Before getting started, I’d just like to clarify that I truly believe starting a business is one of the most rewarding things that you can do. Furthermore, I’m of the belief that making mistakes is a natural part of the journey ahead. Still, that doesn’t mean I wouldn’t like to go back in time and tell myself some very important things.
While I can’t go back and educate my younger self, I hope that the following pointers will help you with your future business endeavours.
Popularity Isn’t The Same As Profit
When starting a business, you will almost certainly have hopes of reaching the biggest audience possible. After all, it’s impossible to generate sales without visibility. Right? While this statement is true, you should not overlook the fact that the goal is to gain converted sales.
Popularity can certainly boost your ego, but social media likes do not pay the bills. The most successful marketing campaigns, then, are those that target the best demographic and lead to interest and sales. It really doesn’t matter if external audiences don’t quite understand the brand message.
Focus primarily on achieving great conversion rates. Once you’ve mastered this, you can start thinking about building a bigger audience too.
The First Years Are Tough
You’ve probably seen many stories detailing the overnight success stories of many businesses. The truth of the matter, however, is that it usually takes months (or even years) to reach that point.
With this in mind, it’s vital that learn to keep the costs down by getting the best deals and mastering the art of managing a team. Meanwhile, it’s very likely that you won’t pay yourself a big salary just yet. I didn’t Google search ‘what is currency trading?’ until very late in the day. I wish I’d known about it sooner as success here will reduce the pressure.
A lot of businesses struggle to make it past the difficult first few years, and it’s largely due to a lack of realistic preparation. Do not fall victim to this problem.
People Buy People
It would be easy to focus solely on the idea of manufacturing or sourcing the right products. Getting this aspect right gives you a great foundation. Sadly, it will not guarantee success unless it is supported by a strong connection with the clients.
Aside from the right brand image, you need to focus on customer care. If you do not know about virtual assistants, Live Chat, and fair returns policies, you need to. Overlooking just one of those crucial features can have a truly damaging impact.
If nothing else, getting this right should give you the best shot at turning one-time customers into regular clients.
This Is A Magical Time
Finally, it’s very easy to forget that you are doing something truly special. In addition to building something from scratch, it’s a chance to be your own boss and work on something you feel passionate about. So, try to enjoy the ride!
Besides, when you let that passion shine through, it will be noticed by the customers.