5 Things all new entrepreneurs should know

| November 4, 2015

5 Things all new entrepreneurs should know

Trying to get a start-up off the ground can be nerve-wracking. You’re worried about marketing, revenue, competition, employee salaries, the coffee machine not working and everything else under the sun.

As an entrepreneur, you’ve a lot riding on the success of your venture. If you have a good business idea and a sound plan, you have a solid foundation. However, if you want lasting success and a business that would grow and spread overtime, you need to start working on that goal from the very beginning.

Benefits: Long Term vs. Short Term

Understandably, your first concern when you start a business is gaining revenue. You’re probably concerned about keeping your business afloat while it establishes itself. That’s a valid concern but it’s just as important to establish a solid customer base and engagement – even at this early stage.

In the beginning all your customers are new customers. Keep them engaged by sending timely informative content, offering discounts and holding contests.

That might slow you down a little in the beginning, but in the long term, it encourages brand loyalty. These customers are the roots of your business tree and they’ll help you endure future financial storms.

Branding: Adding a Little Personal Flair

Adding personal flair doesn’t mean you have to be sharing baby photos and disclosing family secrets, it is merely about working your own style and personality into your business.

Everyone is unique, with different tastes, quirks, likes and dislikes. If you infuse your personality into your business, it can give your venture a distinctive look and feel.

So if you’re a fan of old comics, Bauhaus design and the Calgary Flames, why not infuse a bit of that eclecticness in your business’s branding?

In branding, don’t feel bound by standard industry practice. So if your comic-loving, design-conscious, Flames-fan self runs an accounting business, why not use that personality to stand out from the crowd of black suits?

Feedback: Keep it flowing

Client feedbacks can be a great way to improve your business. It can also be an opportunity to engage them on a personal, more direct level. Some small business owners would just say a simple thank you to positive feedback and a general placatory statement to negative feedback.

This creates distance between you and your customer. You can, instead, gently engage them in a dialogue. With complimentary feedback, try to get more details, ask for suggestions for improvements. With negative feedback, dig deeper, get more details and address the matter as quickly as possible.

How you respond to feedback determines just how much feedback you get. If you’re engaging your clients on a deeper level at this stage, you’re building better communication. The customers would feel more connected to you and would be reluctant to shift their attention towards competitors.