Starting a business is great. Making it successful is another thing.
Approximately 90% of young people at the age of 18-30 have a business idea that if implemented could be successful. The only thing that they are lacking is proper guidance before starting their business.
In this article, I will highlight some tips that will help young entrepreneurs out there achieve their best. These tips will not only act a guide but also act an eye opener.
- Gain some experience
Experience in any field is very important since you have hands on approach to what you really want to do. Experience is the best teacher they say; the more you gain experience in a certain field the higher the chances of you becoming an expert. For example, the tech field you really need hands on approach to learning how to deal with various tech issues.
- Find a mentor
A mentor acts as that person whom you follow his or her successful steps and learn from them. It’s advisable to learn from an entrepreneur who is in the same business industry you want to venture in.
- Have a proper plan
As a startup entrepreneur, you need to be planning everything in advance and work towards achieving your goals. Of course, the goals should be realistic.
The plan should also involve making necessary financial adjustments even when things go wrong.
- Avoid Lowball Customers
Ever met those customers who bargain everything to the last cent? These are the type of clients you should avoid when starting out. The main reason behind this is that of clients often end up not appreciating your services.
Unfortunately, these are also the type of customers who demand a refund even when the product you offer is good.
- Save on Cost
When starting a business your main aim should be to make sure that you minimize on cost and on the other hand maximizing profits. If it’s possible try not to hire people at first, once a steady income starts to flow you can now hire other people.
- Get to know your customers and competition
Having a good understanding of your competition helps you as a startup entrepreneur to provide something much better. If for example, you learn that your competition is poor at customers service makes sure you provide the best customer service to your existing customers.
What’s the bottom line here? Provide them with something outside what they are already familiar with.
- Reach out to support organizations.
Earlier on we talked about executing a proper plan. Before reaching out to these organizations you need to have a well-documented plan and show how you will achieve your goals.
- Get paid upfront before the job
Remember the main aim of starting a business is to make profits. Always make sure you are paid up front, this mainly acts a motivator and enables you to perform the job well.
- Promote your business
Promoting a business can either be offline or online. The most effective one being through social media accounts. Simply find out where your audience hangs out and provide them with your services.
When promoting online don’t just sell to people. Provide Value to them then later pitch in your services.