Forum Discussion
VCMEssentials
26 days agoContributor 3
Being an entrepreneur is challenging but here is some advice I wish I had known before I started my journey.
- Communication - you must be able to convey your mission/vision with clarity. As an entrepreneur, we understand our message but sometimes that does not translate to our audience.
- Use social media (my advice focus mainly on two social media platforms unless you have someone dedicated to managing your social media consistently.)
- Understand your industry the pros and cons of your industry before you start. So you can have a contingency plan in place. Some industries are seasonal, some industries the protocols/guidelines are always changing, some industries have low start-up costs and some have high employee turn-over.
- Support - look for free business resources like the SBA/Score (provides free mentorship), and programs like the Verizon Digital Ready program.
- Education/Experience: getting hands-on experience is essential for you to get better. Education and certifications can be important for your industry, they can help you become an expert in your field, differentiate your business from your competitors, and make your business stand out.
- Finances - Do not spend unnecessary money, especially in the first 3 years, statistically start-ups have a high failure rate.
- Business credit - establish it as soon as you can, and if you are trying to get credit from a few creditors, try to apply for credit within the same week so it does not affect your personal credit more than once. (note: some creditors do ask for your SS and business EIN to apply for credit)
- Find ways to increase income: such as 1. affiliate marketing, 2. a new product or service (make sure you take a poll, and test it out for a few months before committing to the new product or service; as it may not make sense financially or operationally.
- Invest in assets or find ways to have your money grow for example business high-yield savings, or business CDs.
Running a business is not easy, make sure you have a business plan (that you update every 6 - 12 months, know your KPI's, always provide exceptional service, request customer feedback, and start the business for a trial period especially if you don't know if it is a profession you are truly invested in. Hope that helps!