If you or someone you know is starting a business any time in the near future, this information is crucial. Most new businesses are founded on an acquired skill, or launched on a whim by a frustrated former employee as a way to show an ex-boss or the corporate world who really is boss now. While all entrepreneurial intentions should be commended, anyone starting a business can do so on a solid foundation by heeding these three simple but important tips.
The first tip is to place an emphasis on marketing. Marketing is everything you do, say and convey to potential buyers about you, your business, product or service.
Marketing is communication in all its forms including visual signs and brochures, or spoken audio like radio commercials or introductory messages on your website. But it’s also about non-verbal communication and the gut feeling people get about your operation. These ideas apply to the home based online business just as they do to a traditional mom and pop shop.
An emphasis on marketing keeps your focus on attraction prospects and customers into your funnel. You’ve got to let interested people know you exist and you’ve got to continually communicate in a way that gets them to buy immediately or eventually. Once you’ve got a new customer on board, then you want to be able to serve them again and again. Keep them happy and most will gladly recommend you to others. Delighted customers are golden and it all starts with a keen awareness of marketing as a primary function of your start up business.
Secondly, when starting a business, you need to be innovative. This doesn’t necessarily mean coming up with the greatest invention your market has ever seen. It can simply mean having a product that saves buyers more time, or serving people in a slightly different way they appreciate.
Innovation means the introduction of something new. Make it new and noticeably more advantageous to those in the market and people will be drawn to your offering and your business.
Start your business with this unique selling advantage and you’ll get noticed in a crowded marketplace. To innovate is to improve upon the current options available to buyers. Learn to spot the problems encountered by those in your niche market and then set out to solve those problems with your products and services. Avoid opening your doors and simply doing what everyone else is doing. That’s a path to certain failure.
Begin innovating on the day your business idea first takes root. Then continue to improve with additional, unique twists that convey VALUE to others. That’s the key: when you innovate, make it meaningful to those you serve.
Starting a business has many rewards. But it isn’t an easy task. Most new businesses run out of cash far to soon, placing themselves in peril. Important concept number 3 is therefore — cash is king.
It doesn’t matter if you’re starting a million-dollar franchise operation or a home based online business on a shoestring. There are costs involved at opposite ends of the spectrum and all points between. So you need to think very carefully about how you use your money.
Think before spending money on new equipment. Perhaps you could borrow, buy used, or even barter for it. Anything option that spares the consumption of your available cash should be considered.
Operating capital is far more important than equipment. This is important for every start up business owner to remember. If you don’t have the equipment you would like, consider subbing-out the aspect of the job you think you need the equipment for. Sure, you’ll pay more at this stage, but it will get you started without putting a stranglehold on your cash.