You are about to start your first business or you are turning one of your hobbies into a business from scratch? Then read our 15-step guide that will teach you the basics.
- Define Your Professional Goals And Make A Sacrifice To Commit To It
If you don’t set yourself a goal, you will never really try. Also even more important: Make a sacrifice to commit to this goal. Not necessarily quitting your job, but if you have a good idea, go for it. Not yet ready? Start telling your friends to commit to this change.
- Why You? Is This Personal?
Most of your business success will always be a direct result of following this simple rule. Take your own personal problems and turn them into a business. There’s nothing easier than that, yet many beginners often try to solve problems they don’t really have. Addressing a problem you don’t have for your first business is usually a bad move. You need to make it personal, only then will you care enough to come up with a solution that just works.
- Develop A Go-To-Market Strategy
Who Is Your Audience (Demographics), Where Do They Hang Out Online And How Likely Will They Accept Your Product? Without knowing your demographics you will not succeed. As you can see it’s best if you are also your own audience so you better understand the needs of your customers without being part of that audience it will involve a great deal of research. Time that you don’t have as a first-time entrepreneur.
- What Is Your USP and How Will You Present Your Product?
Innovation is key. You can never stand still, markets change more quickly than you anticipate. To get your business of the ground, you need to find a unique selling proposition that will set yourself apart. Find something no one has ever tried before. More importantly, how can you present this in a way that will awe your audience? Presentation is everything. Our entire economy is more about appearance rather than values. Why else would hordes of people pay $1000 for devices that barely cost more than $200 to make? More than often, far superior products never receive the attention they deserve. Use the law of attraction to your advantage. Learn what makes people tick, only then will you be able to come up with something people will crave and shell out money for without thinking.
- What Competitors Are There? Gauge Your Competition.
Who’s already providing solutions? Identify them. Either become friends with them or make it a race: Competition can increase your productivity and your level of innovation. If your neighbor suddenly decides to open the same business, always be one step ahead.
- Create A Killer Product
This one is obvious. Whatever your product is, you need to make it easy to buy, easy to consume and then you need a killer solution that just works. No ifs, no buts. To get there you need a lot intuition and skill. Work on your skills every day and use new skills to make further improvements to your product line.
- Create A Killer Press Release
Write a killer sales page and hire a killer PR agent to get the best coverage possible.
- Help A Reporter Out
HARO is a great source to get additional press coverage. Help a reporter and get featured.
- Go To A Forum Where Your Audience Hangs Out, Contribute And Connect
Find your audience, contribute, get known for your willingness to help. Build trust. Build relationships.
- Make A Name For Yourself
Invest into fancy domains for your personal brand and your business brands. Make sure people remember your for something, your designs, your witty lines, your professional headshots, your killer slogan, your backstory .. everything that makes you YOU. Why should we buy from you? Tell us a story about yourself and maybe we care just enough to hit that yellow buy button.
- Address Urgent Customer Problems
There are some really urgent problems your customers have, cover solutions frequently.
- Optimize Cost Structure
Don’t let your business eat up your profits. Make sure to invest A LOT but know when it’s time to cut back.
- Optimize Infrastructure And Deployment
Your cost-cutting procedures should include infrastructure optimization and productivity improvement. Also work on better content deployment strategies, social media strategies and find ways to deliver your products faster and more efficiently.
- Address Less Urgent Customer Problems
Also cover less common problems your customers face. The niche may be smaller but you are more likely to find some niches you can tap into that will yield the most epic ROI’s because you can fully dominate them.
- Re-Evaluate Your Business
Every year, re-evaluate your business strategy and why customers should come to YOU. Are there reasons why they shouldn’t come to you? Can you address them? What marketing methods are still up to date? Are you engaging your customers enough? Are you annoying your customers somehow? How many repeat customers do you have? Why do people return your products? Why is your abandonment rate so high? Why is your bounce rate so high? How to hell should you address all of this? Write it down, make a plan, get your stuff together. Prepare for a downturn.
- Be Happy, Make Money, Have A Blast
Never forget why you started the company, return to core principles if you ever go astray and don’t feel ‘happy’ with your work.
Beginners: Never Create A Company For A Problem That Does Not DIRECTLY Affect You
If this is your first business I can’t stress it enough that you should only build a company if the problem directly affects you. You will simply not understand your audience well enough if it doesn’t affect you directly. You will deliver a poor product that no one wants because you don’t really understand what people need and want.
As a seasoned entrepreneur you may know how to do proper market research and how to test a market before even spending a single penny on development, but as a beginner you don’t have access to that knowledge. In a nutshell, don’t do it, you will simply not care enough to deliver a top-notch solution that addresses real economic problems.
Start small, dream big, set yourself up for organic growth and you’ll get there eventually. Riding a trend to the top can pay off big time, you just need to find a trend that is still growing.