The 9-to-5 is a thing of the past. A lot of people have realized that being your own boss and running your own business is much more rewarding and inspiring than sitting in a stuffy office, performing tasks for somebody else. This new entrepreneurial revolution is largely powered by the internet and technology advancement, both of which allow entrepreneurs to start and grow their businesses from their own homes, without the need to rent expensive offices, warehouses, or retail spaces. All you need is a good business plan, some capital, and a lot of energy and zest. However, it wouldn’t be fair to present this whole entrepreneurial journey as a piece of cake without any bumps on the road. Here are some tips that will help you get on the right track and succeed.
Risk-taking is the essence of the entrepreneurial spirit, and although sometimes this can be a leap in the dark, you’ll eventually benefit and gain valuable experience. We’re not saying that you should engage only in some far-fetched, leap-of-faith schemes and pray for the best, but to research and explore as much as possible, and make data-based decisions, but sometimes you’ll have to rely on your instinct. Shrinking from challenges isn’t the way to run your business. All these things make entrepreneurship exciting and adrenaline-packed, and you can bet that each day will be a new adventure.
This is an important step towards becoming a seasoned entrepreneur. “The only true wisdom is in knowing you know nothing,” said Socrates. There’s no reason to get entangled in the mysteries of sophism, but this quote highlights an important fact. It’s essential to realize that being a know-it-all is bad for your business. However, what you should know is how to find the right people for the job and delegate tasks. So, you don’t have to know everything, but it’s important to know people who know what you don’t. Mind-boggling, right?
Networking is an extremely important concept these days. This means that you can’t succeed if you don’t grow and expand your business connections. Luckily, social media platforms can be of great help when it comes to this part of your job. Facebook, LinkedIn, Twitter and Instagram hold unlimited potential and the trick is to learn how to harness the power of these channels of communication with your customers and other entrepreneurs. Strong social media presence is a make-or-break factor in any business, especially an online one. If you want to expand your reach, you have to be aware that social networks are mainly visually-oriented, and that photos get 53% more likes, 104% more comments and 84% more click-throughs than posts which don’t feature an image. To make your social media posts more appealing, always make sure to include some compelling free stock photos and capture your target audience’s attention.
Yep, you’re gonna have to do it! As unpleasant as they may seem, cold-calling and cold-emailing are, actually, among the most effective marketing methods, and they’re practically inevitable. Despite the fact that these pushy strategies provide a high ROI, especially for new businesses, you have to be aware that only 2% of cold calls result in an appointment, and that it usually takes 8 attempts to get a decision-maker to have a meeting with you. We’re not trying to scare you, but just to warn you that you’ll have to get used to hearing that dreaded “No” and move on. You should know when enough is enough, but try to beat all those statistics saying that salespeople usually give up after just two attempts to reach a prospect, so mastering cold-calling means being ready to be given a lot of cold shoulders.
Many entrepreneurs tend to start splurging when they start making money, and this is a terrible mistake. Don’t waste your money on fancy downtown offices, stylish furniture, flashy cars, and various other unnecessary expenses. Manage your finances wisely and invest only in things and tools that will eventually make some profit, and none of the above-mentioned attractive things most certainly won’t. This also means that you’ll have to maintain a low overhead and think twice every time you want to spend some money.
This should be at the top of your priority list. Running a business is challenging and stressful, and if you don’t take care of yourself, it will take a toll on your health. That’s why you should eat healthy food, introduce some physical activity into your daily routine, and most of all, try to relax as much as you can. Both your physical and mental health are the most important thing that you have, and you shouldn’t compromise them not even for the sake of money, business, and success.
If you want to embark on this exciting journey as an entrepreneur, follow these tips and don’t forget that there will be good times and bad times, and that giving up should be the last thing on your list.
My name is Alex Williams. I am a journalism graduate, and a rookie blogger trying to find my luck. Blogs are the perfect opportunity for presenting yourself to wider audience, getting the chance to showcase my expertise and receiving recognition. I am a regular contributor at Bizzmark Blog