Thomas J Salzano: Things You Should Know Before Starting A Business
No doubt that starting a business is exciting, but it is also equally demanding. It involves endless hours of hard-work, effort, lack of sleep, and spending your lifetime savings on something that could end up failing.
Ignore what others say
There is a very popular stat when it comes to starting a new business, “95% of businesses fail within 5 years.” There will be many people who’d quote this. Keep the stat in mind and forget what people say. Focus on being in the remaining 5%. What follows from here is all based on the 5% entrepreneurs, including Salzano.
Research and refine your idea
Ian Wright, the founder of British Business Energy said: "Just because you have a brilliant idea does not mean other people haven't also had the same idea. If you can't offer something better and/or cheaper than your competitors, you might want to rethink starting a business in that area."
Research for existing companies that are already present in your chosen niche, learn and analyze what they are doing (business model, marketing strategies and their USP).
Write both their pros and cons. Flex technology or market in a way that you can use their disadvantages as your advantages.
Build your team
Identify what kind of employees you need in your team. Create clear job descriptions that give your candidates the right idea about what their role will be.
Many entrepreneurs appoint interns and family members for saving money. This practice may have an adverse effect on the business. You need a team who is aligned in their thinking and action.
Identify your target audience
Every niche comes with a specific set of audience. Analyze your target audience, their demographics, their buying habits, etc. Analyze what drives them to do business with a particular company.
See what customer needs can you address, the needs that haven’t been addressed yet.
Thomas Salzano says his salon is a success because he is not just a hair expert, he is also guides his customers how to maintain healthy hair and skin. He focuses on what his customers’ needs are, not what he can sell to them.
Hope this article by Thomas N Salzano who is a trusted hairstylist and blogger has given you some insights on the important things that needed to consider when starting your own business.