There are arguably millions of people who would like to start their own business, but they are hesitant because they have no experience, statistics suggest that most new businesses fail within a few years, etc. No matter what those fears are, the following five steps will help readers overcome them and turn their entrepreneurial dreams into reality.
Step one: Know how to find a niche.
Prospective entrepreneurs should be able to confidently answer the following questions:
• Is there an untapped market out there for the proposed service and/or product? For example, a person who is known for baking great chocolate chip cookies would do well to start small and focus on selling exceptional chocolate chip cookies. A signature item will establish a brand. Product lines can always be expanded after a business takes off.
• What are some "extras" that will keep customers coming back for more?
• How will the proposed service and/or product be better than what is currently available elsewhere?
Step two: Know how to handle customers.
Simply being passionate about a service/product is important. However, business owners should also be able to interact with their customers in a professional manner at all times. Bad news travels fast. Rants from a few disgruntled customers can kill a business before it gets off the ground. Thankfully, there are several books, webinars and seminars that can help teach readers/participants how to successfully communicate with various personality types before and after they start their business.
Step three: Know how to network.
No matter how passionate and talented a person is, no one is going to take notice of his/her business until the company name starts popping up in conversations. So, the owner will have to act as his/her own publicist in order to generate buzz and revenue. New entrepreneurs will also be better able to grow their business and expand their knowledge base by using social media, attending seminars and studying their competition to find out what clients like and do not like.
Step four: Know the rules and regulations.
Proper business registration is mandatory, no matter if the business will be run online or offline. Therefore, contacting state and local government officials to find out about necessary licenses, permits, zoning requirements, etc., is imperative before starting a business.
Step five: Know that education does not always trump experience.
There is nothing written in stone that says a person must have a college degree in order to run a successful business. For example, Martha Stewart has no formal training as a chef. She simply decided to start a catering business. Today, she is a household name. Those individuals who prefer to hone their business skills via educational programs can, of course, do so online and offline. One of the perks of formal training is that more people will be willing to take a chance on a novice if he/she has impressive credentials.