It’s the dream of every aspiring entrepreneur to found a small business around their passion. Building a company that makes you enthusiastic to head for the office every day is possible, but it requires a little planning on your part. It may even be advisable to start a home-based business first before expanding into a larger space.
Blindly jumping into a business could be a considerable risk to your professional and financial health. Have you thought about what would happen to you if your company doesn’t make it through the startup phase?
Don’t panic, relax and take a deep breath, it’s entirely possible to be successful with your passion. Follow these tips to ensure that you get your business the best opportunity for a prosperous future.
Is their Demand for Your Idea? – Use Social Media for Due Diligence
The first place to start in building your business plan is with due diligence around your concept or idea. Research social media channels to see if your business idea solves problems in your niche. The bigger the problem, the better your chances of experiencing success with your model.
Twitter is an excellent platform for researching your business idea. Use the search function on the platform and type in keywords related to your niche. Twitter has millions of users talking about a variety of topics, become part of the conversation and find out what your target market is discussing.
Market Online – The Power of Facebook Ads
One of the most significant challenges facing your business is creating a successful marketing campaign. Marketing brings leads and prospects to your business that are interested in your product, service, or concept.
Many business owners neglect to allocate enough marketing budget to the startup phase and fizzle out of business before they gain any traction in the market. The high cost of marketing activities such as sales campaigns and offline advertising prevents new business owners from utilizing these channels.
What if there was a way to drive targeted leads to your business at minimal cost? Facebook ads provide a low-cost and highly effective marketing platform to drive new leads to your company. With this service your able to target prospects using niche keywords, and even geographic location.
Broaden Your Horizons – Network Online and Offline
Networking is a business activity that offers a tremendously high ROI. Your network is your net-worth, think about that statement for a minute. Building a stable support structure and acquiring a network of industry influencers should be the top priority for any small business owner.
Attend conferences and seminars related to your industry, almost all of them will offer a networking session after the event. Take this opportunity to work the room and introduce yourself to people. Be clear and concise with your networking objectives and attend with a plan in mind.
Maintain a PMA – Positive Mental Attitude
Unfortunately, being in business means that you have to roll with the punches when things get tough. No entrepreneur sails through the business life-cycle without experiencing challenges. You need to be mentally and emotionally prepared to deal with uncomfortable scenarios as you progress with your company.
Maintaining a positive mental attitude (PMA) will ensure that you don’t give in to feelings of uncertainty and doubt when times get rough. Stay inspired, read motivational books, listen to inspiring audio and podcasts, and fill your mind with positive thoughts every day.
Sourcing Funding Takes Time – Don’t Give Up
A lack of funding or running out of investment capital is a common reason for businesses to fail. Before you execute, sit down and draw up a solid financial plan. Create projections, expected earnings and include the best, average, and worst case scenarios for your business.
Even with an excellent business model, it may take a while for you to find funding. Visit with your accountant and ask them about financing options they feel are a good fit for your company. You need a tailored financing solution that fits your business objectives.
There are plenty of financing models available to you. Small business loans, venture capital, private equity, and angel investment are just a few examples of funding models you could use.
A Final Tip – You Need a Mentor
Use your networking sessions to identify a mentor you can confide in when presented with challenges you feel are insurmountable.
Working with a mentor will reduce the risk of failure in your business. A mentor has experience navigating the business environment, and they can point out pitfalls to you that you can avoid.