If you’re one of our readers interested in starting a new business, congratulations! You are in the greatest country in the world to make your dreams a possibility. The catch? It’s going to take everything you’ve got to turn an idea into a success. If you’re willing to sacrifice other aspects of your life for a certain amount of time and put your focus on every corner of turning your dream into a reality, then we at Valuetainment are here to help!
Alongside our entrepreneurs in-house, we have also outsourced top publications Forbes, Entrepreneur and Oberlo to give you the 7 best tips and tricks for new entrepreneurs in 2023.
- Determine your “WHY,” and find the best ways to monetize and profit from your business. The best questions to ask yourself are:
- Who are YOU?
- What do you love to do?
- What are you good at?
- How much time are you willing to invest in your business?
- What and how can you sell?
- Will you need to partner with someone or ask for investments?
- Research – In any business, you want to make sure you have a clear vision of what you are interested in selling as well as research your potential competitors. Data is your best friend, so your primary and secondary research should revolve around already existing statistics from businesses already out there. Next, analyze your product’s SWOT analysis which are your strengths, weaknesses opportunities and threats. Compare them to existing businesses and see where you can differentiate but also relate from the best.
- Understand your customers and their needs – every great business owner understands the value they are offering their consumers. When you recognize their needs not being met and you granting them relief from your services, you may just have a customer for life.
- Focus on one niche now and expand later – the top perfect example is Amazon. The company began as a simple bookstore. It now has expanded to the dominating e-commerce and cloud computing company you see, today.
- Invest in your network – Building strong, long-lasting relationships is a huge component to making sure that your business goes round. Your focus should be to remain surrounded by a supportive network filled with like-minded individuals who are within the same realm of expertise. As we say here in Valuetainment, “Proximity is Power.”
- Make sure you put your employees before yourself. Checking your personal vendetta or emotions at the door and entering your office with the priority being your employees will only advance your business. If you do that, then they will be motivated and excited not only to come to work but to want to go above and beyond for the company.
- Never drop your guard – always remember that your competitors are never sleeping. So yes, you should sleep, but always keep one eye open. The moment any business gets too comfortable, another company comes in and sweeps the number one spot from under you. Stay up to date with your consumers and what they are asking for. You always want to make sure you continue delivering the best quality product or service and remain outshining the competition.
Valuetainment offers Valuetainment University for VT subscribers interested in expanding their businesses.
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