With many tools and resources now readily available, it is easy for entrepreneurs to build successful businesses.
Not surprisingly, in the US as an example, somewhere around 27 million are entrepreneurs, and 69% of them started their businesses at home, according to the Global Entrepreneurship Monitor report from researchers at Babson College and Baruch College.
In the Philippines, according to the Global Entrepreneurship Monitor, “6.2% of the adult population are established business owners and 18.4% are engaged in early-stage entrepreneurship (TEA). The country’s TEA rate is far higher than the average for Asia and Oceania (13%).”
That this is a career path worth considering goes without saying.
However, according to “Medium”, 90% of new startups fail, with 20% failing in their first year and 34% closing within their first two years. Just over 50% of businesses make it to their fifth year.
So if you’re considering becoming your own boss, follow some biz tips to put your entrepreneurial dreams in motion.
From entrepreneur Russell Brunson – who started his first online company while he was still in college; co-founder of ClickFunnels, a software company that helps entrepreneurs get their messages out to the marketplace; and author of “Traffic Secrets” – here are some tips.
1. Find a Proven Business Model
There’s no need to reinvent the wheel. Many entrepreneurs have already blazed trails, run tests and figured out what kind of business models work. If you can find someone who’s succeeding at doing what you want to do, then put a fresh spin on their methods.
2. Identify Your Dream Customer
After you’ve chosen your business model, work to identify your dream customers. The better you understand your potential customers, the easier it can be to find where your customers congregate (off- or online), understand their wants and needs, and attract them to your product or service with organic and paid campaigns.
3. Build Your Sales Funnel
Using his success with ClickFunnels as evidence, Brunson advocates using online sales funnels to build business and revenue. The basic sales funnel begins with a low-risk offer, captures shipping and payment information, offers an upsell and concludes with a simple confirmation.
“Every year, tens of thousands of businesses start and fail because the entrepreneurs don’t understand one essential skill: the art and science of getting people to find you,” Brunson said.
4. Grow Traffic and Collaborate
Build relationships with people – e.g. influencers – with the goal of pitching collaborative opportunities that benefit both of your businesses.
Particularly if you are selling anything online, or trying to generate leads online, no matter what industry you’re in, these can help attract more eyeballs, Brunson said.
Visit grabtrafficsecrets.com for similar tips.