You have dreams to become an entrepreneur but fears hold you back? Fears are bound to surface as entrepreneurship is a path of continuous challenges, tough decisions and a lot of hard work and patience. Here are a few tips before you take the entrepreneurial plunge.
- Market research and planning: This would be the first and foremost step. You need to have a thorough understanding of the market, your target audience, their needs/demands, the gaps that exist and the changing trends. This will help you come up with a plan that works better than what already exists out there. This is referred to as doing your homework well before you get started.
- The essentials: After the research and planning are done, you need to think and come up with an attractive and smooth website for your business (getmeashop.com helps you do that in just 6 minutes, check it out), a logo, secure payment options and enticing products. These would lay the foundation for your business. You could also choose some interesting apps, such as Zopim (the live chat software which helps you provide 24*7 assistance to your customers), to make your online business and interactions more customer friendly. With the help of Google Analytics, you could capture the trends and behaviours of visitors on your online portal.
- Patience and hard work: Entrepreneurship will be one hell of a ride, it will be demanding, exhaustive and unpredictable. You’ll have to put in hours of hard work and patiently wait for the returns. You will also have the opportunity to experiment a lot and see what works for your business. But honestly, when you’ll see results in your favour, it will be a liberating experience.
- Keep an eye on competitors: You’ll have to keep a tab on what your competitors are doing. You could learn from what they’re doing wrong. You could come up with something better and more creative. Utilize the gaps you’ve found in your favour and make the most of the market opportunities. Social media platforms, such as Facebook, Twitter, Instagram, could be one of the places where you can notice your competitors’ activities and interactions.
- Excellent products and services: Providing outstanding products and services can help your business stand out in the market. Your customer service and exclusivity might be the reasons why people choose you over your competitors. You would want to your services to speak for your business. Resolve queries on time, ensure timely delivery and excellent packaging, provide relevant and fresh content and offer post sales services, these will only position you better as a brand.
- Viral marketing: All the planning and research will be of no use if you do not market your product/services effectively and at the right places. You need to create a strong community and following for your brand by marketing through newsletters, posts on social media platforms and fresh content on your blog. To reduce the amount of time you spend on social networking platforms, you could use Hootsuite to schedule posts ahead of time and to manage multiple social profiles from a single dashboard.
With these in mind, take the road to your dreams and create your own successful brand.