In the wake of the great recession, an entire generation of so-called ‘accidental entrepreneurs’ began launched their solo pursuit of financial independence. Having rebounded from hardship and capitalized on ground-breaking remote communication technologies, these entrepreneurs are now part of a group that will account for an estimated 40% of the U.S. workforce alone by 2020.
While the concept of entrepreneurship was once restricted to those in Western communities, it is now beginning to take hold in Eastern countries and locations. Take Kuwait, for example, where there are a growing number of active entrepreneurs that are expected to benefit from the government’s proposed $ 7 billion dollar investment in small businesses.
Starting your Business Venture: 3 Tips for New Entrepreneurs
While there is a clear opportunity to launch a thriving and lucrative business start-up in 2015, however, doing this successfully remains a relatively difficult challenge. With this in mind, let’s take a look at some of the crucial steps that novice entrepreneurs must take if they are to achieve their commercial goals: –
Identify a Simple and Commercially Viable Idea
There are many ways to identify a business opportunity, from external market analysis to the accrual of targeted CRM data. This offers little more than a theoretical insight into the validity of your idea and its encompassing market, however, while it does not help you to understand the potential cost base of bringing a business idea to life.
In effect, there are two stages to identifying a suitable business idea. The first requires you to target a specific niche, and the best way to achieve this is to tap into your own personal experience and list any individual’s issues that have not yet been addressed by existing service providers or suppliers. For the next step, you must perform an accurate cost analysis and ensure that your idea is commercially viable (not to mention profitable) before it is brought to the market.
Minimize Costs in order to Maximize Profitability
While this may sound obvious, the challenge lies in reducing costs in way that does not compromise on the performance of your business start-up. The location of business provides a relevant case in point, as while some areas may be cheaper to operate in than others the address that is associated with your firm can create a negative and unfavorable perception. Depending on the nature of your business, you may not even need to incur the considerable cost of leasing commercial premises.
This is why the concept of virtual office space is so advantageous to new or independent business start-ups. To begin with, utilizing a virtual address enables you to associate your brand or business with a suitable location that offers reassurance to potential clients, while it can also reduce the cost of sourcing, leasing and furnishing properties in high value regions. So if you aim to establish a new luxury brand in London, for example, you can create a virtual address in Mayfair or Kensington without spending outside of your budgetary means.
Market your Venture in a Targeted and Suitable Manner
The purpose of matching your business with a suitable address is to ensure that you are creating a viable (and ultimately sustainable) brand proposition. This should also drive your marketing efforts, so that you are able to create a targeted and integrated strategy that creates the best possible representation of your brand across all online and offline mediums.
Social media is central to this for new entrepreneurs, as it can be accessed for free in many instances while it is also easily measurable and offers you access to a global audience of millions. Video marketing is also an increasingly pivotal aspect of promoting your business in 2015, with recent studies suggesting that 71% of content marketers believe that this method offers the best sales conversion rate. By combining these techniques within an affordable and integrated campaign, you can effectively engage new customers and promote your brand across multiple media types.Business & Finance Articles on Business 2 Community