You have a business that works, but can you make it better?
At the beginning of a new year, it’s always tempting to change things dramatically. And after a month, you go right back to the way things were. The status quo always seems to be in place. You want to change, but, more importantly, you NEED to change. Gone are the days when you could ride a good idea for a decade.
You need to evolve as an entrepreneur. And that needs to start now!
Take a Risk…
Over the past two years, it may have felt that every business decision you made was a risk. Since the market was topsy-turvy and the stocks were diving, you might have felt that just being in business was success enough. It’s not. If you want to thrive in your market, no matter what it is, you need to step up, take a deep breath, and take a risk. You need to do something or say something that NO ONE else has thought of. Or you might want to just do something so insane that people can’t help but talk to you. Risks are exactly why you became an entrepreneur…stop playing things safe this year.
Be Ready for a Stormy Day
That said, having some funds saved up for a rainy day is a good idea too. You want to take risks without having to resort to Ramen noodles for your meals. Each time you get paid, pay your savings account first, then the rest of your bills. It’s going to seem like a lot at first, but once you see that nest egg grow and your blood pressure go down, you’ll see just how important it is to stop spending it all today. You want to have a future, don’t you?
Know Your Market
If you don’t know your market by now, you need to start yesterday. Each and every person that comes to your website, your store, or your Facebook page needs to be someone you know. Even if you don’t know what their middle name is, you need to know their hopes, their dreams, their education level, their income, etc. You need to know who you’re trying to persuade to buy your products. If you don’t know who you’re selling to, you may not be using the most effective sales tactics. For example, if you’re trying to market to a group that’s never on Facebook via a Facebook fan page, you’re not going to get a lot of return on that investment. Get to know your customers through surveys, market research, and talking to loyal customers.
Adapt, Adapt, Adapt
You can’t simply put something out into the market and expect it to be perfect forever. You change, the market changes, and the world changes. For example, today, you can buy your books to read on an e-reader. While this doesn’t seem like a big change, this also means that you should sell any informational products in that e-reader format since that’s what customers will be looking for. Be aware of the changes in your market, adapt your services to them, and see what happens. You don’t have to change your entire business to stay effective.
Spread Out
If the last few years taught businesses anything, it’s that you need to spread your marketing out. You need to make sure that you’re not just advertising via mailing lists, but also on Facebook, on Twitter, etc. There are a number of ways you can post your information in all of these spots at the same time, so don’t think this is going to take up a lot of your time. That’s not an excuse. What you will want to do is to find as many social media markets as possible and make sure that your company message and brand are there. You can’t be singularly minded anymore.
2011 looks to be a successful year for all of those who approach it with the right attitude. If you’re ready to say that you’ve had the most successful year of your entrepreneur life, it’s time to stick to your resolutions. For once.
“Small Business, Big Vision provides a framework for you to unleash your driven and relentless passion to achieve unprecedented growth.”
To get great result we must enjoy the process, because the success will follow if enjoy everything that we did. And those 5 tips on this post is one of the way to enjoy to become real entrepreneur.
thanks!
Zack,
Agreed buddy! If you don’t enjoy your job then you will not put in the effort to excel or succeed so that is a very good point to make. If you enjoy what you are doing and you have a great passion for the niche which you are working in, then success will come a lot quicker.
Welcome to Blogtrepreneur and thanks for the comment man!
Luke
Luke,
The last bit of advice might be the most important. And I’ll take it a step further.
You should also try to spread out over a couple projects at any given time. It’s dangerous, and maybe a bit foolish to put all your eggs in one basket. But, rather than use that old adage, think of it like juggling. The more balls you have in the air, the more you can drop without anyone noticing.
Yes Dave!
Totally with you on this buddy – many a time I have actually failed due to taking on way to much work than was humainly possible :) While you can learn a lot by doing this, it is not the most productive way to progress….and it will take longer.
Instead, plan you next move carefully and BRAINSTORM until you are comfortable that you are making the right decisions. Don’t go overboard with this step, but it IS important to carry out.
I mean….do you think there was a plan behind Facebook? Hell yeah, there would have been targets and objectives being met one step at a time until the final goal was achieved – and then once that’s been achieved, plan some more and evolve your business.
Thanks for the comment Dave – good to have you around buddy!
Luke
Super post and so true on all accounts, especially on spreading yourself out. It can be frustrating these days for businesses because of social media and the lengths that they are needing to go to spread themselves out to reach more markets.
I highly suggest that businesses outsource what they cannot handle so that it doesn’t seem like such a daunting task anymore.
Again, great blog! Take action now! ;)
Morgan,
I love your comment about outsourcing and it is very important to bear that in mind – if something is a little out of your range, in terms of expertise or ‘know-how’ it doesn’t harm to outsource to make sure that it is done properly and efficiently.
Great comment Morgan and as always, it’s good to hear your additions to our posts! ;)
Thanks.
Luke
Totally agreed. These five points, especially ‘knowing your market’ and ‘adapt’ are very much requirement of today’s entrepreneurs. Social media is spreading and to reach your potential customers, entrepreneurs should adapt all possible means in these sites.
@transcribe.
Yes Social Media is a great way to enhance your brand awareness and certainly ‘reach out’ to those out there who are potential customers, and people who can become part of your following.
I have just interviewed a guy called Jason Falls (of SocialMediaExplorer.com) and he has provided me with some fantastic and truly valuable tips when it comes to promoting and marketing businesses with Social Media. The interview will be going live in the next couple of weeks so be sure to watch this space! ;)
Thanks for your comment and positive feedback buddy…much appreciated!
Luke
Another great post, certainly the nest egg part, I have so many things I want to buy online, not get rich quick products, software that I can use to enhance my online business, and I am so tempted to splash out, but better save some money in case of the rainy day.
I am still trying to “know” my market, so I will be sure to try and define more clearly just exactly who I am targeting thanks for the tip.
Alex.
Alex,
Very true – If there is one thing I have learnt throughout working online it’s to never live beyond your means. Always weigh up the advantages and disadvantages of every purchase and ask yourself if you really NEED it.
I find it much more satisfying to save my money and spend it on tools and resources that are going to help me take my business further, rather than vanity (clothes) etc. Having said that, do your RESEARCH and make sure that the tools you are buying are really worth the money – that’s the beauty of the internet! ;)
Thanks for your comment Alex and keep ‘em coming bro!
Luke
Hi Luke,
I love the way you started your article, I completely agree that we all get busy making resolutions but find it so hard to stick to them and make them a reality. All the points mentioned were very important to the success of any business especially knowing your customers. If you cant understand the person you’re selling to, there is no way of knowing what to sell and how to do it. You may find the following article an interesting read.
http://businessinsightsblog.trainingforentrepreneurs.com/2010/08/26/12-business-skills-you-need-to-master/
Riya Sam
Training for Entrepreneurs.com
Hi Riya,
Thanks for sharing that article with us, and thank you for your kind words.
Glad you enjoyed the post!
Luke
Hi Luke,
I really appreciate the way you discuss each and every point very minutely. that’s why I am back again and again.
Great post and completely accurate in so many ways. Lots of small business owners find themselves in a rut because they’re so busy that they don’t actively take the time to try something new. No matter what industry you’re in, it’s important to adapt to your target audience tweak your offerings appropriately. Small changes can make a big difference. http://ow.ly/3JcvN
Adapting you business model is important in ensuring you get it right. Every succesful busines has goe through so many changes of their business model that it just part of the plan.
Hi Luke,
Loved going through your article. Thanks a lot for inspiring the entrepreneurs out here. I guess you definitely ‘KNOW YOUR MARKET’ so posted just what we need to focus on.
Keep it up !
Thanks for the great article. I’m starting up a business with two friends right now and what I’ve already learned is the importance of “adapt, adapt, adapt” :) We are configuring our website right now and keep changing not only the details, but quite a bit of what we offer based on what we’re learning from our very first client and through our full-time jobs. So, already adapting while the whole business isn’t even up yet :)