Intelligent, savvy, and driven individuals are no longer confined to working for large corporations. They're increasingly becoming their own bosses, leveraging their skills and expertise to create independent business ventures.
However, becoming a successful entrepreneur or new business owner doesn't just take a lot of courage, hard work, and awareness. It also takes a lot of know-how to succeed.
If you're ready to take the plunge and become your own boss, we have some key tips to help your new business succeed. Let’s dive right in…
1. Create a business plan and develop it over time
If you do not know where you are going with your business and what it aims to do, then failing in the middle of the path is high. So, it is essential, at least for the first months, to have a business plan as it is a contributor to business focus and success.
For example, you can create a 2–3-page plan, mentioning the target audience, the services/products you offer, their prices, how many people are going to work during the first months, and so on.
Over time, this 2–3-page plan can be expanded up to 20-30, where you can include all of your business goals, mission and vision statements, process strengths and weaknesses, risks and opportunities, and even financial objectives and tax obligations. You’ll find the best tax prep software online that’ll help you when planning and filing your taxes.
2. Choose a niche you are passionate about
This is another one of the essential things that every business owner should do. If you do not like what you are offering, other people will likely not like it too.
And if you are not passionate about your business, you will most probably not offer your best work. So, find your passion and focus on offering products and or solutions that interesting you too, and not just offerings that are merely trendy.
When you are passionate about your business, you will find creative and exciting ways to produce and showcase the product/service to appeal to your customers.
Be sure to look at your business offerings from a customer's perspective as well: Does your business offerings meet customers’ needs fully? What would you change to improve it? How would the change you make impact your customers?
These questions can help you to develop solutions that resonate with people and grow your business.
3. Identify your target audience and narrow market
A common mistake that many new business owners make is targeting the wrong or a very broad target audience. For example, stocking pretty pink dolls for sale to 5-year-old girls may work well, but targeting those same dolls for sale to older 16-year-old teenage girls may not.
So, make sure that you identify the correct target audience for your business because even a great product cannot appeal to everyone. Determine the right target audience and narrow down your target clients within your niche to increase sales and boost business growth. That way you’ll also avoid wasting time and resources on people who are unlikely to buy from you. You can broaden your target audience gradually over time as your new business grows.
Take the example of Facebook. It was first created for young people (students, in particular) to help them communicate with each other in college. Its target audience was clearly defined and market narrow enough to reach them effectively. That is a crucial reason why it succeeded. If it was first introduced to the wider general population, it might have been a lot harder to reach the masses and the world’s biggest social media platform might not have become what it is today.
If you are not sure whether you have chosen the correct target audience for your new business, you can look at your competitors who have succeeded and who are doing very well. Check their social media pages, their followers, advertisements, and other communications to determine who they are targeting and sending their messages to. It can clue you in on the right audience to target.
4. Market your business and keep you audience engaged
Once you have identified your target audience and a narrow, more manageable market within your chosen niche, it’s time to market and engage the said audience. The top social media platforms like Instagram and Facebook offer great targeted ads that can be very effective in reaching target audiences who covert. But you have to choose your target audience correctly.
By actively marketing your business to the right audience, you will gain popularity, build your brand, and win over loyal customers and fans for your business much faster than just waiting for customers to find you. Marketing plays a huge role in business success, no matter the niche.
There are many ways of marketing and promoting a new business, including leveraging social media ads/posts, email, banners and posters, TV commercials, press releases, guest blogging, Google AdWords, coupons or free products, running contests, and many more.
Another effective way to promote a new business these days is influencer marketing. Contact a social media influencer with an existing audience you would like to inform about your business and ask them for collaboration. Be sure their audience is within your target audience and they would be interested in your product; otherwise, your money might go down the drain.
Don’t forget to constantly engage with your customers and fans to keep them emotionally invested and interested in your business. For a holistic approach to your marketing strategy, consider the four Ps of marketing—product, price, place, promotion, which are key factors in marketing goods and services that interact with each other to successfully woo your audience.