Do you have a unique business idea? What’s stopping you from opening a company?
Not every successful entrepreneur, celebrity, or world class athlete had an easy start. What each of them have in common is that they never gave up, no matter how hard things got. I’m sure you’ve heard of Roman Abramovich by now. Before he owned Chelsea and amassed a net worth of $14 BILLION, he was an orphan growing up in Moscow.
You can even take the situation of billionaire Kenny Troutt as inspiration. After working as an insurance agent just to pay for his college tuition, he went on to found Excel Communications. After selling the company for $3.5 BILLION in 1998, Troutt now makes his money from stocks, bonds, and racehorses.
Now we’re not telling you to immediately open a phone company or invest in professional sports teams. In every business, not every idea will be a guaranteed slam dunk. What you can do is increase your probability for success. As an aspiring entrepreneur, you’ll need to have the right approach from day one. And that starts with believing your business can be the best out there.
Here are five reasons to convince you that now is a great time to consider opening a company:
1. There’s less competition
Some businesses were dealt the harsh reality of having to close their doors once the pandemic hit. While some stayed afloat, many are struggling to re-shape their business models, making them hesitant to commit to big investments.
Having fewer competitors could mean that customers in your chosen industry will have limited options. Who’s to say that new alternative shouldn’t be you?
Moreover, since most businesses are standing pat, now would be the best time to show what you have to offer. Having fewer competitors within your niche also means greater numbers of consumers potentially wanting to know more about your offering. However, when opening a company, don’t just rely on your instincts. If you want a blueprint to success, do your homework. Make sure your business model can definitively answer the following questions:
- Does your business solve a problem that many consumers are currently facing?
- Do you have the financial resources to start and run the business?
- Can you serve customers’ needs in a way that’s substantially better than existing alternatives?
- Are you motivated and passionate to consistently work on improving your business?
- What are your long-term business goals?
- How will you market your brand?
- Do you have enough knowledge and intel about your niche?
2. Many inputs cost less
In an economic crisis, businesses, regardless of their niche, panic and slash prices just to generate any sort of revenue. This is understandable, considering the fact that consumers may be hesitant to spend while their job security is in doubt.
As an entrepreneur, you can use this to your advantage, especially when it comes to equipment, rent, and labor needs. Vendors would rather sell products at a lower price than have them accumulate dust. What’s more, landlords would rather cut prices on rent instead of leaving the space unoccupied. You can even find employees who’ll work at reduced wages to make ends meet. You can reward them as you grow and even offer profit-sharing incentives.
3. You’re in control
When you’re in control of opening a company, you have all the power to create the culture and brand you’ve always wanted. You’ll have a say in everything from where your company is incorporated to what kind of people you hire.
There’s always a sense of pride when it comes to building something of your own. Not only will you challenge yourself and pull out all the stops, but you’ll also be living your lifelong passion… How many people can genuinely wake up every day and say they’re doing what they love?
When your business is up and running, you will also have more control over what you do with your time. This will help you combat burnout and allow you to achieve a better work-life balance.
With all that control over what goes on in your company, also remember to have enough trust in your people. As Andrew Carnegie, once the richest man in the world, said:
“No person will make a great business who wants to do it all himself or get all the credit.”
4. Customers are waiting
What customers want from you, as a business, is to come up with creative ways to solve their needs. Anyone can change a tire. Or mow a lawn. Or build a website. But if you do it without the hassle and at a lower cost than what they already pay? Customers will be lining up at your store in no time – whether it’s bricks-and-mortar or virtual.
There are always going to be consumers out there. You just need to hone in and convince them that your brand is the best available. Aside from marketing to consumers, the higher your profile the more likely you’ll get to establish new partnerships.
5. Better chance to acquire talent
Some businesses either went bankrupt or had to radically scale back operations. Some laid-off employees to cut costs or lose people due to health and safety concerns. Knowing that competition within your niche might be less daunting, you’re potentially able to reach a wider pool of talent.
When trying to build your team, make sure you’re flexible with how you scour the labor market. More than 64% of people nowadays prefer working from home permanently over getting a lofty raise.
Having an open mind is also key when it comes to hiring employees. Ultimately, no matter how hard you work to develop your business, you’ll need help along the way. Without skilled and motivated employees to compensate for your weaknesses, your business will struggle to achieve the success you envision.
The success of opening a company is contingent on how well it can solve a need; how well you can innovate; and how well you promote your brand. If you meet these fundamental requirements – regardless of circumstances – nothing will stop you from thriving.
As former US President John F. Kennedy once said:
Best of luck with opening a company!
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