Conquering Entrepreneurship One Business at a Time
May 3, 2018 by Gordon Advisors
Whether you are a stay-at-home spouse who is looking to bring in some extra income or are ready to quit your job and become your own boss, becoming an entrepreneur is an exciting and challenging journey. You may have millions of ideas floating around in your head and are anxious to turn them all into a reality. Instead of running yourself ragged trying to work on many different business start-ups, focus on one and turning it into the business of your dreams with these reliable techniques:
A Wildly Important Goal
Franklin Covey is a household name in the business world and is a consulting and management firm that was established by Franklin Covey. In Covey’s teachings, he challenges businesses to come up with a Wildly Important Goal (WIG) and focus on this goal instead of trying to work through several different ideas at the same time. When you focus on a single Wildly Important Goal, you can build a measurable strategy for attaining the goal, while not having a negative impact on your business. Having too many projects going on at the same time wastes time and money.
This concept applies to new entrepreneurs in that you should focus your attention on creating one solid business at a time and carrying it to its fullest potential. Once you make your business profitable, you can go back to your idea list and pick another business to start working on.
In order to become a doctor, you must attend medical school, and the same logic applies to starting your own business. To be successful, you need to educate yourself on the ins and outs of running a business. Whether you are looking to design and create the next great product on the market, become a software programmer, or sell your handiwork, you should research what customers want so you know what to offer.
Research involves knowing the costs associated with running your business. Do you need to pay for retail space, supplies, shipping, or employees? How about how much in taxes you will have to pay based on the profitability of your business? Do you know how much to charge customers for your goods or services in order to turn a profit? These are all questions you should ask yourself and use as a baseline for your research.
Brand and Marketing Strategy
In order for clients and customers to purchase goods and services from you, they need to know that you are in business. Whether you are starting your business from scratch with no investments or have received a business loan to grow more rapidly, you will eventually need to start getting paid in order to stay in business.
Creating your brand and marketing strategy should already be foremost in your mind before your business even goes live. Social media sites like Facebook, Instagram, LinkedIn, and Pinterest are great platforms for you to introduce the concept of your business for free and pique the interest of potential buyers. Once you get some valuable feedback from your followers, you can tweak your business model accordingly and be ready to hit the ground running.
One brand and marketing must-have is an alluring website that will draw in the customers and keep them looking. If you are the creative type, you can design your own landing page, or pay a website designer to do it for you. Keep your website clean and fill it with useful information…and of course, merchandise or services for them to pay for. Consider adding a blog to your website so customers can learn more about what you are selling and apply it to their own lives.
Diving into the world of entrepreneurship is a fun adventure that can have a positive lasting impact on your life and financial well-being. Instead of throwing out several different business concepts out there at the same time, focus on conquering one really good project at a time.