Deciding to become an entrepreneur in the middle of an economic crisis takes guts. It’s an admirable act, especially if you’ve always had an entrepreneurial fire in you. Now might not be the best time to start it as the risks are twice as high because there is a huge chance it will take longer before your profit starts to gain momentum.
The weight of the possible drawbacks of starting a business during these times is heavier, especially for first-time entrepreneurs. It will not be a smooth ride in creating it and finding ways to work around some problems you will encounter more often than not. Fortunately, with the modernization of marketing, there are many ways to succeed as an entrepreneur despite the odds.
Tips For New Entrepreneurs
1. Invest in marketing
Digital technologies have taken over the marketing process for most businesses, so you need to get your hands on digital marketing if you want to succeed. You can still do the traditional way of marketing, but digital marketing should be a part of your equation.
With this kind of technology, you have a wide range of options available at the end of your fingertips. You can use social media and email campaigns to identify and reach your audiences; with these, you can even personalize the process to turn each customer into a loyal consumer.
If you want to target a broader range of consumers, you can give above-the-line advertising a try, too, by advertising on TV commercials, radio advertisements, billboards, and newspapers. Of course, below-the-line advertising is also an option if you target a more specific audience.
Of course, the marketing strategy you should adopt ultimately depends on the kind of business you have and how much you can invest in each medium. Although the more you invest in marketing and technology to keep up with the newest trends, the more profit you can earn in no time. You can even incorporate brand health trackers to help you measure how your target market interacts with your business. It might be a financial gamble, but it should be a risk you’re willing to take.
2. Hire qualified and skilled employees
A business grows more if there are skilled people that are contributing to its growth. So, if you are starting a company that requires you to work with employees, make sure you take the time to go through each application and only choose the best fit.
Besides looking at each candidate’s CV, you should also consider their personality. Remember: papers are one thing, but the person is another. You have to see through the skills and talents by considering how good of a team player each candidate is because the company’s success depends on the team’s efforts and not just the individuals’.
3. Keep your finances checked all the time
The financial aspects of any business are a headache for most entrepreneurs, especially first-timers. It might get overwhelming, so make sure that you also consider hiring an experienced and skilled accountant to handle this part of your business.
Besides the account, you also have to keep track of your finances to ensure that everything falls in its proper place, especially when tax season comes. And even if you’re enjoying your business, don’t forget that you need revenue to reach breakeven and earn back all the costs you invested in it and eventually some profit. It will be best for you to always meet with your accountants and create an analysis of your business expenses, income, and other money matters of your company.
Know your competition
Here is something that many first-time entrepreneurs forget to check on: their competitions. You have to remember that no matter how original your business is, there will always be something out there that will be pretty similar, which will be your competitors.
Knowing your competitors does not mean you want to compete with them. Well, you can, but you have to do it healthily. When you get to know these other businesses, you can observe how they succeed. Use their history as a guide you can learn from.
Play Your Entrepreneur Cards Right
As mentioned, starting a business during these challenging times is a huge gamble, but if you know how to play your cards right, you should make it work and succeed as an entrepreneur.