Are you hoping to start your own business? Or maybe you've already funded a new venture and are looking for tips to guarantee your survival in the next quarter. Whatever your reasons for entrepreneurial research, here are just seven ways to make a splash in your industry.
1. Have a PlanFirst things first: Don't do anything without a blueprint for success. Not only will it keep you focused and goal-oriented, but it will also show potential clients and investors that you're a serious professional who isn't wading blindly into the world of business. Industries everywhere are full of entrepreneurs with big ideas; you need to prove to the bigwigs that you're one worth watching.
2. Save Your MoneyWhen starting your own company, a good rule of thumb is to have twice the capital that you think you need. This will ensure that you're prepared for any unexpected expenses down the line. It will also allow for growth if your business really takes off in its first year; you won't be scrambling for cash to keep up with its increasing demands. Experts recommend saving for at least six months before you quit your job and focus exclusively on your start-up.
3. Know the MarketWhat demographics are you targeting? What kind of supply-and-demand ratios already exist for your products or services? You'll need a thorough understanding of the market before you can dominate it. Analyze trends and fads; monitor costs for things like shipping and manufacturing; get on social media to understand your intended customers and their shopping habits.
4. Find a MentorIf you're worried about the longevity of your business, get in touch with someone who has made it work. They can share tips and tricks for success in addition to insider knowledge about the industry. Some might even be willing to take you under their wing and introduce you to their associates for greater networking opportunities.
5. Secure Good PressA good reputation is critical for any business, but it's especially important in your first year. Your brand hasn't been established yet, so customers will be Googling you to see what your company values and represents. Make sure they only find good things during their search. For example, you might promote your company's philanthropy like Sukanto Tanoto.
6. Hire the Right PeopleEveryone has that one friend who started a successful company from their dorm room. Generally speaking, however, it's better to hire from the outside. This will keep your friends from hanging on your coattails when serious money is on the line, and it will also surround you with people truly committed to your vision. They'll be there because they want to be there, not because they feel obligated.
7. Stay RelevantDon't ever become complacent. Keep a sharp eye on your selling, advertising and distributing; use analytic software on your web traffic and consumer demographics; perform quality and service checks on a regular basis. Constant vigilance is the best way to stay ahead of the competition.
If you're serious about succeeding as a 21st century business, these are just a few tips to get your start-up off the ground. At the end of the day, your dedication will mean more than anything, so you're already off to a great start.