You’re going to have to give your first business everything you’ve got if you want it to be a success. We’re talking about having the best idea, the strongest work ethic, the most positive attitude and the determination and motivation to work through all the challenges that will make you feel like giving up. And that’s not even taking into account the additional challenges that new business owners have to contend with as a result of the past year and the rippling effects that the pandemic has had on businesses from all industries. Preparation will be key to your success so let’s run through some tips that will put you in the best position possible when starting out.
Efficiency is Everything
Efficiency is everything in the first few years in business so it’s important to put the groundwork in. Think about every facet of your business and how operations can be improved. For example, if you run a logistics company, it’s worth investing in fleet management software to help you keep track on all vehicles. Doing so early on will improve safety and ensure that your back-office operations are running optimally. Those in the food hospitality trade need to focus on improving operations within the kitchen and ensure there’s a safety plan in place to cater for social distancing and hand washing. It’s not just about improving the core service/product you’re offering; it’s about improving the efficiency of every aspect of your business.
Choose the Right Niche
Don’t be that business owner who chooses the wrong niche and is doomed from the very beginning. Effective market research and choosing a niche product/service is where the gold lies so don’t be thinking you’ll strike it rich with a general business idea that’s a carbon copy of someone else’s. Choose an expansive niche and look for opportunities to niche down. Identify a potential market and get to know the target audience. Is it broad enough to make a healthy profit considering the price point you’re going to charge? How will you reach your audience and will advertising eat into your budget? Are you choosing a niche that has a market all year round and not just seasonally? These are all things to think about.
Be the Same but Different
So, what does this mean? This refers to finding a product or service that there’s a big demand for and tailoring your offering to be different. If you don’t have something unique to offer, why are customers going to choose you over another company who has been in operation for years? The answer is they’re not. Your differentiating factor does not have to be major – it just needs to be noticeable enough to your target audience. Maybe you could improve an already popular product? Or offer a better service? Or improve packaging by making it more environmentally friendly? Or maybe you could offer free shipping? The secret lies in finding a product or service that’s already selling and identifying an opportunity where you could stand out and be a little different to other companies.