it is estimated that close to 75% of the start-ups end up hitting the ground in the span of the first 3 years. How do you make sure that you are among the lucky 25%?
If you have set sights on starting a distribution company, and leave your dreary 9-to-5 job in the dust, then here are some tips to help you succeed in your entrepreneurial endeavors. Read on…
Realize What You Will Have To Go Through
Setting up a business and getting it up and running is one of the stressful things. In the first couple of years, the money coming in would be low and the hours that you end up putting in would have no end in sight. There will be plenty of setbacks and anxiety will greet at every corner.
It is not for everyone.
However, if you are still here after reading all of that pessimism, then you need to have a clear mind on the business goals that you seek to achieve in the next 15 or so odd years. What is your business going to be based on? What are your finances going to be like?
Understand What Your Customers’ Needs Are
The success of your business depends on how successful you are with your customers and clients. If you are able to understand the issues and problems that your target customer base has to work with, then you can better produce a solution to their problem. Having a dedicated marketing team helps you realize what the customer needs and how your products/ services can better help them.
There are also other factors of your client base that you will have to take into consideration, such as the geographical, cultural inclinations and income levels among others.
Who Are You Locking Horns With?
You are going to face competition in whatever field you are in. Even if it is a newly found niche, there will be a new enterprise that will gain up on you. Find out what are the entry barriers that keep your products/services unique. What is the edge that you have over other competitors? If you don’t have an advantage, how can you start to incorporate one?
Go through your competitors’ stores, and see what it is that they are providing differently for their customers. Build on it and make it truly your own!
Keeping these pointers in mind will ensure that you are starting a distribution business with flying colors.