Advice from the Experts for New Entrepreneurs Many successful entrepreneurs swear that the best way to learn how to start a business is to just go for it. Put your money, time and effort into your work and make it happen. You’ll never learn better what works and what doesn’t than when you just put yourself out there. You’ll learn the legal responsibilities of a business owner, sales tactics, and networking because it’ll be all you can do to drum up business. Your internet presence will grow because you will have a desire and need to grow it. No longer will you idly fantasize about whether or not you need a website, Facebook, or Twitter. You’ll want one because you’ll realize what audience you’re missing out on. You will seek out other entrepreneurs to ask their advice.
Blogging You will find blogs, news articles, and conferences to immerse yourself in, because your future depends on it. You will make the most mistakes in this experimental stage. You will also make the most valuable discoveries about yourself, shortcomings and strengths included. Your first business may not work out, but you’ll be better set to make your second, third, or fourth one work just fine. If you’re taking that leap and are just looking for some good solid advice, here are a few more things those entrepreneurs are saying. First, start out with your infrastructure and move your way out.
Are you on your own? Are you working with someone? If you are working with someone, how many are you going to bring on board? Many entrepreneurs stress the importance of keeping the number of founders down to just two. Making money at first is incredibly difficult when you have full control of the company (100% of the shares). Money is tight and sales are few and far between. When you split it to two, you get twice the work, but you also have to split your earnings 50-50. Imagine what would happen when you add 2, 3, or 4 extra people (not including you).
Profit margins (which are already small) decrease significantly the more people you have, making it even harder to make your business sustainable (because it takes 4 to 5 years before you’ll make enough money to be turning consistent profits). Limit yourself to 2 partners, you and the other guy or gal.
Is your business firm on the books? Is your company secure legally? You could run the risks of losing your intellectual property idea to a trusted friend like in Mark Zuckerberg’s famous example. Get your secrets into a lawful company and secure your future in that market. Next, do you know your market? More than just simple ideas on a page, do you have a clear idea of who your product or service is targeting? Could you name someone you know? Would you know where to find them on a Saturday evening? If you don’t, then you need to find them as soon as possible. You need to know who they are, where they are and when, and what it would take to get their attention. Once you have these three things questions answered correctly, you’ll have a solid start from which to spring yourself into the fight. As you gain success, you’ll have to become more of a manager and less of a creator. Your job will be to hire extra help, give them compliance training and other resources to help them excel in their positions. Compliance training is teaching employees the dream, focus, vision, work and expectations of an office. With proper compliance training, employees will better be able to perform the work as you would do it yourself. Love the days you see so much success that you will need trainings like these to keep up with the demand on the company. Photo Credit: MyTudut, Search Engine People Blog