Being your boss can be extremely rewarding. This is probably why so many small businesses exist. According to the Global Entrepreneurship Monitor, You, like many new entrepreneurs, have an idea of what it takes to succeed: hard work, risk, and dedication. These are all true. There are other ways you can navigate the world as an entrepreneur.
1. Shop. Your success is dependent on how well you compare to the competition, whether you are offering a service or product. You can only learn from others in your niche or industry. This is called market research in business terminology. Try a new approach. Instead of focusing on the features they offer in comparison with what you offer, or how you are different from them, look at shopping from the perspective of the customer. Try to think like a shopper. These are some tips to help you get started:
- Make a list of the things you would like to gain from experience. This could include how your competitors treat your clients in your area or how they teach their online courses. These things can be experienced as a customer. If you are interested in teaching online classes, make sure to sign up for at least three studies on the same topic: bad one, one that is great, and one that is somewhere in between. Do not choose your topic. You should select something similar. Take a course on how to create a business plan. Although the course is still targeted at businesspeople, you won’t be able to sit through it comparing yours with theirs.
- Notes are a good idea. Keep track of what you do. You won’t be able to recall the exact details later. You can use a note-taking application or the notes function of your phone to take notes. You can go back to the list you made and answer the following question: What do you want from experience? Consider the online course as an example. Your notes should include reasons why you liked and disliked certain parts. Your marketing message will be more effective if you understand why clients and customers buy or don’t buy.
2. Be pivot-ready. a lot is happening in the US economy and globally. Those businesses that were able to pivot quickly succeeded when the pandemic struck and lockdowns were ordered. Another shift is underway. (Hint, we are constantly experiencing a growth. Some are more apparent than others. This will have a different meaning for your business than it does for others. You change how you do things when you pivot. There are some things that every business owner can do to be ready to pivot, regardless of whether they need to make changes to their product or redefine their target market.
- Include pivoting in your business plan. You are not reorganizing the entire product or service when you pivot. Instead, you are redesigning a single component. You should identify where you may be able pivot. You likely made decisions about one or more of the following things when you wrote your business plan. You may have looked at other demographics and components before you narrowed down your target audience. These decisions should be included in your business plan. If you decide to pivot, the legwork will be done.
- Talk to your customers. It is best to be customer-centric. This means that your customer is always at the center of all decisions you make, before, during and after the sale. The importance of after sale. Your customers will be more open to communication if you are in touch with them after the sale. If you delight your customers, they will be a brand ambassador, telling their friends and family how great your product or service is.
3. Sleep. You have probably worked long hours, many nights and weekends just to get up. Make sure you get enough sleep. Our bodies can heal themselves when we go to sleep. Proper rest is essential to maintain optimal heart and respiratory health. It can positively impact your metabolism, ability to think, and ability to focus. Stick to a sleeping pattern!
- You can set a sleep alarm to tell you when it is time to go to bed.
- Blackout curtains, aromatherapy, soft music, or meditation tapes can improve your sleeping environment.
- Switch off the blue light. It might not suffice to switch phones to silent. Could you place them in a different room?
- Exercise. Exercise will develop your ability to fall asleep quicker and improve your sleep quality.
- Hydration is essential as water can be lost through the air we breathe while we sleep.
Although pivoting is not as easy as locking down, it can be difficult. If you pay attention to your industry and business, you will be able to recognize when it is time to make changes. Remember, just because you decide to discontinue a service or modify your product does not mean you are failing as an entrepreneur. It’s quite the opposite. You’re being smart!