Being a new business owner can be exciting, but challenging thing. The fear of unknown can stop you from taking further step plus there are many other things that will come up when you launch your business. But believe me the journey to entrepreneurship especially for first-time entrepreneurs is not that complicated as you may think. Here is 12 lessons to follow for first-time entrepreneurs;
Start A Business You’ve Knowledge About
Starting a business can be quite difficult thing to do; therefore you need to choose something that inspires you. Don’t start any business that you don’t know about, because this steep learning curve can abate your success.
Pick The Best Business Idea
You need to carefully examine the market and see if there’s a good solid market for your services or products. Investors will only invest their money in your business when they see a big market opportunity and that your business has the ability to develop into a considerable business.
Raise Startup Funding
It is almost always complicated and takes even longer time to get startup funding. You must make sure that you have a cushion for marketing expenses and product development you will charge. Ideally, you’ll have enough working capital for your business operations to break even. You don’t need to worry about attenuating your percentage possession within the business. Developing an incredible product takes money and time.
Regularly Monitor Finances
You need to manage all your business expenses. Many startup businesses have failed in their first few years of operation and few have failed because the owners were not able to manage the spending and constantly running out of cash. You need to maintain the overhead. Be economical with all your business expenses and avoid unnecessary costs. You need to live on small amount of budget until the revenues starting flowing in.
Research The Competition
You need to make certain that the competitive services or products inside the market are thoroughly examined, and stay well informed about the recent trends and developments from your competition. What you need to do is to set up a Google alert to inform you when any new trend or development about your competitors shows up online.
Get Help From Industry Experts
Getting help from industry experts and other business owners can prove to be helpful for your business. Also arrange an advisory board and motivate members through offering them shareholding privilege in your business. Read industry news and guides. You can also get the help of mentors who can help you in product development, hiring, advertising and marketing and fundraising.
Develop A Great Elevator Pitch
You have to have a concise and convincing story about what your startup business does and what issues it solves. Get this elevator pitch prepared for your investors and potential customers. Elucidate your project and objectives, and the reason why your product or service is compelling.
Hire The Right People
Wrong hiring is the biggest mistake made by the business owners. You need to hire people who have industry knowledge and experience and also they must fit into the business culture. Carefully hire people who are flexible and hardworking. You need to do thorough reference checks on them.
Stay Socially Proactive
Networking is the best approach for business interest. It can help you find a amazing employee, a great customer, a new client, or a incredible mentor. You need to attend industry and startup events. LinkedIn can play a major role in social networking. When someone does a search on Google for you or your business, your LinkedIn profile will normally show up at the top of the search results.
Offer Excellent Customer Service
Excellent customer service is the main element in the success of a business. Blue-chip companies became highly flourishing due to the fact that they focused on offering high-quality customer service. Do you want that your old customers refer some new customers to your business? If yes, then provide them excellent customer service so they can remember you.
Get Help from Expert Attorneys
You need a knowledgeable business attorney who can help you in your startup business. An experienced business lawyer can help you in incorporating, writing contracts with co-founders and other business agreements, shareholding privileges for employees and so on.
Get suggestions from other business owners in the industry. Make certain that you have a great relationship with the lawyer. Meet with several potential legal professionals before making any final decision.
Master The Art Of Speaking
Your ability to communicate effectively with the public can be important in landing customers, inspiring workers, and investors to raise capital. Some are good at it and some have fear of public speaking. You have to work on it to overcome this fear.
As we are heading into 2017, it is a perfect time for startups to launch. Hopefully these suggestions will help you through the launching process of your startup. Good luck and a Happy New Year.