It’s widely known that a significant number of start-ups fail because of financial problems or poor management decisions. While this may alarm you, you shouldn’t let it discourage you; there are plenty of ways to put the odds in your favor. If you heed the following seven tips, you can dramatically increase your chances of success as an entrepreneur.
Go From Hobbyist to Entrepreneur
Perhaps you can launch your career as an entrepreneur by way of one of your hobbies, especially if there’s a huge demand for it. There is nothing quite like going to work every day and doing something you love. For example, are you a karate expert or comic book collector? Then open a karate school or comic book store. You already have expertise in your field of choice, which is a necessary ingredient for success. You also don’t have to open up a brick and mortar store if you don’t want to. You could always just start your business online and move into a brick and mortar store later as your demands and needs change when your business grows.
Provide a Needed Service
If you have a hobby that consequently provides people a needed or wanted service, then the real question is, “Why haven’t you turned it into a business?” You already have a customer base if you are doing something that people need or want. For example, people often need others to install blinds, walk their dogs, repair wash machines or move them to new homes. Each of these services –along with many others– can become platforms for launching new businesses. You need only start thinking like a successful entrepreneur
Create a Business Plan
Create a business plan that includes details about your company’s product line, organizational structure, marketing strategies, and sales goals, according to the U.S. Small Business Administrations. This provides an entrepreneur such as yourself with a blueprint for reaching your objectives. A well-developed business plan can also help you get financing if necessary.
Study Your Competition
Before an entrepreneur opens up his or her doors for business, it is important to learn who the biggest competitors are. Study their strengths and weaknesses versus your own and exploit your advantages. You want to know what they provide and what their customers think of them. This will give you an edge as it will help you understand the services you can provide that they might not be able to. It can also give you an idea of how to price your products or services. Maybe you can offer packages or other deals that will make your pricing more competitive than your competitors’.
Know Your Target Audience
If you aren’t aware of who’d be interested in your product or service, conduct some surveys. That will help you determine which buying groups would most likely purchase your offerings, whether you’re basing your target customers on age, sex, income, or lifestyle. You can also better target promotions to these people if you know who they are.
Many colleges offer bachelor’s and master’s degrees in entrepreneurial studies. Better yet, try enrolling in an online MBA degree program. You can obtain your degree from home while getting practical knowledge of all the key functional areas of a company, including finance and product development. In either case, educating yourself will certainly benefit you as an entrepreneur.
Turn Your Business Into a Franchise
If you have the money, purchase a franchise. The advantage of owning a franchise is the brand recognition. Most franchise companies will also help you get started by sending experts in the field to work with you.
Any of these strategies can help you launch a successful business. But make sure you enjoy what you’re doing because you’ll likely work a lot of hours in the early days. Such is the life of an entrepreneur.
Featured photo credit: shutterstock.com via shutterstock.com