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Tips for aspiring entrepreneurs

You may dream of being the next Bill Gates and have a desire to build a thriving, successful business. You’ve visualised your corner office, a fat bank balance, and coming to work at noon. And all that’s left for you to move from being a “wantrepreneur to an “entrepreneur” is making a few bold moves and taking action.

So, to help you out, here are key ways to help you start your business.

Make the move

If you don’t build your dreams someone will end up hiring you to build theirs. Nike’s famous slogan – “Just do it” – may have been based on a murderer’s last words but it should be applied to every wantrepreneur who dreams of making it big but is too scared to take the leap of faith. Life’s a gamble and you’ll never get anywhere or start anything if you don’t take the chance.

Vision and mission

Your business needs to have a vision and mission so you know where you are going as a business. When you’re driving to an unknown destination, you need to enter coordinates in your GPS in order for it to guide you. The same goes for your business. You need to write down your vision so you always have something to refer to and to show you that you’re on the right path.

Reputation

It takes years to build a good reputation and one second to destroy it. Which is why you should make sure you provide quality products and services so your business can have a good reputation. If you provide a product or service which meets customers expectations every time, you’ll be able to gain customer loyalty and your customers might recommend your brand to other people.

When you make a promise to a customer, follow through on it. Otherwise you may lose a customer. And if they rant about your brand on social media, it could damage your reputation. Word of mouth can build or destroy a business. Many people have boycotted products because of a negative reputation, which causes the business to fail and never recovers because of one mistake.

Perseverance

When you read many entrepreneurs stories, it seems like they were an overnight success. But that’s never the case. Blood, sweat and tears usually go into building a successful brand. Entrepreneurs should know the climb to success is filled with obstacles and challenges and the key to succeeding is perseverance.

Target market

Who is your target audience? You need to define who you’ll be targeting your product or service to. For example, if you’re selling pantyhose and your market is women, you need to find out what they like and where they buy it? What do your customers value and what do they desire in a product? Finding out about your target market is important because you’ll be able to create a product which caters to your customer’s needs.

It’s important to find out whether your target market will actually buy your product. Just because you want to sell a product and you think it’s a great idea, that doesn’t mean there’s actually a need. Many companies fail because they don’t do enough market research. It’s important to put yourself in your customer’s shoes and see things from their perspective.

SWOT analysis

You need to do a SWOT analysis on your business in order to be successful. What are your strengths and weaknesses, and what opportunities and threats are you faced with? It‘s important to assess your business and find out aspects which will make you thrive as a business. What can you do better than anyone else? What separates you from the rest and what are the things you can improve on? If you don’t do research, your competitors might.

Word of mouth

You need to make sure the word gets out about your product. If only a few people know about your business, you won’t make a profit. Technology has made it easier for companies to make their brands known. You can use social media to get people talking about your product. Facebook, Twitter and Instagram are great tools to create hype and buzz around your product.

Cut down on costs

When you’re starting your business, you might have a tight budget. So, you need to find ways to cut down on costs. For example leasing a car for business use or buying secondhand equipment could help you keep more money in your pockets. It’s imperative that as a business you save money and eliminate any unnecessary expenditures.

A running your own business isn’t an easy feat and it will take a lot of determination and persistence in order for you to succeed. Understanding your business and market is central to building a successful business.