Article
10 Tips for Emerging Entrepreneurs
16 Apr 2021
2 Min Read

In many ways, it’s easier than ever to become a successful creator.

Ideas can potentially spread virally thanks to social media and online platforms. These days, almost everyone has the dream of starting their own company. After all, what could be better than being your own boss and bringing your passion project to the world? However, it may require you to take your focus off of superstardom and shift it toward monetizing what makes you happy. Having realistic expectations and clear attainable goals, will go a long way in helping pave the path towards your future.

Being successful often means learning from those who have already achieved their goals. Having a mentor is an amazing blessing to an entrepreneur, but not everyone can find one in person. If you haven’t yet found your personal business guru, here are the tips for young or aspiring entrepreneur to help get you started.

 

Self-Funding

Start where you are with what you have. Keeping a “day job” is important in the beginning so you have the resources to fund your creative endeavours. The easiest way to get start-up money is to save some of the money you make from your day job and/or reinvesting the money you make from your small creative business. Whether you’re freelancing or selling your art/product, you should reinvest your profits in order to grow!

 

Find a niche

In order to make a profit, you need to find a consumer base to serve. The easy way to find a consumer base is to look at the problems you’ve encountered and find a solution for them. Once you’ve found a solution, you can easily generate income by solving those problems for others. Every market is competitive in some capacity. You bypass competition by being creative, niche-ing down, and creating a space for yourself.

 

Plan Your Business

There is no substitute for a solid business plan. If you think you’ve planned your business and market strategy out enough, you’re probably wrong. Analysis of your target demographic and competitors is especially important. Also, prepare yourself for any eventuality. Analyse any possible thing that can go wrong with your game plan, and then prepare an apt response. That way, when anything does happen, you’re ready. Keep track of your skills and weaknesses, what you offer, how said product or service is unique, and how you plan on growing your offering once you’ve entered the market.

 

Work with Others

There are so many businesses that you can become involved in to fund your creative endeavours while simultaneously helping others. Keep in mind that your business can be both B2B (business-to-business) and B2C (business-to-consumer). Networking is crucial. If you’re an introvert, then you may have some difficulty with this. Create a business environment and authority through your work to get people to come to you if you can, and actively seek out opportunities to refer your business to someone that you want to work with.

 

Motivation

Staying motivated can be tricky. A lot of business coaches and entrepreneurs will make you feel guilty for feeling burnt out. They say “your passion and problems should drive you,” but oftentimes that’s unrealistic. Creating an unsustainable amount of work for yourself in order to gamble on a dream can potentially have ill-effects on your mental health. Pace yourself, and know when to take a break.

 

Keep Your Marketing Budget Tight

Marketing your business is extremely important, but it shouldn’t cost an arm and a leg. Remember, social media is your friend. Creating your business page on Facebook and founding social accounts on Twitter and Instagram for your business is free, and will also help your SEO. Submitting your website URL to search engines like Google and Bing is another free way to boost your visibility. You don't need to be a stinger, but good marketing should work smarter, not harder. Hit the right demographic and you won’t have to invest in complex or costly paid media campaigns. Strong, targeted email and social media campaigns are much cheaper and more effective.

 

Getting Investments

Knowing an investor never hurts, but there is considerable work to be done before you should approach a lender of any kind. You need proof of concept and a solid business plan to illustrate how the investor will see a return. In the beginning, it is easier to start small. Crowdfunding is an amazing tool that can certainly boost many creative businesses. However, the burden is on you to get people to literally buy into your idea. Is the idea sound? Is your product worth the investment? Do you have the support of enough people who will buy into YOU to help you fund your dream? Crowdfunding only works when you have an amazing product, an amazing solution, or an amazing personality/story.

 

Take Risks

Humans are generally risk-averse, but part of being an entrepreneur is being willing to take risks (and knowing which risks are viable and which aren’t). Learn which risks will benefit your business and which won’t, and learn to go for it. Entrepreneurial endeavours aren’t like calculus equations. There is no guaranteed right answer. Sometimes you have to analyse the market and take a leap of faith. Everyone, and we mean EVERYONE, who has ever achieved real success has taken a risk.

 

Work Life Balance

Entrepreneurship is a lifestyle, but don’t work yourself senseless. When you’re running your own business, it’s really easy to forget to clock out. The days of 9-5 are long gone for you (if you’re successful), but remember to separate work and play. Don’t let your business take over your life. You may have to put in a extra hours at the beginning to get your endeavour off the ground, but in the long run, be sure to watch your time management so you can have time to keep LIVING.

 

Never Stop Learning

This is critical to success. The market is constantly changing. You should be, too. Starting your own business is a constant process of growth and learning. Teach yourself new skills, from SEO to writing to design to management and presentation. The more you know, the less you’ll have to pay others to do stuff for you, and the more you can understand the inner workings of the market. If you want to get into the entrepreneurial game, you need to be ready to go 110%, and that means signing up for a never-ending learning process.

Source: entrepreneur.com & business.com

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