Starting a new business is an exciting endeavor, but it’s also quite challenging. Entrepreneur Corey Shader knows this well, which is why he says it’s helpful for new business owners to know pitfalls they might face along the way.
Understanding these potential challenges will help you better prepare yourself while putting your business in a better overall place. Below are some ways to avoid potential oversights as well as some practical tips for entrepreneurs who want to succeed.
Conduct Market Research
A key determining factor in whether your business will succeed is if it’s able to carve out a niche in the market, or create a new niche entirely. You may have come up with the best idea for a new business, but if it doesn’t provide a new or better service than what’s already out there — or do so for a cheaper price — it may be hard to attract customers.
That’s why it’s so important to conduct market research before you even launch your startup. Look into the businesses that would be your main competition in your region, and see what they offer. Then, determine how the products or services your business is going to offer will stand out from that competition.
This will help you decide whether you need to shift your thinking a bit, or what aspects of your business you need to accentuate in sales and marketing efforts.
Define Your Brand Identity
Today, people want to do business with companies that have a solid brand, that stand for something they believe in. A startup’s brand identity is one of the main things that helps it get recognized as it’s launching.
So, what’s your brand identity? What is your overall mission? What do you stand for?
It’s important to define this brand identity and then stick to it. Find something that you’re passionate about and pursue it.
Build a Solid Team
No entrepreneur can succeed long-term if they don’t have a solid team around them. Even small single-person startups need help from others at times.
Your “team” in this regard will include not just employees and/or contractors, but mentors, strategic partners and others as well. The people you surround yourself with will help you grow your business consistently, and will help you run the business as it grows.
Take extra time to ensure you are partnering with the right people and companies from the outside, and that you recruit and hire the right employees from the beginning.
One of the most effective ways that you can market your new startup is to network often. Corey Shader says it’s essential for entrepreneurs to meet as many people as possible when they’re first starting out, as it will help build legitimacy and allow you to capitalize on opportunities.
Join local networking groups, business organizations and volunteer in your town. This will give you the opportunity to meet prospective mentors, vendors, employees, customers and strategic partners, all while learning about what others are doing to be successful in business.
Balance Life and Work
Being an entrepreneur is hard work. It takes a lot of effort and a lot of hours. It’s very easy for entrepreneurs to get burnt out, especially during the startup stages.
That’s why it’s so important to balance your work and your personal life. You need time away from the office to enjoy family and friends, and to get the rest and relaxation you need.
If you don’t find a proper balance, it will be hard to recharge your batteries and put in the efficient effort a startup requires.
About Corey Shader
Corey Shader is a self-made entrepreneur, consultant, investor, real estate developer, and founder of several companies, notably Insurance Pipeline. Operating primarily out of Ft. Lauderdale, Corey’s endeavors span across the nation, consulting for start-ups, and sitting on the board of digital media and senior healthcare agencies. As a consultant, Corey helps young businesses develop sales funnels and maximize profitability. Shader takes pride in challenging others to push themselves to be their very best — he believes in constant self-improvement, inspiring others through sharing his own life experiences.