Entrepreneur Resources Your source for small business information
Starting and building a business can be easier said than done. According to the U.S. Bureau of Labor Statistics, around 20% of startups in the U.S fail in the first year. On the flip side, there are startups booming in the market. Well, the secret lies in how you set up and run your new business. If you are starting out, here are some tips to help you get in on the right foot.
Do Extensive Research
Research is a critical tool in starting a business, and it should never be underestimated. When diving into the business world, you need to clearly understand your business environment. This includes your competitors and target audience. There is no better way to obtain crucial information than conducting research. Some of the plausible ways to conduct market research include questionnaires, contacting experts, or finding related information on the web or other reliable platforms. You can also use social listening and media intelligence tools like Brand24, Brand Moran, TalkWalker, MeltWater and the likes to pull social and media data to help you conduct research.
Prioritize Legal Requirement
Everything else in your business can tick the boxes. However, if you come in a collision course with the legal framework, things can turn inside out. Satisfying and navigating legal requirements is one thing businesses cannot afford to ignore. Every business, including startups, must adhere to business legal requirements failure to which they fall into the legal chains. This is why small and large businesses alike are banking on lawyers.
If you are starting a business, find a suitable lawyer in your local area to steady the relationship between your business and the authorities. If you are in Alberta, Canada for example, you can speak to a reputable Edmonton business lawyer right from the start. A lawyer will help with crucial advice regarding licensing, business structure, and employment laws, etc. You will avoid making common legal mistakes that might hurt you in future.
Know your Strengths and Weakness
As a small business owner, you are definitely armed with a matrix of skills. However, you can hardly become a jack of all trades. There are certain processes you will handle with ease, while there are others that will give you a nightmare. Nevertheless, business in its infancy will demand different business skills and you might be obliged to provide them. However, don’t burden yourself for long or force yourself to handle tough tasks if you have no training. Simply identify your strong skills-set and weaknesses to know the areas you need to put your focus on. Again, be flexible and willing to handle new responsibilities.
Understand Target Market
Having a clear definition of your target market is the genesis of the success story of every business. Understanding the target market involves knowing the needs of your potential customers and their behaviour. This way, you can tailor your products or services to satisfy their needs.
Don’t Shy off from Help
When running your startup, you will probably face issues of
diverse magnitudes. While your skills and experience will help you get off the
hook, in some cases you should seek help. Again, whether it is financial,
managerial advice, feel free to seek help from experts.
Tip: You should find mentors in your
niche to help if you can.
Wrapping up
Leverage these tips and start your business on the right note. Don’t hesitate to seek help from professionals and people who have done it.
I just wanted to say thank you for your post. I have been researching this topic for quite some time, and I really enjoyed the way you laid it out.