The pandemic sparked what experts coined, “The Great Resignation,” causing many in the workforce to consider a change in employment and a change in career path. During this time, have you ever considered going into business yourself? Here are some pieces of advice for anyone thinking about creating their own business, whether its power washing peoples homes, car tires or even sleeping eye masks with Bluetooth.
Clearly Set Your Goals
The first step in creating your own business is to clearly define your goals. Craft a great mission statement that lays out what you seek to accomplish along with what your company culture will look like. This is so important in building the right team once you start interviewing candidates to join you. Once the interview process kicks off you can see how each candidate will fit within the vision you made for your company.
Far too many start-up businesses start off with lofty ambitions. Instead of feeling like you have to flood the market with too many offerings, try to focus on creating the highest quality products and services possible for your customers. Pinpoint where the demand is within your specific audience and what kind of product or service will be most successful off the bat. Since you are in the early stages of building your company, starting out small will be helpful in not staying overwhelmed throughout the development, manufacturing, and sales processes. You may even need to consider how to cut your electricity bill so you don't spend too much money on electricity with your business's operations.
Creating a successful business is not easy, and it definitely takes some time. Many individuals feel like they have to dive all in to begin in order to stay motivated and focused. If you are considering quitting your current job, maybe give it another thought. Creating a stable income for yourself is a process and will not happen overnight. Allow yourself time to get your business up and running first before making any hasty decisions.
Work within Your Passions
The best business owners are those that are knowledgeable and passionate about what they do. Do not go into a business space simply for profit, but instead carve out a space for yourself within a world that you know. This can help you make informed decisions that can separate you out from the herd. Your customers and future employees can see whether or not your heart is in it.
Utilize Social Media
Social media is so important to growing your business and building relationships with customers. Work with other accounts that are within your niche and find ways to attract a customer base with content aimed at their interests.
“Aligning yourself with hyper-relevant people will allow you to grow your network and vastly increase your leads, and eventual clients,” say, Becca Klein, marketing expert, and course creator.
Creating a quality page will come in handy later when you eventually have a finished product to sell, due to the rise in social media stores. Most of the top social media platforms have a store feature where you can sell directly to your customers directly through the site or app.
Consult a Lawyer
There are many legal requirements you need to get covered once you start off your business. Find a lawyer with the right expertise in your business industry, such as a patent lawyer, that will know which regulations you should be aware of. They can also help you properly register and trademark your business and brand so that you and your ideas stay protected.
Show Off What Makes You Different
Once you start advertising your company to your leads, you should try and show off what separates you from your competitors. Is there an aspect of your product that is unique to you? How do your services give you a competitive advantage over the others in your industry? Are you setting business goals in a worksheet? Leave a lasting impression on prospective customers so that when the time comes when they have a need that matches up with what you are selling, your business will come to mind. Hence, the copy you use in your marketing strategies is key to helping your product make an impact on your audience. Use AI rewording tools and grammar checkers to ensure your copy aligns with your brand voice, advertising, and product.
If you're in the travel business, define to customers what sets your business apart from the rest. Show your brand personality through a travel blog. This will help you build a following, increase brand recognition, and overall more conversions. Though, it is important to know that blogging isn't always easy.
Consider Adding Discounts
Whether your business is an e-commerce business, a subscription business, or a SaaS business, there is always a way to leverage discounts in order to bring new clients to your business. Consider doing a discount for first responders, teachers, or military members. Seasonal discounts are always a great way to bring in new people. Almost every customer is looking for a way to save money, so use discounts to your new business' advantage and bring in more clientele.
Prioritize Your Mental Health
Forming a business is one of the most demanding processes you can venture off into. You may find that this will take a toll on your mental health and wellbeing. Practice treating yourself to a good night's sleep every night and maintaining a regular exercise routine.This will help you become the best leader and business owner you can possibly be and prevent yourself from experiencing any level of burnout.
Do Not be Afraid to Ask For Help
Great leaders know their limits and when to ask for help. Find someone to consult when you and your business hit roadblocks along the way. Get a new perspective from a respected person in your field, another entrepreneur you know, or someone you used to work with. These individuals can help you find the right steps to take to make sure your business skyrockets to success.
If you feel like entering into business for yourself is calling out to you, expect it to be a gradual learning process. If you want to learn 5 lessons from successful start-ups during the pandemic. There is no way to predict the kinds of obstacles you will face during the course of building your business, but with the right preparation, grit, and patience, you can be sure to see success in due time.