5 Things Every Entrepreneur Should Know

If you’ve ever thought of starting your own business, you’re not alone. Currently, there are more than 27 million Americans working for themselves. Of course, just because so many people are doing it, doesn’t mean it’s easy. Entrepreneurship comes with its own set of challenges, but it also comes with a long list of rewards. Before you venture out on your own, there are some important things you should know. These things will help you along the way and might even save you some headaches down the road.

It’s OK to start slow

There are two schools of thought on this. One is that you should jump in with both feet and leave yourself no other options. The other is to take things slowly and test the waters first. You’ll have to chart your own course, but the important thing to remember is that it’s OK to go slow if it makes you more comfortable. Many successful business owners begin their journey with a side hustle while they’re still employed. This way, they can hang on to their benefits and have something to fall back on if their business fails.

You can beat failure

Not to burst your bubble, but it’s a statistical fact that 30 percent of new businesses fail within the first two years. The good news is that yours doesn’t have to be one of them. The way to combat failure is to figure out what others have done wrong. One reason many of them fail is because they fail to research the market. In other words, they have an idea that sounds good, so they jump in without finding out if anyone will pay for it.

Another reason many businesses fail is poor planning. It’s easy to lose track of spending and earning when you’re just focused on your product or service. It’s essential to keep meticulous records before money starts coming in or going out. You can do this yourself, but you stand a better chance of success with experienced professionals on your staff. This doesn’t have to be expensive. You can hire ecommerce accountants who can help you without being staffed full-time.

You can’t be all things to all people

One big mistake a lot of entrepreneurs make is trying to serve everyone, but that’s not what business is about. The whole premise of a business is finding a need and meeting it, and not everyone has the same need. The key to being successful is to define your target market and realize some customers are not right for you. You’re here to find out who your audience is and hone in on their specific needs.

You can use someone else’s resources

Whether you know it or not, there are ways to own your own business using someone else’s expertise and branding. One of those is franchising. A franchise opportunity is a great way to follow your dream without having to start at the bottom and spend years building a steady income. A franchise is sort of like a business in a box. The brand is usually already solid and they’ll provide everything you need for marketing and establishing your business.

Another way to use someone else’s resources is to use an existing online platform for sales. Of course, this only works if you’re selling a product, but you can simply list your items and wait for them to sell. You can do the same thing with other online platforms, but you can also do it with brick and mortar stores. For example, if you sell vitamins, you can check with a local health store to see if they’ll stock your product. They may charge you a commission, but you’re essentially using their customer base and other resources to build your business.

One Response

  1. Jim Luff October 9, 2020

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