The basic idea behind establishing a business is known by one and all. However, the obstacles and the high points an entrepreneur or professionals encounter are purely personal. Your struggles are different from your competitors. As a result, you should be prepared against all odds and be aware of your team’s strengths and the underlying opportunities in every situation. There will be many hurdles that are new to you and others, but there are some things you should expect when you are into entrepreneurship.
So, here are 7 surprising things that give you a glimpse of how unpredictable and exciting business can be. These things will hopefully help you manage your business better.
You can use only one online tool to manage all daily tasks
Managing productivity is a big issue faced by all businesses, irrespective of their sector. Businesses heavily rely on online apps for every task- from selling products/services and appointments to team management. However, it is not cost-effective for a business to sign up and pay for multiple software. Hence, businesses can access a free online appointment scheduling and booking management software like Picktime that assures a great customer experience along with smooth workflow management. Provide customers with the flexibility of receiving services at any time. Just create a customized online booking page with a personalized booking button that suits your business needs. Link this page to your website and social media profiles to take direct bookings. Empower them to self-schedule appointments through this customized online booking page through this online scheduler. You can also craft a personalized online booking form with different fields for customers/clients to enter their requirements and queries.
Send automated SMS and email meeting reminders to reduce no-shows. Use the Zoom/Google Meet integration to conduct virtual meetings for remote clients/customers. Get a free online calendar service for monitoring team schedules and appointments round-the-clock at all your office locations. You can also accept online payments in advance via credit cards, PayPal, Stripe, or Square. After payment, send digital invoices to your customers and email feedback forms. Later, highlight those reviews on your website. Get access to downloadable business reports from your Picktime dashboard to measure efficiency and performance!
You should network with people across various fields
Networking is a vital part of your daily business operations. People might tell you to connect with individuals or professionals only from your field. However, that is not going to take you far. You need to attend conferences, trade events, and parties where you can engage with professionals from other sectors and expand your business. Suppose you work for a digital marketing agency, then you can then connect with people from the medical sciences sector, media sector, fashion & entertainment sector, and many more. When you restrict yourself to one particular industry, you limit the opportunities and abilities possessed by your company. Networking will help you get insights on how to run a business. It will get you clients, mentors, customers, and candidates.
It is imperative to have a mentor
While scaling your business, it is vital to have a mentor by your side. A mentor is a professional who has already trodden on the path to success as an entrepreneur. Hence, such mentors will be able to provide valuable real-life experiences and perspectives on business operations. The wisdom you get from a mentor’s experience is invaluable. It will provide you with unique ideas and opportunities to strategize your marketing efforts to maximize effectiveness. Once you have a mentor, you can rush to them for suggestions and help if and when you land in confusion and trouble.
Your office/store location matters a lot
One of the worst decisions that aspiring entrepreneurs often make is choosing the physical location of their office. If you think office location does not matter, let’s explain with an example. Suppose you sell premium quality clothes and garments and you have decided to launch your first store in a busy street because you want more customers to notice you. But that store is located in an area inhabited by low-income earners. You will not get the desired customers from the targeted demographic group. Thus, having an office/store in the apt location is a necessity and cannot be ignored.
Be aware of legal matters even if you have consultants
Before starting your business, people will advise you to hire a tax consultant, insurance agent, and in-house lawyers to deal with legal matters. As a small business owner, you will mandatorily need a legal consultant, but you can file taxes yourself and apply for your insurance without hiring somebody for help. However, just because you are hiring somebody to help you out with legal matters, it does not mean that you should not be concerned with all the legalities. You have to be up to date with legalities. Name your business after searching online so that it does not match with that of any other business/corporation/group. Compulsorily register your business and acquire a business license before you start operations. If you blindly set up a business without following the law, you will land in deep trouble and lose your business and money.
Learning from your competitors is indispensable
Learning from your competitors makes a heavy impact when you plan to grow your business or transform it into a brand. Most people will tell you that you should have opposing views from your competitors, but the truth is you have to add more value in comparison to your competitor. To add more value, you need to research and learn your competitor’s daily operations, marketing efforts, offerings, extra benefits provided, and how they enhance customer experience. Learn from your competitor’s successes and failures. You may visit their stores to understand how they work. Analyze their social media content. See their pricing strategies. Determine their weaknesses and try to capitalize on them for your gain. Offer your customers everything that your competitor fails to provide.
Early success does not guarantee long-term success
After you launch a new business venture, you may achieve early success through some campaigns. However, you should not let that success get to your head or be egoistic. Maintain the same levels of discipline and honesty that you had at the beginning. Keep your business values and vision in mind. After you finish a project or get a client on board, think of what is next and work for it. Ensure that you have cooperative and skilled employees. You should start your day with a priority list and enlist tasks in order of urgency and importance. You can even seek help from online tools like Google Keep or Evernote for creating such daily task lists.
Consider these seven steps to understanding what to expect when you are planning to become an entrepreneur. As a final piece of advice, remember that your family always comes first. You can take big risks for business but never compromise your family time to indulge in a project. Just delegate tasks to staff and stay updated.