So you’ve found your niche and you now have a clear idea of the product you want to sell. Now how do you turn that idea into a fully-fledged business?
Starting a business can be daunting but it doesn’t have to be. With the right strategies and an eye for detail, even small businesses can thrive. Working as an entrepreneur is not for everyone. It requires patience, grit, and the ability to take risks and trust in your ideas.
However, it also offers so many rewards and opportunities that most people would be foolish to miss out on.
In this article, a successful entrepreneur, who provides business consulting services, Nicholas Del Franco, will share some useful tips for new entrepreneurs looking to build their first successful business.
Network and be proactive
Nicholas Del Franco who owns a number of businesses in different fields, networks early and often. Basing on his personal experience, he suggests finding an entrepreneurial community to join. According to Del Franco, this is important and can be a great way to make contacts and find mentors. If you don’t have any connections yet, try joining local business networking groups like Entrepreneurs in Action (EIA) and Entrepreneur’s Organization (EO). These are great places to meet other local entrepreneurs and find mentors. Meetups and online forums can also be a great way to find mentors. When it comes to networking, new entrepreneurs have to be proactive.
“The key is to not be afraid to approach others and ask for business. You never know whom you might meet and what opportunities might come from it,” says Nick Del Franco.
Define your business goal
Nicholas Del Franco has built many successful businesses in the fields of farming, dog food, nutrients, and business consulting, all of which are flourishing. Recently, he has been involved in a number of other businesses, including rapid Covid testing, a dog rescue and dog treat, and he also provides strategic consulting services to entrepreneurs to help them grow.
So, he recommends firstly defining your business goal. This can be as simple as wanting to make enough money to pay your bills and put some savings away. It can also be as lofty as wanting to impact the world by creating a new kind of product or service. Defining your business goal will help you keep your business on track. Since the goal will change over time, it’s important to define it as broadly as possible.
The more specific your goal is, the more likely you are to achieve it. Del Franco recommends starting with a goal that may seem a bit lofty, but that is still obtainable. This will make you feel better when you don’t reach it in the first few months.
Set measurable goals for your business
Eventually you will figure out what your business goal is and how to get there.
“Once you have a better idea of what you need to do to get there, it’s time to set measurable goals for your business,” says Nicholas Del Franco. “Set measurable goals that are specific, but also that are realistic”.
For example, if you are trying to get 10 new clients in one month, you must do something to close those deals that month. You can’t just say you want to get 10 new clients. You must show customers that you are worth their time.
Over the course of his career as an entrepreneur, Del Franco has found several ways to set goals for his business.
He recommends creating a goal-setting board, or use an app like Excel to track your progress. You can also use a goal-setting process like SMART goals. Whatever method you use, make sure that you set and track your goals regularly.
Communicate with your team and clients
The most important aspect of business growth is communication. Whether you are communicating with your team members, your clients, or your suppliers, you must be clear, honest, and consistent. This can be as simple as sending a weekly email or text reminder, or a monthly meeting.
It’s also important to communicate with your suppliers. If there are any issues or delays in getting your product or service to market, you need to let your suppliers know as soon as possible. Communication with your suppliers is not only important in business, but also in life.
“The old adage that “actions speak louder than words” is true in business, as well as in life. There is no point in talking about being better tomorrow if you don’t make an effort today,” says Nicholas Del Franco.
Starting a business can be daunting but it doesn’t have to be. With the right strategies and an eye for detail, even small businesses can thrive. Networking is a critical part of building a business, so start building relationships now. Define your business goal and set measurable goals for your business, don’t be afraid to ask for feedback, communicate with your team and clients, and protect yourself from fraud and scams. These are just a few tips for new entrepreneurs looking to build their first successful business. For more tips for being successful in your business venture, contact Nicholas Del Franco on Twitter. He provides strategic consulting services to entrepreneurs to help them grow.