Starting a business always sounds exciting and fun when it is in the form of an idea. However, it takes a lot of guts and thorough thinking for a person to actually go ahead, probably quit a cushy job, and follow the dream of becoming an entrepreneur.

Most people working for someone else have high aims and goals in mind to start up their own business someday and be their own boss.

Initially, the dreams are big, motivation is high, and big goals are set with a high level of passion and enthusiasm. All of this passion is usually held back by a single factor: finance.

Everybody is able to dream, but not everybody has the ability to execute an idea successfully. That is why most startups end up with failure within the first few years of running the business. Recent reports suggest that a high number of SMEs are forced to bring down the shutters within the first 2 years of starting the business.

Here are a few tips to consider when starting up a business:

1. Find Your Niche

“Very narrow areas of expertise can be very productive. Develop your own profile. Develop your own niche.” – Leigh Steinberg

Know the benefits of your product or service. See how it benefits and adds value to your potential customers. It’s not about the features or the benefits but the value that matters to the buyer. It is recommended to start by going deeper into understanding how your product or service can solve a problem and how it can fill the gap that exists in the marketplace.

2. Target the Right Market

“Everyone has a story to tell or a product to sell. Know your audience before you open your mouth.” – Unknown

Once you know your niche, you will automatically have a clear vision of your target audience and their needs.

The starting point in defining the target market is to understand the problems that you aim to solve. Once you have a good idea about what these are, you can start to work out who is most likely to suffer from these problems. Start to list all the different types of customers that have pain areas which can be soothed by your product or service.

3. Sustainability Followed by Brand Building

“A great brand evolves from building a good reputation.” – Abiodun A. Abiodun

Sustainability is important for every new venture, but do not let that take over your efforts of brand building. Remember that whatever great ideas you have, unless it is communicated effectively to your potential customers, it will fail.

So marketing plays a very important role in the whole process. Since the marketing budget may be a constraint initially, I suggest that you go to your customers through telemarketing, cold calling, and emailing to let them know about you.

Therefore:

• Set a sales plan in action, print flyers and send your sales team out to make door-to-door introductions. I still receive menus and flyers from reputed brands such as Carrefour and Pizza Hut on my door. If they can do it, so can you.
• The best part is that not many businesses are doing sales blitzing these days, so you don’t end up upsetting office people when you walk in.
• Next, put your telemarketing team to task. Initially, devote a 4-hour telemarketer towards making 100 calls a day for the purpose of generating leads. Also, focus on building a database slowly and steadily from the Internet and make it a daily process. However, you must always know what your country’s rules are for emailing or telemarketing so that you don’t find yourself breaking the law.
• Focus on creating a powerful, catchy, and responsive email flyer that can be opened on mobile devices as well.

4. Use the Most Common and Cost-Effective Playground for All – Social Media

“No matter what, the very first piece of social media real estate I’d start with is a blog.” – Chris Brogan

I hope the above quote inspires you to begin your social media with a blog.

Social Media is a platform that many companies and entrepreneurs use as a major source of marketing. Personal interaction is all about sustainability; however, to build the trust of your customers in the long run, your social media presence is vital.

Typically, it may take approximately 4 to 6 months before you have built rapport with your audience.

Keep at it.

5. Focus on Quality of Marketing

“Marketing makes the company look smart. Great marketing makes the customer feel smart.” – Joe Chernov

From the beginning, seek out a competent professional person to guide you through the marketing activities; trust someone with great marketing and creative skills.

Marketing is one element that can help you create an identity, build your image, and differentiate effectively from your competition through your niche. This is the key to enhancing brand positioning and delivering a positive perception to your target audience.

A powerful online marketing strategy will do wonders through powerful ideas, graphics, and promotions on the internet, while a conventional idea with no punch won’t take you anywhere.

6. Don’t Judge Yourself on the Results You Are Getting

“Don’t judge yourself by what others did to you.” – C. Kennedy

Yes, it’s vital that you follow your strategy for at least 3 months without having to judge yourself or where you are heading to. It takes time before anyone begins to know about you and your brand. So have patience and focus on your strategy. Do not let the initial results distract you.

7. Be Consistent and Persistent

“The key of persistence will open up any door that has been closed by resistance.” – John Di Lemme

No business became successful overnight. When a person becomes successful it sounds very easy and we sometimes consider the person to have been lucky. However, the question is not what someone is today, but what he or she will become.

With your persistent and consistent efforts, you can certainly achieve your goals, but make sure you don’t give up. Whatever the challenges you face, handle them separately but keep your focus on the goal.

I suggest that whatever challenge you are facing, just write it down in a notebook and let your mind be free to focus on the key areas. You can later dedicate an hour or two for such challenges to be pondered over and sorted out.

8. Watch Out Who You Listen To

“Don’t listen to people who tell you what to do. Listen to people who encourage you to do what you know in your heart is right.” – Melchor Lim

There are and will always be a lot of people advising you on various things, but you need to be very careful who you choose to listen to. Sometimes it is just one piece of wrong advice that can limit you from moving ahead in the right direction. There is no harm in asking people for suggestions, in fact it is a healthy activity, but discussions should be done not only for you to listen to someone, but also to let you analyze what it is that you don’t want to do.

Make sure you listen to the people who are genuinely concerned about you because they will guide you to ensure your idea succeeds. Therefore, listening to the passionate people, big thinkers and dreamers, you can certainly gain something.

9. Leverage AI for Strategic Advantages

“Artificial Intelligence is the new electricity.” – Andrew Ng

In today’s fast-paced digital world, leveraging AI can give startups a significant competitive edge. AI can help automate repetitive tasks, analyze vast amounts of data for better decision-making, and personalize customer interactions. By integrating AI tools in areas like customer service, marketing analytics, and supply chain management, startups can enhance efficiency, reduce costs, and provide a more personalized customer experience.

Adopting AI early can also help in identifying trends and patterns that might not be obvious through traditional data analysis. This foresight can position your startup to innovate continuously and stay ahead of the competition.

Conclusion

Let innovative marketing solutions pave the way to your success. Remember to focus on the quality of communication and engage with your target market on social media. Mix the old proven techniques with the new to grow and sustain without investing much, initially.

It all starts with the first step to becoming the market leader. Never underestimate your potential, your capability to defeat the best in the industry. Everything is possible. It takes time, dedication, perseverance, and grit to reach where you wish to reach.

In the end, never, never give up; be persistent. As long as you are passionate about your business, and continue your efforts, you will end up succeeding.

“When you want to succeed as much as you want to breathe, that’s when you will be successful.” – Eric Thomas

Think BIG.

If you wish to have powerful ideas for your startup, please drop an email to me at dd@deepakdhiman.biz or visit our portal www.bananaleaders.com

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