Starting your own business for the first time can be an intimidating task. It’s not easy to build your first business when you have no previous experience. I remember when I started my first business venture, I had absolutely no experience with sales, product development, customer service or marketing. I was absolutely clueless. But I was willing to learn and experiment, and had the drive to put in the work required to make things happen. I decided to give it a try, and learned along the way. The result was a business that within a year or so, generated 100 times the amount I invested to set it up.
Here are 3 of my top tips to any first time entrepreneurs out there looking to start their own business.
1. Research the market
Your idea is not worth a dollar if there is no market for it. It doesn’t matter what you like, the buyers are the one who decides what sells and not. Take your time and do some research before you put in the hours of making your idea happen. Get to know your market, competition, your target audience, and their problems – and find a way you can truly solve one or more of these problems. I started my first business, a music production website after getting a ton of emails and questions regarding how to begin with music production and composition for films, games and other media. People came to me with questions on a daily basis, and I found myself repeating the same things over and over again. I then decided to make a website, which quickly became successful. Next, I took the most common questions and problems I saw people encounter, and wrote a more in depth course – which ended up doing very well.
I knew there was a market already before beginning to build the website, which I believe is one of the biggest reasons for its success.