If you are close to graduation and you have decided to jump in with both feet and set up your own business as soon as you can, this article was written with you in mind. Some would say it is better to work as an employee for a few years before venturing out into the business world. Other are fearless and armed with fantastic business ideas, they are as ready as they will ever be!
Here are some top tips for the novice entrepreneur.
- Market research – The most important aspect of launching a new business is supply-demand for the product/service you are offering; research is the key and if it turns out the demand is not there, move on to another line of products until you find one that has a future. An experienced entrepreneur would not move past this stage if the results were not excellent; your product/service is the most important thing and if there isn’t the demand, can it be created?
- Be creative with branding – While online marketing makes sense, don’t forget things like custom stickers and banners; how many people will see your funky bumper sticker? If your budget stretches that far, hire a branding agency to work their magic and you won’t regret it.
- Business plan – This should be your Bible and by analysing all eventualities, you should see a clear path to success and sustainable growth. A good business plan covers everything from startup costs to marketing; when you think your plan is complete, ask a business coach to take a look.
- Make good use of available technology – Why work any harder than you need? If you are IT savvy, check out the business apps on Play Store and if you have the funds, you can create your own mobile app and set yourself apart from your rivals. Google Calendar is a godsend if you know how to use the many features and forget regular phone calls; VoIP communication is next level and costs next to nothing. Click here to learn about labels and how technology is changing the industry.
- Invest in social media marketing – Facebook offers the small business so much in terms of marketing potential; talk to a leading Australian digital marketing agency about social media marketing and let the professionals take control of all your social media pages. They can create ad campaigns that achieve numerous goals and with real-time tracking, slight adjustments can be made to tweak performance.
- The power of outsourcing – Using third-party providers enables you to compete with larger companies, which is why so many small businesses rely heavily on local contractors. From marketing to printing and office cleaning, using 3rd party providers makes your business more efficient and it is the most cost-effective way to get things done.
If you have unlimited energy and are determined to smash your goals, setting up a business could be the start of something big!
