it might be to say everyone is your target customer, particularly when you have a service or product that can support a lot of people, you need to be more focused than that.
The reality is that you’re not going to appeal to everyone, and companies that try to reach everyone often end up connecting with no-one, because their net is too broad.
A specific target audience will give you a focus point when you’re planning your sales and marketing strategies.
Think about who exactly would benefit most from your product or service, and create a profile based on the customer you see.
Where do they come from, what’s their age or job title, and what do they like or dislike? There are websites for market research that can help you define your audience since specificity is key.
USP
While you can always go into business selling similar products as other organizations, you’re going to need something to differentiate yourself from the crowd if you want your customers to choose your store to buy from.
With that in mind, think about what you can do to make yourself different from the other ventures in your space.
A good way to determine your unique selling point, is to do some research into your competitors.
Find out what other companies in your industry are offering their customers, and ask yourself what you can do better.
You can also consider speaking to some of your target customers, and finding out what they dislike about the options already available on the market.
Funding Plan
Most would-be entrepreneurs don’t have all the cash they need to start a company of their own in their back pocket.
Even with years of saving, you’re probably still going to need some support. With that in mind, think about how you’re going to pay for the things you need to run your company.
Before you start making money from clients and customers, can you rely on grants and other forms of income to pay your way, or will you need to look to borrowing money?
These days, there are plenty of small business loans which also offer access to things like support networks and coaching to ensure you have the best chances of success.
Support Network
A support network is one of the many crucial tools you should have as a business owner, but it’s commonly overlooked.
Running a company of your own is not a simple task, and it often ends up causing a lot of stress for many people.
With this in mind, look around you and see who you can turn to for help when you need it most.
Are there friends and family to offer you emotional support? What are your options when it comes to professional support?
There may be community groups in your area which can offer mentorship and coaching.
Clear Vision
Finally, one of the most important things you can have as you start on the track to your new company is a vision for what you want to accomplish.
This mission should encompass more than just a simple desire to make money. You need to have a passion for what you’re going to be doing, and how it’s going to make the world a better place.
You don’t necessarily need to change the world to be a successful business owner, but you do need to believe in any product or service you’re selling.
A clear vision and the passion that goes with it will ensure you can continue to stay motivated during difficult times, when you might otherwise be tempted to give up.
While these five things might not guarantee a successful business, they’ll definitely give you the solid foundations you need for success.
Ella Marcotte
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