In a year, many aspiring entrepreneurs try to see if their product or idea stands a chance in the market. Some of them surpass the grueling first year of keeping their business afloat. Some businesses dissolve even before they reach their first-year mark.
Many new entrepreneurs dive into the business world with much enthusiasm. This is not a negative thing in itself. Enthusiasm is one of the keys to persevere with a business idea. But, there are some essential things that some new business owners tend to forget or overlook. These things are important for surviving the first or the first few years in business. Here are some of them.
Delegate and Ask for Support
Some novice business owners are too naïve to know that they cannot handle everything. There is a wide misconception that as a business owner, one should wear many or all hats in their business. This is a recipe for burnout. The simple antidote is best summarized in two words: outsource and delegate.
For example, you have a book shop carrying hard-to-find books. It is only practical to add e-commerce to the mix so that you would have a wider reach. But in doing so, you must find a reliable courier to ship your products, even in an international setting. In another scenario, there are startups that cannot have full-time employees yet. Then, the entrepreneur can hire freelancers who can lend their expertise to the business. If you have a regular team behind you, be clear with their job descriptions and trust that they will do their roles.
Carrying the weight of starting a business does not only end with people who work for and with you. An entrepreneur should not hesitate to ask for support from family and friends. A strong support system will encourage you to push through when things get tough. Having a mentor is also a wise move.
Develop a Niche
A budding entrepreneur may feel that they have something fresh to offer to consumers. The reality is it is very much possible for your product or service to get lost in a sea of other products and services. In the world of commerce, nothing seems to be new anymore. Your idea will feel stale if it is too general. You must also consider other businesses that have been in the industry for a long time. Do not aim to blend in, stand out and make a bold statement.
For example, you may want to sell shoes for women. How can you make women take a second look at your product? The answer would be to find a niche. You do not need every woman looking at your product. Rather, you only need a specific group of women. Going back to the example, do not only sell shoes for women. Instead, develop shoes that are fit for the needs of an urban commuter. You may also look at footwear that fencing players would feel comfortable in.
The more that you narrow down the target of your products, the more that you can reach an audience. This is where ingenuity can come in. Can you think of a group where you have none or very few competitors? When you do, have extensive research and make sure that your product would not disappoint.
Allocate a Wiggle Room for Funds
Funding a new business is not an easy feat. Getting investors or people to trust in your business needs a great deal of work. Risking your savings when you have no guarantee of success may feel gut-wrenching. But, there is one thing that every amateur entrepreneur must understand. Being serious about launching a business means finding all means to fund it.
Do not be conservative with your budget. Put high amounts in there so that it will be the figures that you will intend to raise. Overestimating everything does not mean overspending. It means giving yourself enough room to have financial mobility. Save where you can. But, always expect the worst-case scenario and have your finances be up to the challenge.
Be Steadfast in One’s Commitment
Some people have their Eureka moment when a business idea first comes in. They start with steams that are very high. But, the reality of funding, stiff competition, hard work, and long hours soon come knocking in. Some lose their passion when they realize that the startup will stretch them to their limits.
It is important then as a new business owner to ask yourself if you are willing to commit to your idea. This is regardless of obstacles that may come, especially in the first few years of business. If you are hesitant about it, it is best to wait a while.
A business startup is not a whim. Looking at all crucial elements will help your business to thrive. Approach the business world with equal amounts of enthusiasm and objectivity. When you do, your business will have a fighting chance of staying on the game.