“Coming up with an idea is easy, the results come from the execution”
The truth is that, anyone can come up with an idea, but it is all about turning that idea into reality. Ambition without Action is just a dream, which is why it is important to set goals.
You need to know why you want to start a business; is it to become rich? Clout? Fame? Or is it because you want to build something that will stand the test of time so your children will have something that will provide for them whilst your gone. That is called Generational Wealth, passing down your fruits to your next of kin.
It is very important to set goals, because having NO goals in life is like driving a vehicle with no destination and the journey to Success requires you to have a destination.
Worthwhile Ideas; Ecommerce, Drop shipping, Sales Funnel, Clothing Lines, Jewellery line, Artwork, Website Design, Social Media Management, Email Marketing, Copywriting and many more
Once you have a business idea start setting goals such as;
- Selecting whether you’re going to sell a product or service.
- Market research whether the business you’re getting into has a profitable market
- Find a reliable supplier that has what you need (make sure to get a sample before making a bulk order to test for quality)
- Check how your potential competitors are performing
- What can you provide that will differentiate your Brand from theirs, which is important as you want to stand out towards your potential customer base.
A very important thing to note is when building a sustainable brand;
- Understanding your target customer in great detail
- You will need to know who to get your audience to be invested in your brand which is a core psychological factor that have been ingrained in human purchasing behaviour for hundreds of years. (When you think of buying trainers/shoes which brand do you buy from?… The brands you thought about already came to your mind)
- Sell to specific types of people – You cannot realistically sell to everyone when starting out, so focus on a small section of the population.
- Aim to create a brand, and not a store by selling emotions, identities and lifestyles – Not products. You would want people to emotionally invest in your brand to create brand loyalty, so create a theme around your brand whether it be luxury or minimalist, or adventurous etc.
- Important, provide people with products that they already want, instead of having to convince them to want something that they would not want in the first place. By looking at the latest trends you would see where the demand is, but you will only know if a product is profitable by testing in the market (Trying to sell it to real customers)
The reason I say to create a brand and not a store, is because with a store the only way they can compete is through price slashing and other tactics that aim to convince customers to buy your products at a disadvantage. With a brand, you can aim to sell a product at a set price that gives your brand value and then do promotional discounts during holidays such as Father’s Day, Christmas and Easter which will entice customers to come to make purchase.
But setting up the business or platform you wish to sell on is just the beginning, you would need to find influencers or shout out pages that will help drive traffic to your brand, I personally used Large Instagram shout out pages, other people may pay Facebook Ads, or Instagram Ads etc. but I personally used influencers as it was cheaper and depending on their page’s followers you can cater to a specific audience.
Build a team
Definition of Entrepreneurship;
An Entrepreneur is a person with a vision who orchestrates other people’s time, talents, money and resources to make his or her dreams a reality.
- The skills you don’t have you can hire/book someone to do it for you on your behalf
- E.g. If you’re not good at Logo design, you may want to find a logo designer who can do it for you (Website designer, Photography, Videographer, Virtual Assistants)
- There is even some apps that will help you run your business (I used a app called KIT which acted as my assistant and I could operate my business with text messages to an automated text machine on iMessenger)
In the beginning stages everything will be on your shoulders and the business will go as far as you are willing to take it, but once you are set it is viable to build a team, which will transition you from a Freelancer to an Entrepreneur/Business owner.
Understand that Entrepreneurship is not easy, you will be required to work on you project at least every day in order to actually see results. Consistency will eventually lead to Results, and its ok if you do not see any results, as it takes years for a business to become sustainable, the average time it takes for a business to become profitable is two to three years depending on the type of business you get into or work ethic and if the market treats you well.
A lot of Successful people have hit Rock Bottom before they see financial Success and Entrepreneurship is all about taking risks so it is not for the faint of hearted, it’s for those who can preserve through pressure and adversity.
So keep BUILDING, Keep PUSHING and above all keep BELIEVING and eventually you will get there.
“Cliff and I had different visions for the Growth of the company. He was concerned with making Art. I wanted art that made money. I’m not a musician. I’m not writer. I’m not an artist. I’m an Entrepreneur. My Masterpiece is my bank account” – James Prince, Music Label CEO & Boxing Manager
Thank you for reading…
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