Entrepreneur

Jesse Erdle’s Tips for Aspiring Entrepreneurs

in Opinion

Aspiring entrepreneurs often need a road map to guide them toward success. There are many moving parts when starting a new business, and a lack of focus on important areas will cause a new business to fail. Jesse Erdle, the CEO of Dead Ringer, offers tips that will help any beginning entrepreneur start a successful business and build their portfolio for the future.

Do Your Research

Before you start your new company, do an exhaustive research about your field of business. If you aren’t aware of the issues that may come up when you start work, you won’t be able to make proper plans. Understanding your target industry may take time, but it can help you prevent costly mistakes.

For example, if you are starting a new bookstore, it pays to know all about the business. Examine some of the issues that have caused problems for bookstores and focus on how your store will be set apart from the competition.

Location analysis is a must when you are choosing an area for your new business. Paid services will be able to produce maps and charts that show your potential new customer base. It is worth checking with your local economic development organization to see whether they offer these services for free or at a reduced cost. Understanding your customer base will help you tailor your business to the needs of the market.

Have a Solid Business Plan

When you start looking for funding for your new business venture, you will need to have a solid business plan. Building a business plan involves drawing up plans for your venture, including how you will make money, how you will spend money, and how much money you need from investors.

Keep in mind that most new businesses do not make a profit for two years. You will need two years’ worth of operating expenses at a minimum. Make a plan of which employees you need to hire and which job functions you can perform yourself. Armed with this plan, you will find it much easier to navigate interviews with lenders and investors.

Target Your Customers

One important step to take before getting started with your new business is to research your target customer thoroughly. Take the time to understand everything you can about them. Look at the area around your business and find segments of the population who would be likely to patronize your business.

For example, in the case of a bookstore, you will probably want to cater to an older audience as well as parents with children. Older individuals and children are most likely to read traditional books. Adding a coffee shop might help to bring in a broader segment of the population.

Work on Marketing

It pays to understand what kind of marketing you will need to do before you get started. Find the areas where your target customers spend time and find a way to get your message to them. Social media is a huge help in marketing, as is search engine optimization. Consumers of all ages use social media and web searches to find the businesses they want to patronize.

Be Careful with Money

Unless you already have a great deal of experience handling the financial aspect of running a business, consider outsourcing this task. If you neglect any aspect of handling your finances, you may find yourself in seriously hot water. Make sure that your cash flow makes sense. Reduce waste in all areas.

Be Careful with Hiring

It is tempting to staff your new business with friends and family, but it is smarter to do outside hiring as well. You may find that your personal relationships will keep you from interacting positively with your friends and family at work. Your friends and family may not have your business’s best interests at heart and may instead be looking for easy work.

Watch Your Business Succeed

Using these tips from Jesse Erdle, the CEO of Dead Ringer will help you get your business off on the right foot. Research and planning are the keys to success as an entrepreneur. When you carefully consider all of the moving parts needed to run a business, you will be more likely to succeed.

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