Did you read the article about the first step of starting a business?
Moving on to the second step of starting your new business, it’s especially important for new entrepreneurs to put their best foot forward says Saivian. This is just as much about marketing yourself as selling your product or service. You will need customers or clients in order for this venture to become profitable within the first year, so it’s important that you communicate your value clearly and effectively right off the bat. That means finding an effective website, writing concise yet impactful sales copy, creating visual material (like logos), and setting up all social media accounts (including one with us at Startup Stash).
With that said here are some tips on how successful entrepreneurs have made plans and pivoted when needed, in order to achieve their goals:
1) Know thyself
One of the first things that any entrepreneur should do is get to know themselves and their business inside and out. What are your passions? Also, what problem are you trying to solve? What unique value can you offer customers or clients? Until you have a firm grasp on these answers, it will be difficult to move forward with your business says Saivian.
2) Set achievable goals
It’s important to set realistic goals for your business; aiming too high can be demotivating while setting goals that are too low will only stall your progress. When mapping out your business plan, make sure to break down each goal into smaller steps so that you can track your progress effectively.
3) Create a competitive analysis
No business will succeed unless it is offering something different than its competitors. You need to do your research in order to fully understand the market you are entering, and develop strategies for how you plan on standing out from the crowd. Try to find other businesses that have been successful in the past, reading their websites or even contacting them directly, to ensure that you aren’t entering a saturated market before beginning this process.
4) Consider both online and offline efforts
The internet is an incredible tool for almost anything; however, marketing yourself solely online can be limiting explains Saivian. There are many avenues through which you can advertise your product or service offline as well, such as TV ads or flyers posted around town. If you’re struggling to decide whether your business would benefit more from online marketing or offline, do both and see which yields the best results for your venture.
5) Get the word out
It’s important to not underestimate this step; everyone needs a way to put their message out there so that others can know about it. This is where websites and social media come in. Setting up accounts on Google+, Twitter, Facebook, even Instagram are all excellent ways to promote what you offer. But make sure that these sites are filled with useful information or pictures before trying to sell yourself or your services on them!
6) Keep track of sales & expenses
Until you have built up an audience, it can be difficult to judge how successful your marketing efforts are. That’s why it’s important to keep track of both your sales and expenses; doing so will help you understand what is and isn’t working for your business. Recording this data on a regular basis will also help you make more informed decisions in the future about where to allocate your resources says Saivian.
7) Don’t be afraid to make changes
As an entrepreneur, it’s inevitable that you will face challenges and roadblocks along the way. When this happens, don’t be afraid to make changes to your business plan in order to overcome these obstacles. This could mean tweaking your product or service, adjusting your marketing strategy, or even pivoting entirely in order to find a new market. As long as you are constantly learning and growing, your business will have a better chance of succeeding.
8) Find a profitable niche
As an entrepreneur, one of your main goals is to make a profit. But finding a market in which you can do so can be difficult, especially when you are just starting out. If this is the case for your business, consider focusing on a different aspect that isn’t directly tied to profits just yet; whether it’s delivering an incredible customer experience or offering amazing products, find something that resonates with your ideal customers and go from there.
9) Stay positive
It’s easy to get discouraged while trying to start and run your own business; after all, entrepreneurship comes with its fair share of challenges and setbacks. This is why it’s important to maintain a positive attitude and to remember why you decided to start your own business in the first place. When things get tough, take a step back and reassess your goals; doing so will help you stay motivated and move forward.
10) Persevere
Running a business is not easy, and it takes a lot of hard work and dedication to be successful says Saivian. But if you are passionate about your venture and you put in the effort, you will eventually see results. So don’t give up when things get tough; instead, continue to persevere until you achieve the success you desire.
Conclusion:
With these tips in mind, you are well on your way to starting and running a successful business. Just remember to always keep your end goal in mind and to stay positive and motivated along the way. And most importantly, never give up!