It’s a great time to start a business; some would say to be an ‘entrepreneur’. There are no age guidelines to start a business; you are never too young or too old. Technology has levelled the playing field and propelled the ‘start-up’ revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that you’re leaner, agile and faster ‘on your feet’. You can target new markets more quickly, and you can pivot quicker.
But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. Here are a few tips to take on board:
1.Don’t Quit Your Day Job.
If you have never had a business, consider starting your business part-time; this is true if your business is online or ‘offline. It usually takes six months to a year to get a business to gain momentum. Start with what you can manage, financially and time-wise, and scale up as your business grows.
2. Focus on Niche.
The days of ‘mass market’ are over. Niche markets are very important, particularly online, as consumers are looking for ‘speciality’ sites. Niche markets are those that focus on a segment or specific group of the market. For example, the pet industry is a multi-billion dollar market globally. You could go into a pet niche such as beagles or dog collars.
Even if you’re not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base millions. It’s also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing. The best thing is that it doesn’t cost much (less than $50) to set up a website or create a Facebook page.
4.Never Give Up!
Being successful in business requires creativity, energy, and a drive to keep going when you become challenges or possibly fail. Before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped—but he kept at it. The determination and refusal to give up is what will separate your success from others.
Even if you are unsure that starting a business is the right thing to do, if you don’t start it, you will never know if you will be successful or not. In the words of Nike — “Just Do It!”
If you want to find out how to start your own business, check out the WISE courses.