Of course, you’ve been rendering that services to family, co-workers, and friends for years, and you think you are good at it. Then, you think, “starting a business and catering for a wider audience is next.” Or you are one of those who never want to go back to your bosses after the stay at home orders are lifted.
Forget about those family, friends, and co-workers, encouraging you to start that business. They may not be willing to pay for your services (after all, they are your target audience). Eventually, you’ll need to expand beyond your circle.
What you don’t know is that it’s a different ball game when you have to do business out of your hobbies and passions. Despite how straight forward it appears, Harvard Business School noted that about 90% of start-ups fail.
You don’t have to join these massive number of business failures. That’s why you have to follow these tips to success at your new business;
Regardless of how unique or novel your business idea may seem like, someone has been there and done it before. To succeed in business, you need a mentor to guide you.
A mentor is well aware of the mistakes, pitfalls, and blunders you are likely to encounter since they’ve been through it. A mentor will steer your path away from such traps.
The idea of starting a business is to make money. Most companies that fail did not think it through; they decide to follow their heart.
Draft out a business plan that clearly states how you are going to make sales, your target audience, marketing strategies, and all the nitty-gritty. Don’t launch into the deep if you are unsure of how to navigate.
The only way you can succeed in business is to be a problem solver. Your business model needs to be wrapped around a problem while you provide a solution.
Within your niche, some businesses are solving the same problem, ensure your business model is unique.
As a point of conclusion, there are different reasons why businesses fail. However, by using these three-prong approaches, you can steer your business away from the brink of failure.
When you are confused, your mentor will be there to help, and sticking to your fail will put you on the path of success.