Making Your Mark As An Entrepreneur
Becoming an entrepreneur is hard as it is. You’ve got so many things to consider, such as what will make your customers happy, and what you can do to make sure you’re going to be that cut above your competitors.
But starting out as an entrepreneur means you’re always going to be the runt of the litter as it were. The amount of work and determination that is involved with becoming the leader of the pack is difficult. In fact, most of the people who start out as entrepreneurs either give up halfway through, never make it past the first few months, or remain the runt of the litter for the duration of their time being an entrepreneur.
Now, we know that the last three things that we’ve just mentioned are not what you’re going to want to achieve. You’re going to want to make your mark, and eventually go to the top of your field. To do this, you’re going to have to think about what tactics are going to work for your specific company. Not every tactic works for every company, so that’s where we’re here to help. Below are some sure fire ways to make sure that you’re making your mark as an entrepreneur. Whether you’re thinking about giving it a go, or you’ve already tried and failed to make your way through the market, this article is going to be perfect for you.
Market Before You Start It
Marketing is key to any successful business. As a new entrepreneur, it might not be something that you’ve got to grips with just yet. But don’t panic, marketing is a hard field to understand, especially if you want to market in a way that is going to do good for your business, rather than doing bad.
However, one trick all companies seem to miss entirely is that marketing needs to be done before the company is even launched. If you’re spending possibly thousands of pounds opening a business that nobody has ever heard of, you’re destined to get off to a slow start. You need to hype up the crowd as it were. Focus on social media marketing to begin with, and entice your potential customers with opening deals that you might have, or just general information about your company.
But, that’s just the beginning. The key to marketing is never stopping once you’ve started. The more you market, the more exposure you’re going to get. The more exposure you get, the more sales you’re going to be able to make. When thinking about an ongoing campaign, you should consider outsourcing to companies such as Inbound Marketing Agency to do the work for you. Outsourcing to an agency is the best way that you can keep things managed, without having to focus too many of your efforts on it yourself. That way you’re left with more free time to focus on the things that you wouldn’t be able to outsource. Just make sure you’re still having some say over the marketing choices that are being used, and that you’re still overseeing the progress of each campaign.
Whilst outsourcing is probably going to work out cheaper than keeping it in house, you still don’t want your money to go to waste. You want to make sure your money is being spent well, and the only way of doing that is through tracking sales, both before and after your marketing campaign is finished. If you ever feel as though you’re getting to the point where you want to try and manage your marketing in house, you can always start up your own marketing team. The only thing we would recommend is that you’re hiring a team of professional people, with degrees or experiencing in marketing previously. You should ideally have one team leader that is able to oversee the progress for you. If you’re going to spend so much money on hiring people on a salary basis, you need to make sure that you’re going to reap the rewards when it comes to the output of your marketing efforts.
Size Yourself Up
By sizing yourself up, we mean comparing yourself to your competitors, which we guarantee there’s going to be a lot of. The more of a feel you have for the competition you’re up against, the more success you’re going to get out of your business. You can compared their business strategy to yours, their prices, their products or services etc. You should never a copy another companies’ ideas, you should try and keep things as original as possible wherever possible. However, taking some small ideas wherever you need to won’t do any harm. Just try and put your own twist on them and see where it takes your business to.
The last thing you want to do is enter into the world of business too strong minded. Start small, because you will be small. Just as you would in a career, you have to work your way through the ranks to make sure you’re coming out on top, when you’re ready to come out on top. There’s so much to think about when it comes to your business, and so many stepping stones that you’re going to have to tackle. But these are the same stones that many businesses before you have had to tackle. If you really wanted to push the boat out, a lot of companies will actually give you some advice if you just simply ask. Whilst it might not be the best to directly ask your competitors, it might be a good idea to ask those who are within business, and running a successful business, how they tackled the challenges that you might face.
Get The Right Team
Having the right team behind you is so important. But, hiring the right people is always going to be a risk. When going through the hiring process you can never truly tell what you’re going to get. Even if someone starts out so keen, that drive to work for your company can so easily drop. When this happens, you’re left paying someone’s wages who isn’t really invested in your company. So, if you’re going to hire people, don’t be afraid to fire them. Having the perfect team is part of making the perfect company, and as a company owner that’s all you’re going to want to achieve. Hiring people you know to begin with might be the best way of shooting your business to success. Not only are they going to be loyal to the company, but also they’re going to be loyal to you. However, when you do start hiring people outside of the circle of friends or family you might have, you need to make sure you’re focusing on equal rights. So many companies favour the people they know working for them, whether it be family or friends. Now, this creates such a bad atmosphere within any workplace, and it can often make other employees resent you, as well as the people you’re treating that extra special.
Finalise The Finances
Before you focus on actually starting the business, you need to make sure you’re getting your finances under wraps. It’s no secret that setting up a business is going to be massively expensive, and any setbacks financially can spiral out of control for years. Some of the biggest companies out there are in millions of pounds worth of debt, which if not managed or dealt with lead to the downfall of a company, just like it did with Carillion. If you’re going to borrow, borrow wisely. Think of your business finances like your own, you need to manage it with just as much care and attention. If you do ever feel as though you’ve got yourself into deep water with money troubles, you need to make sure you’re seeking financial advice as soon as possible. Trying to cover it up will only lead to bigger problems, but for some reason it’s what so many companies try and do. You need to be financially sure that going into business is the right decision. You’ll only be spending money that you’ll never get back, and getting yourself into debt that you just might not be able to manage.
You always need to make sure you have a game plan before going into the business world as an entrepreneur. You should have pre planned moves that will allow you to make the best progress that you can possibly make. First, make a game plan that outlines what products you’re going to sell, and how you’re going to get the word around about your company. You then need to think about how you want your company to progress, and where you would like it to progress to. So, if you’re thinking about expanding nationally, set a game plan of when you would like that to happen, and make it happen. If you want to think about going international, do the same but figure out all of the logistics months before you might even be ready. Preparation is always key, it’s important to remember that.