Starting a business is a fairly common venture in the United States, with more than 31 million entrepreneurs across the country, representing nearly 19% of the adult workforce, according to Search Logistics. Unfortunately, not all entrepreneurs are successful. According to BLS data, approximately 20% of new businesses fail within the first two years after opening, 45% fail within the first five years, and 65% fail within the first 10 years. Only 25% of new businesses last more than 15 years.
If you're thinking of starting your own business, don't let these statistics put you off. Instead, think about how you can start a successful business and understand what that means. Here are the steps you need to take to get started:
Make a list of things you're good at — it's so good you can do it for free
First, you should write down a list of 20 to 50 things that you are good at and enjoy. Yes, it's a long list, but it can be done.
“Too many people start thinking about what will make the most money instead of what means the most to them,” says PR agency founder and consultant Brenda Gabriel. “Narrow down your list to what your experience and knowledge make you better than the average person. Then, even if you have no clients or no one is paying you, you are willing to do it for free.” Let's narrow down the list to the jobs that can be done for you.
“The truth is, starting a business doesn't necessarily mean you'll make sales. At first, you have to be prepared to not make enough sales to pay a decent salary. Do what you love. That's one of the best insurance policies to keep going even when things get tough,” Gabriel said.
Ask ChatGPT for help
If you have three or so potential business ideas, Gabriel recommends logging into ChatGPT and asking them the best way to monetize them and the first steps needed to make your first sale. Recommended.
“Use what ChatGPT has to offer to create a one-page business plan for your first $5,000 in sales,” Gabriel says. “It's a goal big enough to stretch yourself, but small enough to feel doable.”
Thinking about businesses that will not (likely) be replaced by AI
Molly Plotkin of the Molly Plotkin Group suggested focusing on “contrary ideas.”
An example is shown below. “If everyone is focused on AI taking over entire industries, focus on the things that AI cannot replace: service industries and community-building programs and businesses,” Plotkin said. I did. “These aren’t going away and will be more in demand than ever.”
Get inspired by the worst customer service moments
We've all had some really bad customer service experiences. What particularly impressed you? It could be the seed of your business venture.
“Consider turning a bad customer experience into your own business,” says Joy Gendusa, founder and CEO of PostcardMania. “With the right experience and industry knowledge, you have the potential to fill a need in the market that is currently unmet. My business, PostcardMania, was born out of a bad experience with customer service. 25 years later, We had nearly $100 million in annual revenue, and it turned out to be a really good idea.”
Explore business chat on Reddit
Reddit is a platform where you can chat about everything from Buffy the Vampire Slayer to bad bosses, but it's also a place where you can learn from and interact with others who have started their own businesses.
“Browse through some related subreddits to understand what people are talking about within that category,” says Jake Luerkens, co-founder of Auxo Partners. “Are they mentioning the pain points they want to solve?”
talk to someone you trust
You can do this on Reddit and other social media platforms, but you should also do it elsewhere in your life (if needed). Tell people about your business idea.
“Think of a few people around you who might be interested in the product or service you want to offer, and talk to them about it,” Luerkens says. “Listen to advice and feedback about your idea or concept. Even better, see if you can pre-sell your product or service to them (once you get your first revenue, momentum will be huge. ).
Use the Google Ads Keyword Tool
If you have a Google Ads account set up, you can use its Google Ads Keyword Tool to see search traffic for different keywords.
“How many people are searching for the product or service you want to offer each month? Make sure it's a large enough group to build a viable business,” Luerkens says.
Dive into market research
Market research may seem boring, but a thorough understanding of market research is essential to success.
Dominic Maca, Head of SEO at LVBET, said: “Market research will be your best friend on this journey.” “Dive deep into the world of your potential customers. Conduct surveys, interviews, and focus groups to gain valuable insights. Their What are your aspirations, needs, and challenges? What are the existing products and services missing? This information will form the basis of your entrepreneurial adventure.”
Adopt a green approach
With global warming caused by climate change, awareness of environmental issues is increasing. Think about how you can develop a strong green business that is or can be promoted.
“Companies that focus on sustainability have a unique position in the market,” said Amber Dixon, CEO of Elderly Guides.
Subscribe to business publications
If you're looking to get serious about starting your small business, sign up to our leading business pub for high-level information from experts.
“Consider subscribing to trusted business publications, both in print and online,” says Matt Diggity, founder and CEO of Diggity Marketing. “Explore a variety of topics, from finance and technology to marketing and entrepreneurship. Take an interest in the content, take notes, and think about the strategies that successful businesses employ.”
Consider franchising
If starting a new business from scratch feels overwhelming or impossible, Dixon recommended considering franchising.
“We offer a proven business model and support,” Dixon said.
get support
Sure, you may start a business of your own volition, but you still need people to support you along the way.
“You need a support system before, during and after launching your business,” says Emre Güzeldal, co-founder and CEO of Roketfy. “Having family and friends with whom you can bounce ideas and empathize can be extremely helpful when going through the current company formation crisis. Find a mentor or, if qualified, help guide your new business trajectory. Apply for a program that will help you get on board.”
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