by Tiffany Rowe
If you want to achieve top-tier financial and lifestyle goals, you’re probably thinking about becoming an entrepreneur, so you can be self-employed and hopefully earn more.
While this is certainly one way to get where you want to go, keep in mind that building a successful business isn’t easy. It’s often very different to the dream and typically a whole lot harder than you can imagine. Unfortunately many entrepreneurs also end up losing a huge amount of money rather than making it.
It is possible, though, to hand in your resignation, walk away from a job you don’t like or are sick of and build the business that will make your dreams come true; you just need to take some important steps first, so you protect yourself and make success more likely. Read on for some of the most vital things you must do before you put up the “Open for Business” sign.
Too many people end up with a business that doesn’t work because they don’t take the time to do research first. There are many elements to look into, but in particular you need to understand who your direct and indirect competitors are and what they offer to the target market.
Know how they sell their wares and at what price points. You need to know what kind of customer experience they provide, where they advertise or otherwise market their wares and the pain points they solve for people or benefits they provide. You should also get clear on exactly who they’re targeting their goods or services to. Once you have all this data, you will know how to ensure what you offer is different. This is the only way to stand out and gain traction.
Similarly, spend time finding out about the people you want to sell to. Who, exactly, are your ideal customers, and what are they looking for? Will there be enough of them to give you a decent-sized market? Where, when and how do these people like to browse and buy, and what kinds of work do they do? What about their family status and lifestyles? The more you know the better, as this will help you to tailor your business and its processes accordingly.
It’s certainly tempting to jump right into a business because you’re excited about the idea and about working for yourself, but you need to have knowledge about a variety of topics if you want to be a successful leader and manager. For example, you’ll need to understand things like customer service, finance, accounting, human resources, marketing, sales, technology and more.
There are numerous ways you can get the knowledge you need to set yourself up for success. One top way is to enroll in a relevant degree, such as an MBA or other type of business and/or management course. You might wonder how much does an MBA cost, but in truth this kind of preparation probably isn’t as expensive as you think and will also likely save you tens of thousands of dollars, if not more, in costly mistakes.
Network and Learn on the Job
Next, to give yourself the best possible chance of success, it’s also helpful to do some networking before you launch a business.
By making helpful connections in your industry, with related companies and entrepreneurs, you will have people there who you can turn to for advice or support. Plus, these people might end up becoming your partners, investors, employees, suppliers, customers, contractors or other key stakeholders as time goes on.
Wherever possible, try to spend time working in the sector you plan to open your business in. If you’re already employed in this field, that makes life easier, but if not, see if you can do some work experience or get a part-time or short-term role, so you can learn about the industry and how it works.
You may also want to spend time in a business that’s in a different industry but still doing things in a similar way as you plan to. For example, another firm may be disrupting a sector with technology like you want to or have a complete focus on customer service or the like. By working for a venture like this, you will pick up a wide array of tips which you can then implement in your own business. This will save you time, money and energy in the long run.
About the Author: Tiffany is a leader in marketing authority, she assists Seek Visibility and our clients in contributing resourceful content throughout the web. Tiffany prides herself in her ability to create and provide high quality content that audiences find valuable. She also enjoys connecting with other bloggers and collaborating for exclusive content in various niches. With many years of experience, Tiffany has found herself more passionate than ever to continue developing content and relationship across multiple platforms and audiences.