7 Tips for Starting a Business the Right Way

by ryan




7 Tips for Starting a Business the Right Way

 

Starting a business is not for the fainthearted. It takes every ounce of your commitment you can muster. The fact is most small businesses fail within the first year and the vast majority are gone within five years. However if you can push on through and built a successful business, the rewards are enormous.

Set yourself up for Business Success right from the start.

Tip # 1: Talk to Industry Veterans: Find as many veterans as you can in your industry. Talk to them about what it is like in the industry. What are the mistakes and pitfalls beginners make? What should you do before you get started? The know-how and real-world experience these people have cannot be underestimated. If you don’t have connections, try joining social media industry groups and ask questions there.

Tip #2: Gather Market Data: Gather as much information as you can about your market and your audience for your products and services. Use tools like compete.com, Alexa.com and quant cast.com to do online market research. You can also use Google to find data about your industry.

Tip #3: Talk to Real People in your Target Audience: Looking at numbers and stats on the screen is one thing but getting to know a real human being is something else. Oftentimes your most valuable insights will come from meeting real people in your target audience. Have as many discussions with your potential customers as you can before you start your business.

Tip #4: Have a Solid Marketing Plan: Come up with a step-by-step plan to bring your customers to your door. Study up on marketing strategies and write up your plan. If you’re not sure how to go about this you can refer to our previous post “How to create a marketing plan in 7 sentences”.

Tip #5: Test your Business Name Ideas: There are numerous ways in which you can do testing online you can use tools like five second test to test your business name you could also run a Facebook poll and get your friends to vote. Come up with as many good names as you can then narrow your list down to 2 to 5 names.

Tip # 6: Launch with Minimum Products: If you launch with the minimum products you will get your business off the ground as quickly as possible. You can adjust your products and business as you go along. Try to spend as little time as possible planning and researching. The most important date comes when you actually launch. Most business plans get tossed out of the window the moment the business is operational. So get launched as quickly as you can and learn on the way. That way your business plan will become a living document as your business develops and grows.

Tip #7: Mix with the right people: Always be on the lookout for good talent. Surround yourself with the right people. People will make or break your business. Get a good business mentor and other professional advisers as required.




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