There’s no sugarcoating it — starting a new small business is one of the riskiest things an individual can do. Those willing to put themselves out there expose themselves to financial and reputational vulnerabilities. They can find themselves unprepared for the challenges that will arise. Becoming a small business owner is an inherently unpredictable process.
However, that's why achieving success is so satisfying. It is a direct testament to that person's entrepreneurial instincts and agility. It's important to remember that there are no guarantees in business. If you follow a few core concepts, a new small business owner can position themselves to have a better chance for success!
Successful entrepreneurs know their industry backwards and front
There are too many folks out there who dive into their small business idea with a narrow working knowledge of the industry (and market) in which they are entering.
Take the restaurant industry, for example. It is a common punching bag in the business community, but there are important lessons to be learned from it.
Many people think that because they enjoy eating food and cooking at home they can carry that over to owning and operating a profitable, successful full-service restaurant. But that isn't how business works!
One must do their due diligence. A successful small business owner is one who thoroughly researches industry trends, technologies, target markets, and conducts competitive analyses.
They listen to industry-specific podcasts. They read relevant articles and books. They dedicate themselves to learning as much as possible to mitigate risk. Staying organized is crucial to facilitating this self-education. Knowledge truly is power.
The education industry, as another example, is multifaceted. Going from being a teacher to owning an education-based business is not something that can happen without taking these steps.
The customer can be a partner
The best business owners don't just treat their customers solely as customers anymore.
The customer is a valuable resource, and if properly understood, can oftentimes provide answers to important questions about the business's trajectory:
- Who is the target customer
- What is that they need/want out of a product or service
- What turns them off to certain companies
In this hyper-digital day-and-age of social media, business owners have direct conversations with their customers. They might even develop some of their strategies around those very conversations. Cultivating a strong online presence is a no-brainer.
Developing that relationship can be one of the most invaluable things a successful small business owner can do. And there has never been a better time to do so from a technological perspective.
Sawyer is committed to small business
To truly position itself as well as possible, a new business must have a reliable, centralized system to keep it organized, efficient, and on track for success.
Sawyer Tools provides software that will ease the burden for education-based entrepreneurs. We are excited to continue to get our system out to the world to make a difference in every entrepreneur's life. Request a free demo today!