If you’ve been in the workforce for a long time, you know what a challenge money can be. Even if you do a good job and work long hours, you probably have to struggle to make ends meet every month. Housing costs are increasing and the ancillary costs are increasing year after year. If you have a family, you may be lucky enough to have two breadwinners. Any extra money you take home is likely to be skimmed away through increased federal and state taxes and the outrageous cost of childcare.
Somehow it’s possible to get through if things are going just right. However, when the pandemic hit the world of perceived certainty was swept from its foundations and massive economic changes rocked the boat. Jobs that were believed to be relied on disappeared entirely, and employees who were still working were often cut. It was clear that relying on working for one company or someone else was not a recipe for success. During times like these, you need to adapt quickly and be able to create your own startup business to weather the storm and capitalize on emerging trends.
Once you have made the decision to take control of your own financial future, it is time to come up with a great business idea. At first, you will be tempted to develop concepts that are too broad that could serve a broad segment of the market. While it may seem less risky to target everyone than targeting a specific segment, you will soon find that you cannot even write a mission statement or a clear marketing copy trying to be something for everyone.
You will be far more successful if you find a niche, and then even further down. By pursuing a targeted segment, you can focus directly on its needs and deliver a strong message to that particular group. If you are aiming for a smaller niche, you will really get to know your market and you will soon be able to build customer success stories that will impress your future prospects.
After you have decided on your niche market and the products or services you offer, you need to raise funds to get your business off the ground. Most startups are self-financing as banks rarely lend money to startups. The first thing you should do is to carefully review your monthly finances and see where you can cut your expenses right away.
You can then invest the money saved directly in your company. If you’ve just graduated from college, you likely graduated with substantial student loans. With today’s attractive interest rates, it is possible to refinance your existing student loan into a new individual loan from a private lender. When you refinance, you will be rewarded for making good financial decisions as you pay less each month and save thousands in interest over the course of the loan.
When prospective buyers came to meet the CEO of a new software platform, she always asked them, “How are you going to get your customers?” It was the perfect query. There are lots of great product and service ideas out there, but if you don’t know exactly how to target and reach your customers, you have no business.
You need to develop an innovative sales and marketing approach that connects you with your perfect prospect. Until recently, corporate social media campaigns were the stepping stone to success, but this communication channel is sometimes saturated. It is increasingly helpful to use a multi-channel approach that includes reference selling, public relations and one-on-one marketing.