Startup Tips Every Entrepreneur Should Consider
To many, owning and operating a business is the ultimate embodiment of the American dream. After all, going into business for yourself offers various distinct advantages. However, as highly sought after as business ownership is, it is still incredibly challenging to achieve a sustained level of success. According to the Bureau of Labor Statistics, only “50% of small businesses will survive 5 years or more. Approximately one-third will survive 10 years or more.” While these numbers are not entirely inspiring, there is still something to be said of the 50% that find that 5-year mark and beyond. If you are an aspiring entrepreneur, there are several ways to prepare yourself for the journey ahead and ultimately give yourself the best chance possible to achieve business success. Here are five tips to consider before embarking on your professional venture.
Discover a Need and Leverage it
Some of the world’s most successful businesses were created to fulfill a societal need. From everyday goods and services to the abstract creations of the IT industry, the most successful ventures seek to answer or satisfy a need that exists in a community. Before trying to mimic or copycat an already existing business model, take a step back in an attempt to solve an unresolved problem with an original solution. This type of approach is more likely to yield innovative results providing you with a stronger business model.
Exploit Your Talents
There is an old saying that goes “do something you love, and you’ll never work a day in your life.” While that proverb is not exactly practical, there may be some wisdom in it beneath the surface. We’re not trying to re-write history here, but we believe “doing something that you’re good at,” creates a more significant potential for initial and sustainable success. If you can find a way to take advantage of your talents and employ them in your business efforts, you’ll likely experience a meaningful advantage in your work.
Surround Yourself With the Right Talent
It is a relatively common trait of humans that we don’t like asking for help. That being said, in a business venture having a versatile and proficient team with a like-minded objective can be crucial to experiencing real success. Often a founder will attempt to run all facets of the business. More often than not, this leads to certain aspects of the business being overlooked or underdeveloped. Having the right team in place with clear objectives and responsibilities can help ensure your company is operating as efficiently as possible.
Develop a Clear Business Plan
It may sound rudimentary, but a well-written business plan provides essential advantages in the business world. A business plan should spell out your company objective and explain how your company plans to make a profit. Seeking out professional support in creating a healthy business plan can open your company up to investments opportunities, heightened exposure, and ultimately help direct the direction of your business in a transparent manner.
Consider Franchise Opportunities
Owning and operating a franchise is an effective way to experience particular advantages of owning a business without a significant portion of the risk. By considering the previous tips and applying them to searching for a suitable franchise opportunity, you can find financial success in a proven business model with profound resources to sustain it.
Mag-nificent offers attractive franchise opportunities in the photography & event planning industry. Although our concept is a great way for photography enthusiast to exploit their passion, not prior photography experience is required. Our model for success sets itself apart by providing the tools, support, and experience for franchisees to experience ultimate success. Contact our team today to learn more about our opportunities, and you’ll soon understand why more and more business ventures are investing in a Mag-nificent franchise.
