If you just want to start a business to make money, you’re in it for the wrong reasons. The reality is that many companies do not exceed 3 years of life and even those that reach their fifth year often close.
So, when should I start a business? Am I ready for this? These are the most frequent questions from entrepreneurs when they decide to take the plunge. The main challenges are sticking out from the competition and attracting customers to their businesses.
Therefore, to get your business venture off the ground and make it profitable and successful, pay attention to tips from the world of business entrepreneurs.
1. Define why you want to take
My advice is you take a pen and paper and write at least 3 reasons why you decided to jump into this venture. I recommend that you keep this list handy, so every time you are going through a bad time, you always have reasons to keep going even though the money does not give you the benefits you expected.
2. Make a business plan, but don’t get stuck on it
The business plan helps you reflect on some aspects of your business, but do not forget that you will not succeed by having a well-written plan, but because your business is well managed. This document will serve especially when you cannot finance your business yourself and have to resort to investors or other entities to get funding, it will be through this and knowing your business idea.
3. Study the market
A key piece to see if your business is on track is to validate the idea of business with your customers. How does my idea seem to customers? Doe my product help them with a problem? Your idea may be original, attractive, interesting, but if you don’t need it, your efforts will be useless.
4. Search for investors who don’t just want money
Who is the ideal partner? What is clear is that we must avoid having as a partner someone who is only interested in money. A great partner will generate leads to increase your sales, just what you need!
5. Detect the needs of your customers
You should get to know your client. Once you’ve completed this step, you must identify their real needs. What do they need to be satisfied with your product or service? The best way to solve this is talking directly to them or through surveys.
6. Learn to be a leader, not a boss
The best way to get results and be productive in your work is being a good leader to your employees: motivate staff, guide them on the right track, listen to them and congratulate them when the occasion merits.
7. Make a healthy work culture
Establishing a healthy work culture will help you to be respected by others and will cause workers to be more engaged in their work, meeting their deadlines (delivery times) and acting responsibly.
8. Learn to Listen
Sometimes the answers to our problems are closer than we think. When we are overwhelmed by a topic or something does not go as it should, we blame our employees. And this is a big mistake. Perhaps we should rely on them, rather than blame and discourage them. They may have the answers to your problems.
9. Treat your customers well
Care for and be loyalty to your customers because they will be your main source of income. Besides, a happy customer attracts more customers, either by word of mouth or other means. Why not give a customer a discount coupon in the first purchase or a discount for being a customer of the month?
10. Work on yourself
An entrepreneur must be continuously formed, both in the management of companies but also in marketing, sales, and communication.
11. Finance your business correctly
Manage your money well and don’t be wasteful. Use the business plan to find capital for your business in government programs, incubators, or private investors.
12. Think about how you will promote your business
There is no point in having a business if nobody knows about it. Start promoting it through posters, flyers, social networks, business cards, offers samples of your product on the street, distribute coupons such as “the first 30 customers will get a 20% discount in store,” anything goes! There is absolutely no reason not to do this, especially when you can get business cards for free these days.
I hope these tips have helped you to organize your thoughts about starting a business. Above all, remember that what should drive you to be an entrepreneur is not money, but the desire to realize your dreams.