Starting a new business is an exciting time, but it can be very frustrating if you are not prepared for the obstacles and challenges faced by entrepreneurs on a regular basis.
Read on to learn more about four things you should focus on if you feel that you are destined to pursue your business dream:
Know Your Target Client.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” – Peter Drucker
Identifying your audience is an essential first step for success as an entrepreneur. Regardless of all the other aspects of your business, if you do not know who your target audience is, you are not communicating them and you are losing out on sales and brand recognition. Think carefully about your ideal client avatar to determine who you want to work with and who your product or service benefits. Being crystal clear about this allows you to communicate this and all of your marketing materials and on a day to day basis.
Focus on Sustainability.
“My number one rule is if it’s not sustainable, don’t partake in it. Chances are you will end up wasting more time trying to take shortcuts.” – Sean Dudayev
A lot of times young entrepreneurs focus their energies on doing things fast and end up burning the midnight oil, not realizing that they are sprinting in a marathon. A really, really, long marathon with lots of obstacles, turns, and speed bumps. This is why whether you’re making plans for your business or for your personal schedule, make sure it revolves around sustainability.
Time Management.
“Strategy and timing are the Himalayas of marketing. Everything else is the Catskills.” – Al Ries/Jack Trout
Being aware of the numerous time management traps facing entrepreneurs is essential. It can be difficult for individuals to transition from working set hours in a day job to handling things on their own. Many young entrepreneurs discover that their business bleeds over into their personal life without setting significant boundaries. For example, before starting your entrepreneurial business, consider carefully the hours during which you will be accessible to staff and your customers. You may need to alter this as you go but it is important to have a work life balance.
Prepare Financially.
“No one has ever achieved financial success with a January resolution abandoned by February.” – Suze Orman
Launching off on your own is certainly an exciting time but if you don’t think carefully about planning ahead for your future, you could find yourself facing some significant risks. Running your own business means that you need to prepare carefully for various aspects including:
- Life insurance
- Disability insurance
- Tax implications of being self-employed
- Payroll concerns and legal concerns associated with hiring employees
Know When You Need Help.
“Great vision without great people is irrelevant.” – Jim Collins
It’s very tempting to be a one man show for the long run but this can be extremely draining and in fact pull away from your profits and overall success if you are not careful. Understanding when you need help in the form of a virtual or administrative assistant can help you identify the things you should be working on as opposed to the tasks that should be handled by somebody else. It can be liberating to identify other individuals who can help you launch your dream and make it into more of a reality.
Follow these tips for your entrepreneurial venture and watch your future unfold in amazing ways! Remember, entrepreneurship is a marathon and it takes hard work to get to the finish line.
