Since the recession began in 2008, more and more people are choosing to become self-employed and become their own boss.
Recent figures show that 367,000 more people have entered self-employment since the start of the economic downturn. The number of employees also fell during this period by 2%, which has been a catalyst for people to become entrepreneurs rather than facing the difficult challenge of looking for another job in corporate America.
However, this rise in self-employment doesn’t necessarily mean a rise in success, as figures show that unfortunately 4 out of 5 new business start-ups fail within their first year. To ensure that you avoid joining this sad statistic you will need to know how to make your venture shine above the rest.
Define your unique selling point
When you clearly define your unique selling point (USP), it enables you to stand out in a crowded marketplace.
Very few businesses are truly unique, (Think about how many clothing retailers, web designers or photographers there are in business.) It is essential to establish how you are different from other companies. The whole purpose of a USP is to create a statement that sets your business above competitors, and give people a reason why they should do business with you.
Reach out to your audience
Market research is a fundamental tool when setting up a new business. It allows you to learn more about your target audience and what they want. You can then use this information to cater your offerings to solve your customer’s problem. You must be solution oriented.
Once you know your target audience, you can reach out to connect with them online to build rapport. One way of doing this is through social media; 43% of people aged 20-29 spend more than 10 hours a week on social media sites, and the fastest growing segment of folks getting onto social media is baby boomer women 50+, so take advantage of this to establish an online presence and connect with your target customer .
Never stop looking for new opportunities
Bringing in business is what keeps a company functioning, so looking for new leads and future opportunities is imperative. This can be done in-house but is quite consuming, so outsourcing it to a lead generation firm could be ideal.
Outsourcing will allow you to focus on running the business while a contractor will reach out to your customer base to generate and follow up new leads. A lead generation service provider tailors its approach to your target audience, which could be a real advantage if you do not have previous experience of running your own business.
Using lead generation will enable you to potentially expand your customer base, and sustain your company for the long haul.
About the Author: Amy Fry writes on behalf of Market Makers, a business specialising in B2B marketing techniques including lead generation. Amy specialises in writing for the business industry, and has previously been published on several lifestyle blogs. Amy currently lives and works in London.
Businesswoman With Laptop courtesy of Ambro / www.freedigitalphotos.net