Every single entrepreneur wants to know the secret formula of launching a successful business. They frequently ask themselves questions like “How am I sure that the timing is perfect?” ,“How much capital will I need?”, or “Will my product be worthy enough so that it will bring in revenue?”. And they are right to consider all these questions and more.
But starting a business comes with its risks. You need to take a leap of faith at some point whether you want to or not.
In the early days, I created a translation services company along with my longtime friend Michael. Both my friends and my family thought I was insane. What did I know about running a business given that I only had a translation degree and a bit of courage to launch a company? While it did feel discouraging to not have the support I needed, I was confident enough that everything will play out just fine. And what do you know, the stars aligned and the startup was a success. Before we started the company, Michael previously started a similar firm a decade before, so his expertise and knowledge were crucial. Moreover, he knew someone locally who has registered success in doing what we wanted to do. And then it hit us. The competition hasn’t innovated in decades.
So we saw an opportunity and took it. We never looked back and we couldn’t be happier. The company has become a success and when we sold it, we ended up with a pretty penny. But I digress. Most entrepreneurs come up to me and ask me the formula to launch a successful business. The first thing I tell them is that successful entrepreneurs never rush in. It will always take time to put affairs in order so that the business will run smoothly.
So here’s what you need to have a thriving business:
- To be able to start a product business that is going to thrive you must always stay in touch with the industry. Moreover, understanding the business sector iis just as important. So while having an affinity for a certain field may be an advantage, it and it alone just won’t cut it. Familiarity with the industry must also be at the top of your agenda.
- Connections/relationships. After spending decades in the industry, a successful entrepreneur will always have a lot of contacts. Attend gatherings pertaining to your industry and meet new people that can become either clients or even future business partners. A successful entrepreneur will need to know not only the ins and outs of the industry but also the people that play an active role in it, so networking is an important part of your job description.
- Successful entrepreneurs will always have a unique product to offer. For example, what distinguished us from our competitors were the rates for translations that needed to be provided in a short amount of time. For a translation that needed to be done in 48 hours we asked for 20% more. We were willing enough to put in the extra effort if it’s worth our time. Our competitors were overwhelmed by workload and simply couldn’t handle providing translations in 48 hours. This became the niche we focused all our efforts on and time has proved that this was the right move to do. People kept calling and calling us non-stop for urgent translations. And why wouldn’t we help them and ourselves as well?
- Offer your product in unique packaging. It should be affordable to create and allow for a lot of different designs. Customers love creative and unique product packaging. Also, unique packaging will be perceived as more attractive and must-have by clients.
The packaging of your product should stand out of a crowd when a customer approaches the aisle. Lots of successful product business owners say that while the packaging must be innovative and creative, it should also show great maturity so that the consumer will not be overwhelmed with information.