There are more important things than money or just coming up with a good idea to start a business—and there's no one better to ask for advice on launching a startup than successful entrepreneurs.
In a report published by the American website Business Insider, authors Alana Akhtar and Emily Canal stated that starting a business doesn't only require money or even a great idea. There are many simple but crucial aspects you need to pay attention to before considering yourself an entrepreneur.
Here are the top tips on how to start your own business, according to successful entrepreneurs:
Discover How You’ll Fund the Business
To start a business, you'll need funding for licenses, equipment, software, legal fees, operational costs, and more. Entrepreneur Jason Demers recommends considering external funding sources such as friends and family, venture capitalists, or crowdfunding.
You could also consider self-funding your business and not easily giving up ownership. Entrepreneur Brenton Hayden explained that self-funding gives your product or service time to build momentum and popularity. Once you can prove to investors that new capital will clearly lead to specific goals, then you can seek external funding.
Build a Strong Team
The authors quoted Ilir Sela, CEO of Slice, who emphasized that having a team of people smarter than you helps scale your business and transform your company.
Ben Anderson, founder of the Amino apps, said gathering diverse input from a wide range of people helps you make smarter decisions and foster dynamic organization. “You should gather data from people with different backgrounds and perspectives—it helps you view problems in new ways,” he said.
Find Your Niche
Before launching her communications agency The Official Malika Company, Malika Holloway created multiple income streams through article writing, editing, training freelancers, and promoting herself to brands. She later realized that all her freelance work pointed to one strength: communication.
In 2018, she wrote: “Everything I did back then, and everything I do now in my business, revolves around communication.”
Now, her business focuses on teaching others in her area of expertise. She helps small business owners share their knowledge through workshops, become brand ambassadors, or create online courses.
Don’t Rely on Just One Accountant
Nicole Rollender, a small business owner, shared that when she founded her LLC, she hired a low-cost virtual accountant—but he botched her tax forms, which cost her additional fees.
She later hired a knowledgeable local accountant familiar with small business tax forms and regulations, who even helped her recover some of the lost funds. Rollender advises that regardless of whether your business is local, you should have a solid understanding of small business regulations and the right support.
Develop a Clear Marketing Strategy
Rollender recommends never stopping marketing efforts, dedicating several hours weekly to promote your business. The first time she paused her marketing, she lost several clients and had to spend many hours each day pitching just to secure four new ones.
She emphasized the importance of marketing, as building relationships can take weeks or even months before clients begin purchasing.
Be Flexible
Four years after launching the dating app Hinge, Justin McLeod made a bold decision to completely relaunch the app by removing the swipe feature, aiming to attract users looking for serious relationships. He told Business Insider that flexibility is key to sustaining a business.
He added that sticking to the same methods as your company grows while the market changes can lead to failure.
Seek Feedback
It’s wise for entrepreneurs to seek feedback and constructive criticism from their customers. Ask early users, friends, or family members to test your product or service and note recurring feedback—it could indicate areas for improvement before your offering hits the market.
Additionally, ensure your company is accessible to customer communication. This could be as simple as encouraging messages via social media, or as structured as a feedback form on your website. Either way, you’ll learn what customers like—and dislike—about your business.
Don’t Give Up
Garrett and Melanie Marrero, founders of Maui Brewing, who won People of the Year in 2017, attribute their success to their refusal to give up.
They faced many obstacles in the early days of their business and invested their own money into it, leaving them with no option but to persevere. “It almost turned into a fight,” Garrett said, “but we fought hard to make sure we succeeded.”
Start Working on Your Project
It’s difficult to predict the challenges your company might face in five years—or even two. Instead of spending a full year perfecting models or developing ideas, Bushra Zarrugh, founder of AUrate, advises jumping in and starting the project.
She said, “Just go for it. Get started. Test things out. Ask people around you for help.”
Source: Al Jazeera Net
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