So, you want to start your own business. I for one applaud your decision, but it’s not something for everyone. Your first business is going to take everything you’ve got to make it a success. You’ll need your best idea, a strong work ethic, and perseverance for those days where things just don’t go your way. But that tenacity can help you turn your simple idea into an empire. It’s probably safe to say that I’ve been around the block a few times. I’ve definitely stumbled along the way, but I’ve also been fortunate to have my share of successes under my belt. Let me share a few things I’ve learned along the way for you
to keep in mind as you embark on this journey.
Choose your niche
The selection of the niche is where people often realize they’ve made a mistake. If you go too broad with a general business, you might struggle to know who your audience is. If you’re too specific, you might find your niche is too narrow. The immediate goal is to determine if there is a market for what you want to sell, regardless of what it is. Do prospective customers exist? How long will it reasonably take to sell what you’re offering? Is your product conducive to return customers? Will you be able to remarket to customers for years to come? Be careful not to focus on trends, but rather look at a product or service that will sustain as you move forward and can adapt to the ever-changing consumer landscape – whether it’s B2B or B2C..
Be a problem solver
An important business tip for new entrepreneurs is to create a business that solves a problem. If you asked most failed business owners what problem they solved, they either can’t answer or the problem they solved wasn’t urgent enough. The problem you solve doesn’t need to be complicated like curing a disease. It can be simple, such as we help people overcome boredom by providing an entertaining experience. But ultimately, you need to know what you’re trying to accomplish with your business. By knowing what burning problem you’re solving, you can use that in your marketing to help people
understand how you can help them best.
Always put the needs of your customer first
One of the biggest sources of conflict in business comes from unmet needs. If a customer doesn’t get the service or product they were expecting, their needs won’t be met, and they’ll feel frustrated. The most important business tip when it comes to managing customer relations is to always empathize with the customer. When you recognize their frustration as pain from not having their needs met, it’s easier not to take the insults they hurl at you, personally. Instead, you can focus on trying to listen to what they say by mirroring the intent behind their words. And eventually, you work on coming to a resolution
that meets their needs and leaves your customer feeling heard. By doing this instead of simply giving a refund, you open the doors to building a long-term relationship with them even if they were upset with their first experience with your brand. To learn more about how to do this, you can read Nonviolent Communication: A Language of Life by Marshall B. Rosenberg, PhD.
Create a business that matches your personality
What are you passionate about? What excites you? Can that passion and excitement translate to a business? As yourself those questions and build from there. Keep in mind that product/market fit should actually be founder/product/market fit. Essentially, what that means is no one else could run that business better than you. Ideally, you should start a business that matches your exact skills, experiences, and personality. This goes beyond doing your passion and actually doing what you’re destined to do. How can you contribute meaningfully to the world through your business? By doing something that only you can do, you can create a legacy that lasts while making an impact in the world.
Allow yourself to get out of your head, stop overthinking, stop questioning whether you’re making the right call, and just do it. New entrepreneurs can sometimes be well on their way with their business only to have their thoughts cloud their mind. But that only delays your success. Will you make mistakes? You bet. Will there be challenges? Yup, and you’ll need to jump high to get over them. But isn’t this what you signed up for? Entrepreneurship is about going all in. It’s about taking big risks so you can live the life you want. The goal isn’t to win the award of perfection. The goal is to build a business that helps people solve a problem. And the sooner you can do that, the sooner you can make people’s lives better. The
journey of a million miles starts with a single step. Are you ready to take yours?