Launching a business is undoubtedly a dream many Australians hold dear, but that comes with a degree of trepidation and worry. That worry, however, isn't unfounded, as a staggering 60% of new Australian businesses fail to make it past the first three years, so the odds are stacked against you. That said, 40% do make it, so it's all about being part of that group rather than the former.
Do I need A Business Plan To Be A Successful Entrepreneur?
Absolutely, you do. As you'll discover when taking any good business management course, your business plan is something that forms the basis of your whole enterprise. It's something that needs to be created before you do anything, mainly as it's something that's required for business lending.
What Is The Best Advice For First-Time Entrepreneurs Starting A New Business?
As the stats show, there are many decisions that business owners make that will determine their overall success in whatever field they occupy. Here we look at some of the fundamentals you'll need to focus on if you want to be included in the Killing It category.
Tip #1 - Focus On What You Do Best
During the first few years of business, there's often a lot of pressure to diversify your products and services. However, as online education on the subject shows, this can end up diluting your unique selling points, so if you can resist it, you'll stand a better chance of success.
By focusing on your core business and doing it better than anyone else, your customers will know exactly what your brand offers and who to turn to when they need your expertise.
Tip #2 - Offer A Consistent Experience To Your Customers
There's nothing more likely to generate an excellent reputation for your business than delivering a consistently good customer experience. This means ensuring that your brand image is consistent across every touch point. Whether a customer contacts you via social media, on the phone or in person, they should get the same great treatment.
This also extends to your branding, which also needs to be consistent across your website and social media channels. They say that it takes seven interactions with a customer before they buy, and a consistent experience increases the likelihood of this happening many times over.
Tip #3 - Make Use Of Social Media For Marketing
The reason why social media marketing courses are so popular is that everyone is at it! Using social media platforms for marketing is now a necessity for business rather than being optional. Sure, you don't HAVE to partake, but if your competitors are and you're not, you're at a huge disadvantage.
You need to find out which platform/s your target audience hangs out on and target your messages to them. It's a great way to do things, as it allows for 2-way dialogue, relationship building and lots of opportunities to show your value.
Tip #4 - What You Can't Do, Outsource!
No matter how talented you are, you're not going to be able to do absolutely everything. There may be specialisms within your field of expertise in which you're not so strong, and if you're offered work of this kind, we don't recommend taking it on yourself, as it's likely to take you much longer than someone who's trained in it.
The best thing to do is outsource the work. You won't make as much profit, but your customer will have a positive experience, and you'll be free - once again - to focus on your core offering.
Tip #5 - Aim For The Moon & You'll Land Amongst The Stars!
What we mean by this is that your ambitions should be lofty, as it tends to be those with big ideas that get big things done. You need to believe in what you do; your confidence will shine through in every product and service you offer - and perception is a big thing when customers choose who to use.
There will be bumps along the journey - there always are. However, if you aim high (the moon) and you don't quite make it, you'll land amongst the stars. That's why you don't often see successful entrepreneurs who lack self-belief and confidence.
Boost Your Entrepreneurial Skills With OCA Online Education Short Course
No one said it would be easy to be a successful entrepreneur. Still, with CPD Endorsed, video-based online education like our Entrepreneurship course, you can improve your chances by enhancing your skills and knowledge. Able to be taken via any digital device at your own pace, our courses offer a next-level learning experience and come with 1-to-1 mentoring support.
According to our students, we offer the best online courses around, but if you need convincing, take a look at our student study demo, which shows you everything you need to know. If you'd like to know more about us and or want to see our entire course library, which covers over 20 different industries, visit us online today at www.onlinecoursesaustralia.edu.au.
Alternatively, if you'd like any questions you might have answered, please direct them to 1300 611 404 or email us at [email protected]. Our friendly team is waiting to help you in any way they can.