If you’re a young and aspiring entrepreneur, you’re going to need some help – and this guide is here to provide you with it.
Around the world, there are an estimated 582 million entrepreneurs.
Over recent years, this number has increased due to:
- How accessible technology has become
- The introduction of remote working
Now, anyone can start their own business from home. All they need is an idea, a laptop, and they’re good to go.
With that said, if you’re an aspiring entrepreneur who’s ready to take the business world by storm, here are some top tips for you to store in your brain – you’ll be sure to find them useful!
1. Prioritize your finances
As an entrepreneur, you’re going to be dealing with a lot of bills, invoices, contracts, and more. If you allow it to happen, all of this can soon get out of control, ultimately leaving your finances in a mess.
Therefore, if you’re not a money expert, you should use accounting software. This way, you won’t ever have to worry about money, as all of your invoices and bills can be controlled through a single platform.
Remember, 20% of businesses fail within the first year, and this is almost always because of money problems.
2. Have a strong work ethic
Being an entrepreneur isn’t always a walk in the park. At times, you will have to put some long hours in, especially during the early days when you’re trying to attract new customers and clients. This is why it’s so important to have a strong work ethic.
Here are some tips to achieve this:
- Be disciplined
- Have a set daily schedule
- Focus on professionalism
The stronger your work ethic, the more chance you have at success.
3. Consider going into business with a partner
As the old saying goes, ‘a problem shared is a problem halved’.
This is especially true in the world of business. No matter how talented and driven you are, you’re going to need the help of other individuals at some point down the line.
Because of this, many entrepreneurs go into business with a partner (or multiple partners).
Doing this provides more financial security, shared responsibility, access to different skillsets, and better overall decision-making.
So, if you have a close friend or associate with a similar level of ambition to you, it might be worth pitching them your business plan.
4. Study social media marketing
To be a success in the modern business world, you need to be good at social media marketing – it’s a fact.
Social media is key for promoting products, communicating with customers, growing your audience, and so much more. Therefore, if you know absolutely nothing about it, you’re going to struggle!
As a starting point, you should study social media marketing (which you can do online via courses, some of which are available for free). In addition to this, you can hire a social media expert or agency to run your social media accounts for you, which will help to alleviate some of the pressure on your shoulders.
5. Work with a graphic designer
Of course, your new business will need branding content – from a logo to website visuals. However, you can only achieve this through working with a graphic designer.
Typically, this will involve you having a sit-down meeting with the designer to discuss the vision you have for your brand. This might be a bright and colorful logo coupled with the minimalistic font – it’s all a matter of preference.
After explaining your vision, the designer will then provide you with the content you want (which you will then be able to use on your website and other marketing materials).
Although it will cost you a fee to work with a graphic designer, the long-term payoff is more than worth it, as your business will have a modern and professional image.
6. Maintain your vision
Today, entrepreneurs face a wide range of challenges. Here are just some examples:
- Cash flow management
- Delegating tasks
- Hiring the right employees
- Financial problems
- Unhappy customers
- Poor market penetration
When these types of challenges occur, it can be easy to lose the original vision you had.
However, you mustn’t allow this to happen, as losing a vision usually leads to chaos further down the line. Once you start chopping and changing everything, it causes confusion and a lack of consistency, which is a recipe for disaster.
Instead, it’s smarter to ride the wave of any problems that occur, maintain patience, and find a solution. Remember, in the world of business, there’s always a solution.
7. Prioritize customer service
One of the keys to keeping customers happy – especially millennial and Gen Z customers – is good customer service.
When it comes to customer service, availability is essential. People don’t want to wait hours or even days to speak with you – they want action now. Luckily, it’s pretty easy to do this.
You should provide customer service through social media DMs as a starting point. DMs are open 24/7, which gives customers peace of mind that their problem will be dealt with. You can even use chatbot software with your social media for extra professionalism.
On top of this, customers should also be able to contact you by email and phone. This way, you have a variety of different customer service channels available for people to choose from.
8. Know your customer and make them happy
Every month, you should conduct marketing research, from collecting customer surveys to analyzing your competitors. This is because it will allow you to get to know your customers – and your industry more broadly – in detail.
From your research, you will then be able to make relevant changes. For example, you might discover that customers really want loyalty programs.
9. Focus on sustainability
Sustainability is a big part of being a successful business. Make sure you do the following:
- Allow future employees or partners to work remotely
- Use recyclable packaging for products
- Source from green suppliers
- Hold virtual meetings rather than in-person ones
- Recycle resources that you no longer need
Not only will this help to future-proof your business, but it will also help the environment – which is just as important.
10. Use LinkedIn
Lastly, make sure to use LinkedIn.
LinkedIn is an excellent platform for finding new business partners, reaching out to customers, and growing your overall brand image.