Your Road To Independence
Careful planning is called for before taking the step towards independence. Besides courage and passion, you also need a rational approach. Below you will find the key factors to bear in mind for lasting success.
The Founder’s Personality
There are a number of qualities and skills that successful founders possess in abundance. But even if certain personality traits may be of advantage, their absence by no means rules out setting up your own business. The Internet is filled with countless tests on this topic. It is worthwhile checking to what extent you have these traits – and how far you can still develop others.
Finding And Screening A Business Idea
Finding a lucrative and functioning business idea is easier said than done. It requires making space for creativity and innovative ideas. Don’t put yourself under pressure in the process. The best ideas often come about when you are not trying to force them out.
Have you already found a lucrative and functioning business idea? Now you need to find out if there is a demand for what you are offering and what growth opportunities the market can provide. Screen your idea, review its potential and adjust it where necessary. Ways to check your business idea include
- a do-it-yourself test: Check and look at your idea as an “outsider”
- Tell others about your idea and ask for feedback
- Research the market, conduct interviews, surveys, experiments
- Analyse the competition
Know-How And Experience
Professional know-how is a key must for a successful independent entrepreneur. Anyone wishing to sell their own products or offer services must have a firm grasp of their business in order to convey an impression of professionalism and credibility. Experience acquired, e.g. in the target sector, can also prove valuable. It is easier to gain a foothold when you are familiar with how things are done.
But know-how in your specialist area is not in itself enough to achieve lasting success. Every day there will be vital decisions to make. These may, for instance, concern legal matters, insurance questions, HR or infrastructure. It is important to acquire the necessary know-how by recruiting employees or calling on the services of professional consultants.
Make Valuable Contacts
Networking is all about specifically establishing and cultivating business contacts. Link up with social networks such as LinkedIn, Xing and Facebook; attend events, industry meetings and seminars, and exchange ideas with like-minded people. Co-working spaces also provide a lot of opportunities for networking. The importance of business contacts should not be underestimated.
Draw Up A Business Plan To Present A Convincing Case To Stakeholders
The business plan is the linchpin of financing. A well thought-out, detailed plan will convince you, potential investors and future business partners of the merits of your idea. Besides the business concept, a professional business plan contains statements on the target market, the business strategy and the service and product portfolio, in addition to other factors such as marketing, distribution and organization. The core element of the business plan is the financial planning for the next three to five years. This shows the company’s development in figures and provides pointers as to whether it makes commercial sense for you to set up a company.
A business plan evolves with the company. If new developments are continually taken on board, problems can be identified early and the necessary countermeasures taken.
Employees Are The Key To Success
Employees are the foundation of any company. Numerous studies have shown that satisfied employees work with greater commitment and motivation. It is therefore vital to understand that the way an employee thinks about their job is reflected not only in their work, but also in their interaction with customers. And this in turn can have negative consequences for the company’s profits. Key factors of employee satisfaction include friendly and respectful treatment, concrete targets, personnel development, appreciation, and support with problems.
(No) Marketing Is Expensive
Targeted marketing is a cost factor. But you should never do without defining the marketing mix and associated measures. There is only one thing that is costlier than advertising: no advertising. Possible marketing measures include
- Classic advertising (print media, radio, TV)
- Online marketing (website, search engine marketing, content marketing, e-mail marketing, social media marketing, etc.)
- Multichannel marketing
- Referral marketing
- Public relations
Selling Is Listening
If you don’t listen, you won’t sell. In today’s marketplace it is very rarely enough to develop a great product or offer a functioning service. Customers should be at the centre of all your company’s activities and actions (customer experience). Offer your customer a purchasing experience by listening to them, recognizing their needs and reacting directly. This helps to build trust and bond your customers to your company.
