But despite the countless sacrifices and challenges small business owners face, an overwhelming 84 per cent of small business owners would do it all over again.
If you’re thinking about taking the plunge and starting a business of your own, there are some key steps you need to take first.
These tips spring from what I see successful entrepreneurs do and what I see those who come up short NOT do.
Develop a powerful message.
What customer problem are you solving that potential customers are willing to pay for? This is often called the value proposition.
Also, why will your business be operationally and financially successful?
Focus on the customers and fully understand the market.
There are many examples of companies that do not have the best product/service or are not first to market, yet are very successful because they have mastered marketing and sales.
Research the demographics and psychographics of your potential customer base and understand their buying habits.
Watch competitors, talk with similar businesses, browse your competitors’ websites, and understand what their customers are saying about them in social media.
Start small and grow.
If possible, self-fund your startup and then go for funding when you can create a growth story. This might cause you to break up your product/service offering into smaller pieces so you can fund the early stages and get some traction and experience.
Understand your own strengths, skills, and time available.
Know when you need to engage an accountant, lawyer, insurance agent, marketing specialist, web page designer, or other professional. This will start your management process as a business owner.
Constant Contact partners with marketing consultants to help you get started on a variety of services.
Surround yourself with advisors and mentors.
Launching and growing a business is difficult, and more than half will fail within 5 years.
No one person can have all the knowledge, experience, or even perspective to handle every business situation. Gain from others’ skills and experiences.
Starting a business entails a lot, let’s learn the right thing and do it the right way… Comment