I absolutely love that virtually everyone I meet is an entrepreneur, and although that probably says a lot about the company I keep – it is exciting to see people following their passions and start a business. So if you’re thinking of making the leap here are my top 7 things you absolutely should know!
- You will have far greater chances of success if you start a business because you REALLY want to, rather than just fall into it.
- Recognise that it’s going to be really, really, tough and be prepared. You are unlikely to make six figures in your first week, or a million dollars from a product launch. Some do, but most will not. It’s more like a marathon than a sprint….
- Make sure you have plenty of capital to get you through this phase – you’ll need all of it. Keep expenses to a minimum – it will take time to start generating an income.
- Use suppliers who can meet your budget. Don’t be ‘sold’ into paying more than you want to – there will be time enough for that when your business is making plenty of money.
- Draw up a database of all your contacts and spend time getting out there and talking to people. Tell them what you’re doing, and listen to what they need.
- Try to do business with people you want to do business with. This is likely to be a more effective strategy in generating referrals and building your business.
- Don’t neglect the marketing fundamentals: understand what it is you can offer potential clients, understand what they need, develop a very clear value proposition, and know who your competitors are and what makes you different. If you haven’t sorted this out, you aren’t ready.