25 Jun 5 Survival Tips for New Business Owners
Starting a business may not be easy. It’s an exciting, adventurous and challenging prospect, but it’s also one of the most rewarding. It can take years to develop a product or service that people will love, and every day there are new challenges to overcome. But as with anything in life that is worthwhile, there is no substitute for hard work. Here are the top 5 tips we learned ourselves in establishing our own businesses and this agency.
1. Have a Solid Brand Story
Take note, brand STORY does not mean your branding. This goes beyond your logo and colors. Solidify WHY you started your business and WHO you want to help. Your story will help your audience connect with your brand and form an emotional attachment to your story.
2. Positioning is Key
This will be evident in choosing your customers, market segmentation and identifying competitors. Take note of who you direct and indirect competitors are. What products they offer and how their pricing compares to yours. Choose a segment where there are fewer competitors. Here is another article that describes how you can survive an over saturated market.
3. Niche Market
Entrepreneurship is about having a singular focus and vision for the product or service you are going to deliver. You cannot sell to everyone and if you try to do so, you’ll find that the market simply doesn’t have time for what you are selling. So instead of trying to appeal to everyone, try to sell to one group who will benefit from your product or service. Then expand from there.
4. Have a Good Financial Plan
There’s a reason why some of the most successful entrepreneurs are habitual note takers — it is that ability to manage their finances that separates the good from the great. The same thing goes for your small business. After all, if you don’t manage and keep track of your personal expenses and business expenses separately, how can you know where your money is going? Or what cash flow you have coming in or going out? What if an unexpected expense comes up? Or worse, what if there’s a problem with your business and you need some financial assistance?
5. Network: It’s WHO You Know
If you are starting a business and don’t have a large advertising budget to use, you can go the route of networking. When you are starting out, it is best to build relationships. It will be beneficial later on when it comes to expanding your business and gaining new clients.
It’s An Uphill Battle…at first.
Starting a business is hard. In fact, it’s probably the hardest thing you will ever do in your life. No matter how much money or how many degrees you have, no matter how much experience or talent you’ve accumulated, no matter what connections you have or how much support from others, starting a business is one of the most difficult things that we will ever do.
But entrepreneurship is a battle of grit and determination. So keep on working, learn from your mistakes and don’t be afraid to take risks. You will eventually reach your goals.