Four Things To Consider BEFORE Starting Your Own Business
According to a recent study, “61% of Americans have had an idea for starting a business,” which means that if you’ve been dreaming about starting your own business – you’re in good company.
Furthermore, there are many benefits associated with starting your own business, including:
- The chance to drastically improve your finances
- The chance to explore your passions and interests
- The chance to take control over your career
However, that’s not to say that running a business is easy. It requires a lot of work and focus, and there are many external factors beyond your control that could impact your success. As such, it’s important that you’re able to mentally prepare yourself before you start a business so that you can navigate any challenges with confidence.
With that in mind, here are four important things to consider BEFORE starting your own business!
The Time Commitment.
According to a recent study, “30% of business owners work 50-59 hours per werk, and 33% work 40-49 hours.” This is considerably more hours than you’d work in a more traditional job. As such, it’s important that you’re aware of this extra time commitment ahead of time so that you can plan accordingly. Of course, it’s equally crucial that you look into time-saving strategies that protect you from overly long working hours (and burnout).
For example, you may want to consider hiring staff as soon as possible so that you’re able to scale your business without taking on even more work yourself. You should also invest in technology and software that automates time-consuming tasks, such as daily admin!
However, it is also important that you are willing to put in a few extra hours here and there, especially when your company is in its infancy. After all, this will enable you to truly hit the ground running.
No matter what kind of business you run, there are certain rules and regulations that you must abide by, and it’s important that you familiarize yourself with these regulations ahead of time. This way, you’re putting your best foot forward and will not find yourself in a troubling legal situation further down the line.
While you can check out your local government and state regulations online, you may also want to work with a lawyer who has experience within your industry. For example, a Cannabis Business Law Firm is on hand to help set up your brand in accordance with the strict (and ever-changing) laws relating to this kind of product. This way, you can move forward with your business plan knowing that you’ve laid out the foundation for success.
In order for your business to have a competitive advantage, you need to identify your niche or USP (Unique Selling Proposition). After all, these are the factors that will separate your brand from every other brand on the market, making it easier for you to connect with your audience and grow your business.
One way in which you can identify your niche is by focusing on figuring out who your target audience is. Beyond basic demographics such as age/gender, ask yourself questions such as:
- What are their spending habits like?
- How do they spend their time?
- What products do they want/need?
- What is their budget when shopping?
- Do they prefer to shop online/in person?
- Are they interested in loyalty schemes?
Asking the above questions will help you paint a clearer picture of your ideal consumer in your mind. You can then begin to tailor your products or services directly to this audience. Remember, in order to bring forth the most success, you have to give your audience something they could not get anywhere else!
Your Marketing Strategy.
In order for your company to hit the ground running, you need to understand how to market your business to your audiences. For example, it’s not enough to simply set up a social media account and post pictures of your products; you need to:
- Find new and diverse ways to interact with your audience
- Curate a wide range of content (not just advertisements)
- Drive traffic toward your website
As such, it is important that you develop a strong social media marketing strategy ahead of time in order to ensure your business gains as much exposure as possible. For example, you should plan to post around 5 times a week. This will ensure your posts will remain in your customers feeds, without it being overbearing and encouraging them to hit the unfollow button.
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