Since creating my startup in January 2021, I learned tips that could come in handy for future entrepreneurs.
Start small. Expand later.
Don’t over-invest in the beginning. When initially crafting your business idea, it may be tempting to pour thousands of dollars into product design and marketing, but this may not work in your favor. You could pour an enormous amount of capital in the beginning to realize later that your product has no demand or long-term viability, causing you to leave at a loss. It’s essential to first understand if there is sufficient demand for your product and use as little capital as possible. Invest more resources when you start driving in more revenue. When I first created my business, I spent $60 on contracting a logo and banner. It takes money to make money, but be wise in how you spend it.
Dream big. Do bigger.
Create goals and roadmap your business plan. Without marketing goals and business milestones to reach, you will have no focus on where to put your energy and be left without direction in your company. Start with a realistic number of sales you plan to hit within the year, then work even harder to exceed your expectations. I didn’t think I would create a successful startup when I initially started, but here we are.
Talk to your customers.
Customer feedback is vital when creating your business. You may have initial ideas of what to provide in your product. Still, being open-minded and conversing with your future customers is essential. When formulating my business idea, I spent four months hearing feedback from my customers and implementing them into my service to their satisfaction before I decided to launch. Even after the launch, I continue to listen to their feedback and update my service accordingly. After all, they are the ones who want to buy your product. This holds especially true in the importance of marketing your product. Your competitors will overshadow you without proper outreach to potential customers on social media platforms. It’s up to you to make a name for yourself and connect with your target audience.
Make friends within your industry.
Build connections and network with others. You are not the only entrepreneur within your industry; chances are others have been doing it a lot longer than you have. Learn from them to reach new insights into your product, and create partnerships that allow you to reach bigger audiences. When first formulating my business idea, I contacted employers and friends about how they started as entrepreneurs, which allowed me to accelerate my concept.
Keep your friends close and your enemies closer.
Know your competitors as well as you know yourself. Understanding what other competitors within your industry bring to the table and how you fit into it is essential. You will understand your product’s value by understanding other products’ features and pricing and how your product compares to it. From a customer perspective, they will be comparing the value of what you offer with other products, so it’s up to you to understand how your product is the superior option.
You can’t run a business alone.
Hire people when needed. A business idea can start with one person. Still, it would be best if you relied on more than yourself to manage all aspects of a business. When scaling your product, you must rely on others to work on manufacturing or hire others for customer service in the service industry. I became overextended when I had to take care of other responsibilities of my life alongside my business, and that’s when I realized I was severally understaffed and needed more people to help with my current responsibilities. By distributing my responsibilities, I was able to refocus my attention on management and marketing, which allowed the growth of my company, and freed up my life.
