LONDON, November 3, 2015 /PRNewswire/ --
The Five Essential Tips For Reducing Risk When Going It Alone In Small Business
In recent years the UK has seen a dramatic growth in the number of small business startups that can actually belie the word "entrepreneurism" in its truest sense. For example, borrowing heavily to start out immediately or just to keep your financial head above water may just be plain "foolhardy risky" rather than entrepreneurial when going it alone.
Even before you have committed a small fortune to developing your business idea, a practical "insurance policy" is identifying in advance if the market even wants what you've got to offer. Before burying yourself in unnecessary debt, here is what London small-business strategist, David Lee, considers to be the five essentials for a proposed business venture.
1. Identify Your Purpose
All true entrepreneurs have a sense of purpose in their life that goes beyond just making money. Bypass this step at your peril! When running your own business expect times where things don't go according to plan.
Your purpose needs to be so great that moving forward is less painful than returning from whence you came. Your purpose could be as simple as fulfilling a lifetime dream, proving yourself to others, or the desire to create a lifestyle not likely as an employee. Be clear. Be passionate. Write it down!
2. First Sell The Idea
Don't do what many startup entrepreneurs are guilty of by committing so much financial and life energy into a product or service based purely on a hunch. You may think you know what the market wants, but the market always knows best. Sell the market on the idea and then give it when the answer is, "yes".
How much easier is it to provide a solution if you know there is an audience out there ready, willing and able to embrace it? There is nothing more emotionally and mentally debilitating than going around trying to convince people to buy when desperation shows you need the sale more than they need the purchase.
3. Learn To Communicate Your Message
After all, it's your "baby". You conceived it and are now delivering it to the world. Who therefore is best placed to share the enthusiasm, passion and knowledge that comes with it? You, of course! Understand that people primarily purchase on their sensory emotional feelings and that's your big advantage.
You may not be ready for a Hollywood appearance, but being real and just like the everyday person will endear you more to people than you think. Learning to be an effective communicator is the key and comes with practice and having a good mentor to show you how you can do it too.
4. Gather Your Followers
This is where technology and the internet gives you the power to leverage your efforts in ways that never existed before. In today's day and age you could even be working from a shed in the middle of nowhere and still get your message out to the world. Whether by video, email, blog post, podcast or special report, there are many and varied ways to build your following.
With little risk involved this strategy allows you to convert even the most hardened of sceptics into your devotees who follow your words and actions. Showing proof through positive customer success stories is almost certainly guaranteed to boost credibility and sales, provided there is an easily-identifiable value exchange in the eyes of the consumer.
5. Ask For The Money
For many who have not come from a sales background, this is quite often a major hurdle to overcome. But why should it be so? The reason is that you haven't adequately prepared to move people to what should be the natural and obvious conclusion to a pre-defined sales funnel.
Doing it right means you 1) aroused their curiosity, 2) answered both their open and undisclosed objections, 3) teased them with the benefits, 4) met their needs, and finally, 5) offered a guarantee to remove the risk. Therefore, why would you deny them at this point from having what it is you believe in so much? According to David Lee, "It's just that nobody showed you how it's done."
David Lee will be sharing his business principles at his upcoming one-day workshop, "Instant Internet Business: The Psychology And Implementation Of A Successful Online Business Strategy" in West London on Saturday 14th November 2015.
For further details, please refer:
Youtube Video: https://youtu.be/WUIDBOyYC7o
SOURCE Cash Flow Investor Limited