Entrepreneurship is the dream of many, but often it can be overwhelming. Where do you start, or how do you execute an idea? In today’s business environment, which is currently heavily influenced by the COVID-19 pandemic, it may even seem impossible. However, regardless of when you launch your business, there are four core pitfalls I’d recommend avoiding based on my experience as a small business owner.
Setting Goals And Building Support Networks
Starting a business or side hustle should not be an afterthought. Rather, you should create a business plan that looks at where you want to be in one — or, preferably, five — years. It helps if you are passionate about your business, but passion only takes you so far. Setting specific goals over time is essential. Remember, you don’t have to be a jack of all trades. Expand your circle and build a network that you can leverage for ad hoc needs.
A support network of other business leaders and experts who you can tap into when a problem rises and lean on when you need guidance is a vital tool for budding entrepreneurs. When I look at my father’s success, I realize it came from his relentless dedication, the way he built relationships, and how he took care of his community. When you create that “circle of knowledge,” you are building a network that will be there through good and bad times. The more you give, the more it should come back.
The best advice I have is to find your niche that makes sense for your mission. If you are better at marketing or sales, then focus on that. Surround yourself with a support system that can fill the other key positions in your company — and if your business is starting as a side hustle, remember you don’t have to quit your paying job before it is time. As much as starting a business shouldn’t be an afterthought, it shouldn’t be rushed, either.
Controlling Expenses
When you first start your business or side hustle, you’ll probably have lots of ideas and want to make a big splash so everyone knows who you are and how to do business with you. However, this could also be a significant pitfall. Rather than starting big, focus on the practical steps. At this stage, there isn’t a need for a fancy office, costly leases or signage. Can you operate out of your home or perhaps a shared office space? The important part is to build momentum and your revenue streams before you grow too quickly.
And in today’s economy, calculating your cost of doing business (CODB) is essential. Review your pricing list for products or services. Match it to your target audience. Are you reaching out to the right customers? Are you wasting efforts on marketing to those who would have little interest or extra funding to purchase your solution? Look at your branding, too. Is it attracting the right customers? By answering these questions, you can keep the CODB lower while continuing to target the right customers to keep your side hustle or business operating.
Harnessing The Web
You can be a successful entrepreneur or side hustler with just word of mouth advertising and connections, but if you seriously want to grow to be the next household name, you should harness the power of the web and online marketing. As the SVP and general manager of a company that offers web hosting, domain names and SEO services, I believe the internet is a powerful tool, and building a clean, professional website is essential for success. It is often the first place potential customers visit to learn more. A website should help educate your customer through blogs and content; share basic information on your company; and maybe serve as the prime e-commerce platform to drive sales.
SEO and social media are other methods you can use to harness the power of the web, interact with your community and build an online presence. Create loyal followings by engaging on social platforms or creating an email newsletter. Ensure any content on your website ranks well for SEO in your industry to ensure you are reaching the right audience.
During crises like COVID-19, it is more important than ever to have an online presence. With more people opting to stay at home, online e-commerce platforms and websites are how many small businesses and side hustlers are staying afloat. This time also allows many entrepreneurs to refine their website, build out content and engage with customers digitally to build a community.
Keeping Data Secure
It is vital to implement security practices along with your online presence. Almost daily, reports of a new data breach or new cybersecurity threat emerge, and small businesses are not exempt from these bad actors. As you collect customer information from blog or newsletter sign-ups and purchases, you should protect this information. One way to ensure that is to create an HTTPS site, for instance. When you’re choosing a domain name for your site, it should be short and catchy but should also include domain privacy and protection.
Each small business or side hustle has its own unique challenges, and your business may face other obstacles in going to market that are specific to your business plan or industry. However, ensuring these primary table stakes are established should greatly facilitate its longevity and success.
"Idea" - Google News
June 05, 2020 at 06:40PM
https://ift.tt/3h3vvGn
Idea To Execution: Avoiding Four Main Pitfalls Common To Side-Hustlers And Small Businesses - Forbes
"Idea" - Google News
https://ift.tt/2VWDFI5
https://ift.tt/3d3vX4n
Bagikan Berita Ini
0 Response to "Idea To Execution: Avoiding Four Main Pitfalls Common To Side-Hustlers And Small Businesses - Forbes"
Post a Comment