Being an entrepreneur in this economy is not easy; not to mention the risks that are involved. With the various markets being so unpredictable, there are things that new Entrepreneurs can do to help their business succeed even in times like this. Here are a few of them:
1. Having a well thought-out Plan/Concept
Entrepreneurs normally make a note of anything that they have in mind for their business. This cuts out guess work and is helpful in the case that specifics are forgotten; they can always go back to the paper/write-out. Before an army goes to battle, they draw up a battle plan. When a teacher goes to teach, they create a lesson plan. When you want to start a business, you want to have a carefully thought out a plan. This is called, a business plan and it is where you record all your “who”, “what”, “when”, “where”, “why” and “how” information. It is very helpful when you write it out or record it – maybe have it typed out on your iPad or computer, but somewhere safe so you can always go back to it. You would need to take stock of what you have to start with:
- Determine how much is needed.
- Determine if you already have enough capital for what you want to do.
- If not, you will need to figure out if you are going to consider financial assistance from a bank, investor, etc.
- Figure out where you’re going to work from i.e. home, a rented furnished office, a rented workspace, or a temporary work area; Officelist can help locate one of these offices in your area. This will help make a good impression on your clients and also cut down costs that may come with actually owning a building. Make sure if you are going to rent a space however, that you find an efficient space that will meet your needs.
- In your write out also give yourself time restraints; this will help you stay focused on your goal.
- Make note of people you can contact for advice and help/guidance, etc.
After your initial business plan is constructed, you may need to draw up another one – regardless, always have a plan.
2. Advertising & Marketing
Not all successful Entrepreneurs started with huge advertisements on billboards, TV or all these popular ad agencies. As a matter of fact, most of them started very small and worked their way up. When your budget is low you then have to find ways to let people know about your business without spending too much, if any, money. One tool that is often overlooked by business owners is word of mouth. Word of mouth is normally sparked by exceptional quality of goods and services. No matter what people say, word of mouth is a very powerful tool for advertisement; especially in this era of social networking. The internet is a good place to start finding cheap or even free ways of letting people hear about your business in a positive light. The whole point of marketing or advertising is to let the world know that your business exists, so whether it is in the classifieds or someone telling their friends and family – you want the word to get out. Still looking for ideas, Inc.com has 10 good marketing tips here that have helped many.
3. Investing in the right Niche
As an Entrepreneur, investing in the wrong business can cost you a fortune, so you will need to put your money where it will come back to you. The business you invest in has to be the right fit for you – meaning that you will not get tired of working with it day in and day out. It also helps if it’s one that people are not or have not been paying attention to, yet there is a demand or a market for it. In their pursuit for bigger bucks most big companies forget about the very basic consumers, so if you can find one of those you will be well on your way. Capitalizing on your niche will go a long way to helping you reach your business goals.
4. Use of the Internet
The internet is loaded with business tools that cut down on the stress of running a business, as well as costs. There are many successful businesses that use websites like, LinkedIn. This a professional networking tool where businesses and professionals can get connected. Google has all of the office documents in the cloud i.e. Word Documents – Google Docs, PowerPoint – Google Slides, and Excel Spreadsheets – Google Spreadsheets. This makes it very easy to work from any part of the world as long as you have internet access. Evernote is another good tool which helps to take notes and keep records.There is also “GotoMeeting”, a meeting and webinar tool for voice and video conferencing. Skype, which you may already know about but may not have known it, can also be used for business purposes. There are many others that can help you have a great business. Better yet, most of them are either free or you get a free trial or you pay a small subscription every month. Either way just remember there is hope, even on a tight budget.
Obviously this isn’t a comprehensive list of everything you’ll need to know as an entrepreneur, but these reminders have helped multitudes of individuals success with their business. If there are other tips that have helped you, or if you’ve benefited from some of what has been mentioned above… please share your thoughts with the rest of us in the comments section below.
As the CEO and co-founder of Officelist, Uddy Carmi has spent much of the last decade as an entrepreneur focused on the growth, success, and services that his company offers. Aside from the business, he is passionate about his family and enjoys tennis, scuba diving, and travel.