Are You A Budding Entrepreneur? Here Are The Top 4 Tips To Start A Profitable Online Business
Everybody wants to be a boss. We want to have the freedom to travel, to spend time with our loved ones, and create memories. We don’t want to be restricted to a 9–5 nor work extra hours to make ends meet.
We want comfort. For many, being an entrepreneur is the key to getting it. However, entrepreneurship is no walk in the park. Studies show that 20% of new businesses fail within the first two years, 45% within five years, and 65% during the first 10 years. Only 25% of start-ups are fortunate enough to get to the 15-year mark.
Despite the statistics, the interest in entrepreneurship has risen since the onset of Covid-19. The almost instantaneous loss of jobs in several industries is an important factor behind this trend.
If you’re thinking about job security in the event of another economic disaster, the following tips can help you get started on the right foot.
- Get a mentor
A mentor is vital to success. They work similarly to a coach in a sports team — they help you to avoid costly mistakes by highlighting the dangers of bad business habits.
While it may be costly to hire a mentor initially, there are many affordable mentorship programs that you can subscribe to.
2. Find a good product or service
The type of product or service you choose to sell is paramount. You need a product that people will pay for over and over again. Your product needs to be superior if you’re selling a popular item but just as affordable as the leading brands.
This might be difficult if there isn’t a demand for the item you want to sell. As such, you should find out what the people in your community need and try to fill it.
3. Study your prospective market
Your market pays you. When you study its likes and dislikes, you can offer them the things they want. You can do this by conducting a feasibility study.
Feasibility studies are usually done to help business owners find out if a product can be profitable. These studies analyze a specific demographic and geographic location. Though the process sounds complex, it isn’t. A simple questionnaire could help you get the data you need.
4. Learn digital marketing skills
Digital marketing skills are vital. As the globe embraces online transactions and social activities, the need for products to be visible on the internet is salient. Acquiring digital marketing skills will allow you to get similar results to your competitors with a reduced marketing budget.
Large companies hire digital marketers to run ad campaigns and then plug thousands of dollars into ads. You might not have that type of capital, but there are unique techniques that are only privy to digital marketers. Learning the skill gives you access to these techniques!
To succeed as an entrepreneur you need to learn new skills. Unlike a standard job, you have to add to your portfolio to stay relevant. This is why entrepreneurs are always networking with each other and adapting to the needs of the market. If this sounds like something you want to be a part of long term, you need to attend every entrepreneurial training you can.