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7 Things People Starting Their Own Business Should Know

7 Things People Starting Their Own Business Should Know

Gone are the days where the most viable option for most citizens to get an income was to get the regular 9 to 5 job. We live in an era where, through the power of the internet, the possibilities are endless—all it takes is for you to reach out and grab one.

A popular alternative option is entrepreneurship. What’s not to like about starting your own business? You get to be your own boss, plus you get to create, develop, and sustain something that you are passionate about. Starting your own business is no walk in the park, but it is one of the most amazing experiences that would reward you with a great life.

Ready to take on this journey and be part of the entrepreneur movement? Read on to learn the seven things that people who are starting their own business should know.

1. You must evaluate yourself.

Taking note of your expectations from the very start will make the path to building your business easier. You have to evaluate your reason for starting a business, your current skills and capacities, and any other relevant realizations that would aid the backbone of your business. It may seem daunting, but by knowing who you are, what you can offer, and what you expect to happen, you will ultimately determine how to go about things. No matter what happens, your personal aspirations will keep your morale up in the long haul.

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2. Your business starts with a great idea.

Ideas are the seeds that grow forth to become the great things we now experience in this world. You have to put great thought into coming up with one that fuels your passion because your business will be taking up a lot of your time, money, and energy. It needs to be more than an idea that nourishes you, it must also fulfill the laws of business: supply and demand.

Think about an idea that other people will believe and buy into. As much as possible, make sure that it’s unique so you stand out. Don’t be discouraged that just because there are plenty of cool things around for us to consume, that there might be fewer ideas to jump on. Everything we have now wasn’t present a few years back, and look at all the stuff we’re enjoying now. Your great idea is out there. Get inspired and then develop your plan. Bootstrap it to facilitate the idea into reality, starting with the most basic operations first.

3. Your excitement and stress will overwhelm you during the planning stage.

Now that you’re armed with a great idea, the next important thing to have is your business plan. This will be your roadmap, outlining the things you need to do, the cost of the entire operation, the strategies and tactics you have for execution, and the milestones to chart your business’ progress. Business plans are primarily seen as something to entice investors and banks with. But here’s a tip. More than its necessity for financing, think of your business plan as a means of formalizing your intentions.

For those people who didn’t take any business related course, you might be scared off by creating a business plan. Don’t fret! Everything can always be learned! There are so many resources that you can tap to help you create your business plan—case in point: the Internet.

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4. You will (more often than not) be forced to learn how to ask for money from everyone.

Businesses don’t magically pop out every time someone has a great idea. Ideas live in your head, but it is financing that brings it to reality. If you aren’t blessed lots of money in your bank account, this is the lesson that you will have to learn and not be shy about: Learn how to ask for money from everyone. There are many that you can approach to help you finance your business. You can file for a business start-up loan with your local bank, look into local investors that would be interested in your business, seek venture capitalists, use crowdfunding to help you raise the money, and the ever reliant approaching of family and friends. Looking for financing is always difficult; you could be rejected for a loan and might not be able to find interested investors.

But think of this as your training ground as a salesperson. To get investors, you have to learn how to sell your product. How will you learn to sell to consumers if you don’t know how to sell your business idea to people who could finance it? With this training, if you get investors to believe in you, then it is highly likely that you will get customers who will too.

5. Your office will be the second home that you will pour your heart and soul to.

When you have the financing to back your business, it is now time to set up shop. In business, just like real estate, this mantra is very important: Location, location, location. Whatever your business is, may it be a service where you would be needing an office, or a product where you would be needing a store, you must know where to place it. You want it to be accessible and appealing to attract more customers.

More than just the location, you also have to work on the atmosphere of your office/store and make sure it ties back to the brand of the business. Needless to say, you’ll be working on the aesthetics, buying supplies, getting necessary items installed, have your business cards printed, hiring your staff, basically building your second home. It will be exhausting, but also exciting at the same time.

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The beginning is always difficult, but isn’t it unbelievable exciting? We set up the success of our business by its origins, so make sure that in every step of this stage, you give it thorough thought.

6. You have to be creative when building your business’s customer base.

The magic phrase that will get your business its customer base is PR and Marketing. You have to build your brand, and then create a creative strategy to attract customers. It’s best to hire an expert in this field, to make sure that you’re getting a well thought of strategy that your brand will follow in years to come. Nowadays, there are so many creative ways to get your brand’s name and product out there. To be competitive, you need to come up with out of the box ideas on how to market your brand and keep the people coming back to your business.

Have you ever checked into a hotel or dined in a restaurant where you were given great service by people who were happy to assist you and made sure your experience there was pleasant? Treat this as a “never forget” in business: great customer service skills also go hand in hand with the right PR and Marketing. Make customers happy by addressing their needs and you will find yourself retaining and growing your customer base.

7. You will flourish with trial and error.

If you ask any entrepreneur, from the small time internet shop to the big time CEOs of Fortune 500 companies, they will always tell you that the road to building their business was/is never perfect. There is no easy formula to follow that will guarantee your success in business. “You will flourish with trial and error”, as shared by Sagar Babber, CEO of Snyxius, who relocated to Austin to kickstart his web and mobile app development company and now serves clients from over 10 different countries.

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There’s no harm in creating mistakes because it is with mistakes that we learn best. And when we learn, we are able to find ways on how to make the situation better the next time. So don’t be afraid to stumble and bumble once in a while, because if you take it in stride, these mistakes will be what ultimately lead you to your success.

Starting your own business is undeniably one of the biggest risks that any individual could take. With the right mindset, the right idea, and the right work ethics, any business can thrive. You will be tempted to quit when faced with the frustration, rejection and hardships that happen in the beginning, but the one secret that you should remember is this — don’t stop. Great businesspeople never stop when hit with setbacks. If that happened, then we would never have Apple, Ferrari, Paramount, or your favourite restaurant, favourite salon and all the other things that we enjoy now.

Starting your own business is never easy, but then again, aren’t the difficult things to come by the ones that you enjoy more in the end?

Featured photo credit: Steven Depolo via flic.kr

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Last Updated on December 2, 2018

7 Public Speaking Techniques To Help Connect With Your Audience

7 Public Speaking Techniques To Help Connect With Your Audience

When giving a presentation or speech, you have to engage your audience effectively in order to truly get your point across. Unlike a written editorial or newsletter, your speech is fleeting; once you’ve said everything you set out to say, you don’t get a second chance to have your voice heard in that specific arena.

You need to make sure your audience hangs on to every word you say, from your introduction to your wrap-up. You can do so by:

1. Connecting them with each other

Picture your typical rock concert. What’s the first thing the singer says to the crowd after jumping out on stage? “Hello (insert city name here)!” Just acknowledging that he’s coherent enough to know where he is is enough for the audience to go wild and get into the show.

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It makes each individual feel as if they’re a part of something bigger. The same goes for any public speaking event. When an audience hears, “You’re all here because you care deeply about wildlife preservation,” it gives them a sense that they’re not just there to listen, but they’re there to connect with the like-minded people all around them.

2. Connect with their emotions

Speakers always try to get their audience emotionally involved in whatever topic they’re discussing. There are a variety of ways in which to do this, such as using statistics, stories, pictures or videos that really show the importance of the topic at hand.

For example, showing pictures of the aftermath of an accident related to drunk driving will certainly send a specific message to an audience of teenagers and young adults. While doing so might be emotionally nerve-racking to the crowd, it may be necessary to get your point across and engage them fully.

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3. Keep going back to the beginning

Revisit your theme throughout your presentation. Although you should give your audience the credit they deserve and know that they can follow along, linking back to your initial thesis can act as a subconscious reminder of why what you’re currently telling them is important.

On the other hand, if you simply mention your theme or the point of your speech at the beginning and never mention it again, it gives your audience the impression that it’s not really that important.

4. Link to your audience’s motivation

After you’ve acknowledged your audience’s common interests in being present, discuss their motivation for being there. Be specific. Using the previous example, if your audience clearly cares about wildlife preservation, discuss what can be done to help save endangered species’ from extinction.

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Don’t just give them cold, hard facts; use the facts to make a point that they can use to better themselves or the world in some way.

5. Entertain them

While not all speeches or presentations are meant to be entertaining in a comedic way, audiences will become thoroughly engaged in anecdotes that relate to the overall theme of the speech. We discussed appealing to emotions, and that’s exactly what a speaker sets out to do when he tells a story from his past or that of a well-known historical figure.

Speakers usually tell more than one story in order to show that the first one they told isn’t simply an anomaly, and that whatever outcome they’re attempting to prove will consistently reoccur, given certain circumstances.

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6. Appeal to loyalty

Just like the musician mentioning the town he’s playing in will get the audience ready to rock, speakers need to appeal to their audience’s loyalty to their country, company, product or cause. Show them how important it is that they’re present and listening to your speech by making your words hit home to each individual.

In doing so, the members of your audience will feel as if you’re speaking directly to them while you’re addressing the entire crowd.

7. Tell them the benefits of the presentation

Early on in your presentation, you should tell your audience exactly what they’ll learn, and exactly how they’ll learn it. Don’t expect them to listen if they don’t have clear-cut information to listen for. On the other hand, if they know what to listen for, they’ll be more apt to stay engaged throughout your entire presentation so they don’t miss anything.

Featured photo credit: Flickr via farm4.staticflickr.com

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