There’s a learning period before your new business sees real growth. Of the small companies out there, 39 percent have been in operation for three years or less. Some entrepreneurs launch a business with no domain experience, or may have years of experience but little skill at business administration. Even if you fall into both categories, you can still achieve success with the tips below.
Choose Your Domain Carefully
Many entrepreneurs are thinking only in terms of startup costs, but different industries have additional challenges. If you know sales but are short on compliance issues, you may want to avoid a business like healthcare broker that must follow numerous regulations. The moment you hire help, you’re facing HR issues. Many entrepreneurs choose to start an internet business to avoid these challenges only to find online marketing difficult. Choose an industry that you feel is better suited to your strengths and experience.
Think Market Solutions
You should ask yourself if your big idea will keep revenue coming in for years to come. Odds are, even the greatest product won’t be in demand for long. In fact, most brilliant ideas inspire imitation. Whether your company is offering a product or service, build innovation and flexibility into your business plan to allow for market shifts and technical changes. To be sustainable, your business must provide continuing solutions to satisfy market needs.
Even if you have considerable expertise in software development, it doesn’t mean that consumers will be impressed. You have to define and focus on building a brand that consumers will recognize and trust. Study your target market. Identify and connect with industry leaders and suppliers. Use blogs and social media. Emphasize positive reviews, bold ideas, and your company mission. Before you focus on sales, focus on market penetration. Then sales become easier.
Find and Use Resources
There are plenty of resources out there to help you. Spend some time studying tutorials online, watching webinars, or taking courses. Your own local community college may provide business classes after hours that are fairly cheap or even free. From accounting to warehousing, you can find out what you need to know to grow your business. For example, if you’re starting your own professional service—like a tech startup or even a law firm, live workshops such as those with The Rainmaker Institute are invaluable for those who need a responsible approach to marketing.
Many entrepreneurs expect profits will automatically follow good ideas. Especially when first starting out, it’s safer to assume that you have a lot to learn.