10 Things Every Budding Entrepreneur Should Know

10 things every entrepreneur should know

10 Things Every Budding Entrepreneur Should Know

10 Things Every Budding Entrepreneur Should
Know

 

 

So Here Are The 10 Things Every Budding Entrepreneur Should Know,

Starting a new business venture is probably one of the most challenging things a person can do.  It takes courage, determination and a fair amount of know how.  Having circumnavigated the entrepreneurial waters for many years, I have put together a few tips that should be helpful as you begin your quest to become the next business tycoon.  While there are a million things to know and do as you set up your new venture, these tips are meant to help with setting up your initial online image.  They are taken from mistakes we have seen rookie business owners make time and time again.  Hopefully you will find these suggestions helpful.

10 things every budding entrepreneur should know

1  Develop a Business Plan

A Successful Business plan is essential to success.  Of the 10 things every budding entrepreneur should know, this is one of the most important.  Take some time with this.  A well thought out business plan can mean the difference between success or just another could have been company.   Your Business Plan should include:

  • Mission Statement This should state in one well crafted paragraph, what it is you plan to do, who you will serve, and what you will achieve over the course of your business life.    
  • Demand Analysis   – Why is your product needed? You should define the probable demand for services based on research you have conducted and your general knowledge of the industry you are going to service.
  • Competitive Analysis  -You must know who your competition is and how you will provide services that they do not provide.  How will you either, do it better, do it cheaper, service it better, etc.…
  • Break-Even Analysis  -Yes there is math.  You need to detail all expenses you will incur in starting the business as well as anticipated revenues.  Be sure to calculate intangibles, i.e. value of your time, fixed assets, variable costs, rents, etc.
  • Threats Analysis  -Finally, you should include any possible outside influences that might adversely affect your operation business agenda.  For example:  Government policy changes, obsolescence of product, etc..    

10 things every budding entrepreneur should know

2 What’s In A Name

You should think long and hard about your company name. If it is similar to larger companies, will you be overshadowed? Does it describe your product? Cute company names like “Pic Pack and Peck” may seem trendy, but often your company name will be the only thing your customers see. Don’t make them guess what it is you do. Ask yourself a few questions, like:

  • Is It Easy To Remember?
  • Does It Describe What You Do?
  • Do a Google Search  -This could prevent the catastrophic situation of possessing the same name as a larger competitor.  Trust me, no good can come from that.

 10 things every budding entrepreneur should know

 3 Know Your Enemy

In terms of online marketing, it’s very important to know who you will be competing with for front page rankings. Try searching some of your industry key words to find out who ranks on page 1 It will help you find more defining Keywords and keep you from being yet another victim to the huge company dominance affect. Some research tips are:

  • Learn From Their Game plan -When it comes to search ranking, it’s best to emulate what the successful rankers are doing. Research the keywords your top competitors are using. There are no copyrights on keywords.
  • Find Out What Works  -Analyze what makes your competitors sites work well and then improve upon it. I’m not suggesting you copy their designs, but find out the chinks in their online strategy and build on those to create an even better website and online presence.

Being a new player in the market means you have to know as many trade secrets as you can that will help you rise quickly. Soon you will be standing shoulder to shoulder with your Goliath competition and making them take notice.

choosing a domain name4 Choose Wisely Your Domain Name

Normally there is never an issue however there are those occasional problems when a company uses the domain name prominently known for another entity. For example, using a domain name like http://lowesconstructin.com might seem like a clever ploy but it might just be a real mistake, not to mention a potential law suit.

  • Is Your Domain Name Too Long?  -Using a Domain Name like johnsonsrestorableantiques.com may seem like your option but try thinking outside the box. Try using other appendages like .net, or .bus. Think about using Acronyms like, jra.com or jra.ca.com
  • Make It Easy To Spell – Like it or not, most of us are spelling challenged. If your company name is Quizando’s Frozen Yogurt, you might want to consider something easier for the masses like a1yogurt.com, or yogurt4u.com

 Choose the right hosting company

5 To Host Or Not To Host

No offense Billy but it’s a fact; not all hosting sites are created equal. I can’t tell you how many calls I’ve received from frantic website owners because their website went down due to a hacker or a virus. Trying to save a buck by going bottom line on your site hosting is like paying your mom to pack your parachute. In today’s high competitive internet environment, you need reliability and safety. Choose a reputable hosting provider. Here are some things to look for:

  • Access To Support -Find out where there office is located and make a few test calls to their support department. That will tell you quite a bit about their commitment to you as a client.
  • Ask About Their Services – Do they offer SSL Certificates, site backup services, dynamic domain name addresses? Do they include all these with their packages or is it an ala cart hosting provider. This could end up costing you much more than you bargained for.
  • Choose The Right Hosting Plan– It’s tempting to choose the lowest price option but this is your business we are talking about here. Often premium packages offer far more value than the entry level packages. Weigh all the options out and choose the best for your budget.

 design your website

6 Design An Eye Catching Website

How will you stand out in the virtual sea of mediocre website designs? By finding the right look for your business. It’s okay to have you brother do your website, just make sure he has the knowledge to get the job done right. To much movement in the website components can be distracting. Here are a few tips to keep in mind:

 

  • The 8 Second Rule -Studies have proven that the average internet surfer spends about 8 seconds evaluating what you have to offer. Make those 8 seconds count. Place your contact info at the top in colors that stand out.
  • You’re Not Wikipedia – Don’t try to be Wikipedia by displaying huge complex content that describes your services. Such expose should be reserved for sub pages in your website. Create concise content and use eye catching calls to action.
  • More Than One Way To Skin A Cat – There’s nothing wrong with having multiple referral links to your pages, in fact it is desirable. Let your visitors navigate your site via the menu, links in the content, sidebars, and calls to action in the body as well as the footer.

 SEO website help

7 Is Your Website Being Seen?

Without SEO your website is just like a boat without oars. Years ago, having a nice website was sufficient to attract the masses. However today, with every business being online and Pay-Per-Click advertising gobbling up the usable web page real estate, you need more. SEO encompasses much more than Keywords. There are over 200 site ranking variables to consider. Your competitors are paying professionals to optimize for those ranking criteria, you need to do the same. Here are just a few factors to consider:

  • Keywords Are King -There is way more to explore than can be addressed here, however it is important to know about keywords. They are the traffic cops directing people to your site. Choose them wisely and use them judiciously. There are short ones, long ones and some that have long tails. Each has a purpose and can really boost your site in the rankings. A professional SEO person can help your site achieve greatness.
  • Keep It Fresh – Search engines feed on fresh content. Provide plenty of it through blogs, page updates, and constant site evolution. Your website is a living thing, feed it with valuable content that educates on a regular basis.
  • Share The Wealth – It’s call the “Web” for a reason. Like a spider web, your site should have as many quality links, both out and in, as possible. Be careful here. Search engines like reputable sources. Don’t be the link tramp that let’s just any old joe link to their site. Be discerning and court the most reputable companies and your rankings will thank you.

 Register on google

8 Patience Is A Virtue

Rome wasn’t built in a day, neither is a great online presence. Remember, Google has literally millions of websites to analyze and rank every day. It will probably take a minimum of 3 months to see real movement in your website rankings. Expecting your site to rank mere weeks after its launch is like wanting fresh bread immediately after mixing the ingredients. That being said, there are a few things you can do that will hasten the process. Here are a few ideas:

  • Register With Google -Why Google? You ask. Because, they are the 8 hundred pound gorilla in the room. You may not like them and may even hate them but one thing is clear; avoid dealing with them at your sites ranking peril. They are huge for a reason; they do things right. Use their host of website tools, Google My Business, Google Search Console, Google Analytics and many more, or go it alone and see how that works for you.
  • Get Some Help For Crying Out Loud!– Budgets are tight, I get that. But use your head. How much is one new customer a month worth to you? Now multiply that by 10, by 100. Refusing to pay for marketing help is like burying your head in the sand and hoping everything will be fine. Ten years from now your business will be in the same place it is now and you will be 10 years older.
  • Share The Wealth – It’s call the “Web” for a reason. Like a spider web, your site should have as many quality links, both out and in, as possible. Be careful here. Search engines like reputable sources. Don’t be the link tramp that let’s just any old joe link to their site. Be discerning and court the most reputable companies and your rankings will thank you.

 rlj online marketing has excellent customer service

9 Customer Service

Excellent customer service is simple; treat others as you would like to be treated. That being said, why is it that we see so many entrepreneurial folk that seem to have absolutely no clue about how to treat the customer? Maybe it’s the way they were raised or perhaps they are just not people persons, Regardless, if you don’t learn excellent Customer service skills, you may be having a short business ride. Here are a few ideas to think about:

 

  • Reach Out And Touch Someone -How often do you contact your customers? After the sale are you like the disappearing traveling salesman? How would you want to be treated? Let your customer know the status of their order or service even if there is no progress. At least they will know you care.
  • Call ‘Em Back– Whether it’s a phone call, text message, or email, response time matters. One principle I have tried to live by is that no matter the time, I hit my customers back immediately. It makes a difference. Not doing so could cost you far more than your personal inconvenience. All it takes is a few bad reviews like, “They just never called me back” to ruin any forward marketing progress you may have made. Hey, being in business ain’t easy, it’s just worth it.
  • The Buck Stops Here – If you screw up, deal with it. Do whatever it takes to make the situation right and then take steps to ensure it never happens again. Most folks are reasonable. They know mistakes happen. How you deal with it will be the key.

 don't look back

10 Don’t Look Back

The gutsiest decision you will ever make is to strike out on your own. Regardless of the reasons, you have taken the leap but now comes the hard part. Fear and doubt begin to raise their ugly heads, you begin to question yourself. To succeed you must develop unbending intent of purpose. Never even allow the thought of failing to enter your mind. Others have succeeded and so can you. You just need to find out what they did and do the same. Some tools you will need in your bag are as follows:

  • Learn To Love Goal Setting -Goals are the building blocks to success. Develop a pyramid of goals. Long term goals at the bottom followed by mid range goals and then short term goals. Plan your work and then work your plan. Your Goals should be difficult but attainable. Set Goals and watch your business grow.
  • Repeat After Me – Look in the mirror daily and repeat success building affirmations. They work because they restructure the psyche. Nothing can stop the determined individual who truly believes they can.
  • Roll Up Your Sleeves – Remember, you’re only beat if you quit. Keep fighting to the end. If you endure like a pit bull and never let the challenges overcome you, you will be successful. If it means selling that fancy car, or living on Ramen for a year, do it. The reward will be more than compensatory to the cost. Having been an entrepreneur for over 25 years I can attest to that fact. There have been lean years and years of feasting but I wouldn’t trade a single day. Freedom comes with a cost, and you must be prepared to pay it.

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10 things every entrepreneur should know

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