Launching a business is a challenging task at the best of times, especially for young entrepreneurs. Here are 8 tips to overcome those initial hurdles and get you well on the way to success.
Starting a new business can be daunting. As a new business owner, you are likely to work longer hours and make less money. While entrepreneurship is certainly not without its hurdles, the journey itself can be exceptionally exciting and fulfilling – so long as you have the passion. We’ve compiled a few essential tips that will help you make it as an entrepreneur.
#1 Do your homework
You are in the business to make money by selling either a product or service. As a young entrepreneur, it’s critical to conduct thorough market research to gain insights on the target customer, the product launch, and market strategy. Market research will help you answer some of these questions:
• Why do people need the product? What problem will it solve?
• Who will buy it?
• How will you position your product?
• How should you price it? What is the income demographic of your target customer, etc.?
• Where will you market the product?
#2 Stick to the vision
Starting a new venture can be exhausting. It is so easy to give up on the dream. Young entrepreneurs will often face challenges like losses, competition, demanding customers needs, etc. Starting with the intention of making quick, easy money is not sustainable. As you know, it might take a while for people to trust what you are selling. Therefore, regardless of the challenges, always remember why you started. If you were driven by passion, you should hold on to it even on stormy days.
Additionally, don’t be swayed and jump from one idea to another. Hopping between business ideas consumes a lot of resources, time, and energy. Know what you want and build on it.
#3 Write down your short and long term plans
Without goals, there is nothing to strive for. As you design your business plan, make sure to include your goals. They are the stepping stone to the end result. Your work as a young entrepreneur will make so much more sense if you can measure results. Short term goals are the stops along the way to help you reach the final destination. Remember, the first year can be bumpy because you are trying to understand different spectrums of the business. Tracking your progress through your short term goals will help you figure out where you want your business to go. Keep the goals SMART.
#4 Get it right with your staff
Having a good team as you grow is a smart move. It is a chance to grow your brand. However, for you to get the best talent, you must carry out the process diligently. Keep in mind the competition, especially from industry moguls. Carry out your recruitment process differently by moving away from conventional work standards and providing something that will improve your team experience.
Remember, making regular hires is an expensive expenditure for a small business. You can avoid this budget by getting it right from the start with recruitment and onboarding. Investing in onboarding software is a great way to hire and retain the best talent. However, when looking around one for one, keep in mind that the only employee onboarding software you’ll ever need is one that is strategic and focuses on people.
Strategic employee onboarding goes beyond the administrative new hire paperwork and account provisioning. It also includes building a strong company culture, establishing social diversity, and accelerating the hiring timeline to achieve maximum efficiency.
#5 Deliver more than expected
Do you want to develop a loyal following of customers and get noticed? If yes, then going beyond the ordinary is necessary. Keep in mind your product or service is new, and you are trying to convince people why they should buy from you and not your competitor. Success comes when you have something ‘extra’ that everyone is looking for.
#6 Manage your time
It is so easy to lose track of time and get consumed in a startup environment. While it is essential to deliver more than expected, don’t kill yourself doing it. Young entrepreneurs often forget to manage their time wisely, dedicate time for their business, and also leave time for themselves. You need time to rest and re-energise so that you can strategise and come with fresh ideas for your business.
#7 Understand laws & regulations affecting your business
You don’t have to be a pro in the legal field. Of course, that’s what lawyers are there for, but you do need to have an overview of the laws and regulations that affect your business, whether directly or indirectly. It all starts with being aware of the laws around setting up your business. Young entrepreneurs ought to ensure they pick the right business entity and acquire all licenses they need to get up and running.
As your business grows, you will need to be aware of the laws affecting your employees. For example, you should know that your employees will have a right to family and medical leave. They are also under your protection as they work in your business. So, you might need to take out insurance to cover your employees in case of accidents.
Another important aspect of the law that you will have to keep an eye on is tax. Familiarise yourself with the taxes that your business will have to pay. In a nutshell, beware of the regulations in your niche and avoid costly legal issues that can hurt your business.
#8 Learn and grow
Many top entrepreneurs associate growth with lessons learnt by making mistakes. In other words, learning from your mistakes moves you closer to success. Errors and complaints call attention to the deficiencies in your products and services. Take the initiative and ask for customer input. Learning from genuine customer feedback is the only way you can improve and grow your small business.
As Steve Jobs once said, “If you really look closely, most success stories took a long time.” We only see the success after it has been attained. So, don’t give up on that passion and dream. Keep working hard and smart!”