Starting your dream business is a dream come true for many who have always wanted to own one. It can be both thrilling and rewarding, but there are pitfalls and challenges in the process.
So, if you have made a decision to start your business or rather you are tired of working under somebody, welcome aboard. But, be ready to put in some more hours to achieve your long term goal.
According to a study published by the Small Business Administration (SBA) on startups, about 50 percent of startups fail in their first year of business and 95 percent fail within the first five years. Most new business owners will always keep asking themselves, “What do I do now?” That is after setting up their new business.
Having worked for someone for some years, you believe you have enough skills and the drive to make it in the entrepreneurship world. Well, the decision to venture into this lucrative world of entrepreneurship is just the first step. You have to work hard and ensure your business is successful.
10 Tips for First-Time Entrepreneurs Willing to Be Successful
Here is a list of 10 tips for first-time entrepreneurs willing to be successful and information you need to know before you start your business:
For first-time business owner, it is important to avoid getting disrupted or side-tracked. New entrepreneurs always feel the urge to jump at every opportunity that may arise.
Well, opportunities always come disguised, they can be beneficial and at the same time traps. Avoid focusing your efforts on a lot of ventures.
Juggling a lot of tasks will exhaust you and limit your effectiveness and productivity to the right business. In fact, a simple rule, do one thing perfectly and not 5 or 10 ventures poorly.
It is important to plan things before venturing into business. The same is true that you will never be a true entrepreneur until you put your idea into action and test it.
Don’t take a lot of time planning and forget to test the idea. Draft an action plan and work on it. Test the plan with either your friends, relatives or colleague and get to know their opinion on the business.
Educate yourself every day
Learning is part of becoming an entrepreneur. You may have the idea that you know everything, but you don’t. It is exciting to learn new things on how to run your business.
Look for experts and business people who share a similar idea with you and learn from them. Believe me, each one of them have a special skill you can learn and be better.
In addition, learn the art of listening and pay close attention to other entrepreneurs who are successful. Learn how they run their businesses and build empire from there.
Network with People
When you start your business, this may be the best time to network with your peers, successful business people and perhaps join your school’s alumni association. You can proceed to find contacts on social media platforms perhaps Linkedln and connect with other people or staff.
These people may lead you to potential business people that you would not have. Take time to socialize with different people including professors and staff, you never know, they may someone who want something done and there you can land your first business deal.
Have a Great Team Under You
If you want to make a catch especially in the world business, you need to have a great team that will work together to thrive the business.
Select highly skilled individuals who can work with you, and ensure they have the variety of talents you need to be successful as an entrepreneur. At least have two or three people on your team who have proven experience and you are one step towards achieving the best in the entrepreneurial world.
Use helpful Tools to Create Content
The first impression of your business especially a website tells more about what a customer or investor can expect. Here are some helpful tools that are perfect for your business:
Google Analytics: A new business without quantifiable analytics goals will experience a lot of challenges, which is why Google Analytics is an important part of any new business that intends to grow and develop.
This tool comes with features such as traffic sources, filters, visitor filters, bounce & exit rates, annotations, segmentation, campaign tracking and many more. You definitely need this tool to propel your new business.
Adwords: Marketing your new business is very important for a startup and Adwords will serve you right. You will need this tool to advertise what your business is all about.
AssignmentMasters: Creating good content is a vital part of your business. Helpful tools such as AssignmentMasters will create killer content to ensure you deliver all the required information of your start-ups.
Groove: Your customers are your business and you will need to interact with them every now and then. Groove will help you communicate to them and get to know their opinion on a particular product or service.
edX: Learning is part of the business. So, you will need a tool like edX to learn more about your industry. Stay updated.
Do Your Homework/Research
There is nothing more frustrating than venturing into a field you have no idea of. A lot of start-ups fails because their founders base their action on passion rather than detailed research and data.
Before committing your time, effort and resources in a business, do some research and get to know who your target customers are, what is trending in the market and what the challenges are.
This will keep you updated. You don’t want to start all over again from scratch because you failed to do enough research in the field.
Manage your spending
Since it is a new business, you may be so determined to make it work and end up spending a lot on unnecessary expenses. List the most important things that will help elevate the business and put up some cash to purchase. Have a sensible budget so that you stay lean and focused.
You may have had that entrepreneurship is a life style not a regular 9 to 5 job/profession. Yeah! you got it right, it is indeed a lifestyle. Your health is the most important asset as an entrepreneur.
Of course, when starting up your first business there is a lot to do that may leave you stressed and exhausted. You need something to relieve the stress and eating right, exercising regularly and having time for you will do magic in your life. Try them out.
Know When To Quit
A wise entrepreneur knows when to venture into business and when to call it quit. Do not allow your ego to take you down. If your idea does not materialize, focus on what went wrong and learn from the mistakes that were made.
If you continue losing money by the second, and you have exhausted all the survival skills, it’s time to quit. This is important for you since you can learn from the mistake and move on. Quit and venture into something else.
Are you a first time entrepreneur with a unique venture? These tips will help you jump start your business and join the club of the most successful entrepreneurs on the planet.
This is a guest post written by Mary Kleim
Mary Kleim is a digital entrepreneur. She has experience in different niches of online business. Her favorite ones are social media strategy creation and search engine optimization. Also, she is working on launching her own project dedicated to digital marketing consulting.