Did you know that Americans open more than 627,000 new businesses every year? Around the same period, at least 595,000 small businesses close. So, it’s like adding 30,000 businesses across various industries. Also, it’s worth noting that only 51% of these businesses that survive will thrive for more than half a decade.
As of 2018, we had more than 29 million small businesses in the country. Successful businesses owners do in-depth research before committing their time and resources to a venture. Some of them also open businesses that relate to their careers or academic qualifications.
But how do inexperienced defy the odds and remain resilient, even amid economic recessions? Starring a business without experience means you’ve never served in a managerial position before. You’re also an amateur if you’re starring a venture for the first time—whether you’re 25 or 55.
Here are some tips to help you start a successful business without experience.
1. Turn Your Hobby into a Business
What’s your hobby? You should consider turning that into income-generating activity, especially if you have robust business experience. You are not alone—over 14 million people turned their hobbies into business and reaping the benefits of doing what they love. A good example is Mike Zuckerberg, the owner and founder of Facebook. Zuckerberg is very successful that he went ahead to acquire other social media forums such as Instagram and WhatsApp.
How did he start? Zuckerberg had a hobby in social interactions over the internet. This prompted him to launch a small social media site for his colleagues at Harvard University. However, he had a side project—Facebook—which is now a multibillion-dollar global entity. Today, Zuckerberg’s net worth is nearly $70 billion.
So, you never know what fortunes your hobby holds. Have Zuckerberg’s mindset and you’ll likely become a new business owner serving millions of happy consumers. You don’t need any experience to do that, do you?
2. Have a Business Plan
Whether you have business experience or not, creating a realistic business plan is crucial if your startup is going to thrive. A well-laid business plan highlights your targets and goals. This allows you to work on various aspects of your business operations and measure the progress against them.
So, what does a realistic business plan entails? First, you need to set up your budget and identify various sources of funding if you’re unable to raise the cash. Secondly, you need to outline the services or products that your business will sell. That way, you can have better insights into the expected cash flow and how you’ll mitigate failures along the way.
3. Find a Mentor
Finding a mentor is nearly the same as networking. Your mentor will probably introduce you to other business owners, say after inviting you to local networking events. A mentor will also ensure you avoid some of the problems that you only know about after gaining experience. In other words, a mentor will help you go through the learning curve.
Bit where do you get a mentor? Nowadays you don’t have to meet the people you look up to physically, thanks to the internet. You only need to join resourceful platforms and social media forums for professional networking, such as LinkedIn. You can even ask your former boss to be your mentor. Most people who already have a name in life won’t hesitate to mentor upcoming talents.
4. Build a Strong Online Presence for Your Business
After finding the right people to guide you on the basics of starting a business from scratch, you should now start building a strong online presence. For instance, create a company page on Wikipedia. Adding your business on Wikipedia will increase the venture’s visibility among online consumers.
Most importantly, creating a Wikipedia page for your business enhances the startup’s credibility. The moment a customer researches your business name on the internet and the Wikipedia page pops up, they know they are about to buy from a legitimate store. Also, having a website reference allows your business to get relevant backlinks and traffic.
5. Hire Expert Workers
Some businesses such as fintech and software development require an expert labor force and there is no way around that. You should hire the right talent that can get the job done and improve your overall service delivery.
Hunt for employees on online job boards. Such sites attract a variety of talents, including fresh graduates and experienced professionals. Alternatively, you can purchase business management software to automate various business processes. Your vendor will give you all the technical support you need.
6. Do Extensive Research on Your Competition
It’s imperative to study and analyze your competition before launching your startup. If they are successful, you can copy a few things from them. For instance, how does your competitor retain more customers? What do they do to enhance employee satisfaction and retain resourceful talents? Gaining these insights will help improve your business even if you don’t have any experience.
Start Your New Business Today
Launching a startup is the best thing that can ever happen to you. Leverage these tips to start your business from scratch and steer it to create generational wealth.