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Six Keys To Unlock Your Inner Entrepreneur » shawnandkellyhodgson.com

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Dec 06

Six Keys To Unlock Your Inner Entrepreneur

Why Be An Entrepreneur?

Let’s face it – most everyone who punches a clock and works to make money for someone else would love to turn the tables and begin enjoying the lifestyle of having the their own online business. You see this entrepreneurial impulse all the time, every time a new restaurant opens or every time someone starts a new website offering a unique product or service.Earn money online by being an online entrepreneur

Lots of entrepreneurs have amazing ideas but aren’t skilled at making their idea turn into profit. If you have the right app or website, you can sometimes sell your idea after the interest takes off. However, for the vast majority of business to succeed, you need to do a lot of planning and enjoy a competitive advantage.  If you want to unlock your inner entrepreneur and join those who have started to make their own money on their own terms, there are a few guidelines that will help you succeed.

Set Up Your Business to Earn Money Online

Set business expectations that are tough but realistic.

You do need some bold dreams to start any business. However, you want to combine those dreams with realistic and obtainable goals. If you make your initial projections for the business too optimistic, you may get frustrated with you can’t reach your goals. When setting your expectations think about your product or service. Are you selling something with lower margins that will need to build volume in order to turn a profit? Or are you launching an app that might get zero hits or might bring in 50,000 downloads a week? Plan for realistic revenue targets at first and plan on spending some money on advertising and building your list.

What’s your competitive advantage?

An entrepreneur needs a competitive advantage to earn money online with their businessHow does your product or service offer something unique to the customer? What is going to make you stand out from the crowd? How will customers be able to identify the advantages of doing business with you? For example, If you’re offering an academic learning service, you have many competitors. However, if you offer mentorship and 1 on 1 training with that service, you’re offering something that is unique and truly benefits the consumer. That means that people are going to be more inclined to use your service than your competitors. Ensuring that your offerings are unique and offer a user benefit is one important step in taking your dream from the drawing pad to profitability.

Make sure that your value proposition is clear.

The product or service that you offer needs to provide actual value to your customers. The assessment of value has to go past your own opinions of your business, which are likely to be biased. Talk to some people outside your business to see what they think about your idea. Imagine someone making a referral of your business to a colleague, saying the benefits of your company.  Whether your value proposition is based on price, unique offerings, convenience, or some other attribute, once you find the importance of your spot in the niche, then your business will take off.

Put together a solid business plan.

It’s not enough to have a great business idea if you want to unlock your inner entrepreneur. If your business plan has major flaws, you’ve got problems. A solid business plan is the most important “how” for any business: How are you going to keep your service going and manage costs at the same time? How can you promise that demand will exist for your product that sustains over the long haul? How do you plan to market your service or product to your intended audience for a reasonable amount of expenses? You have to watch your bottom line closely, keeping a harsh eye on top-line expense. You need to know that the majority of businesses fail. They do so not because the idea is faulty. The cause of the failure, the majority of the time, is that people simply do not plan effectively for problems. No plan guarantees success, but the more time you put into your plan, the more likely you are to survive the difficult times.

Gain customers while controlling costs in your business.

Now that you have your product or service, as well as your business plan, it’s time to bring in your customers. Advertising is necessary but it’s only part of the equation. Explore submitting blog articles or product reviews to promote your business offerings. And don’t forget your social media strategy to bring in customers for less than you would using traditional methods.

Find your niche.

The Internet is a huge place, and to unlock your inner entrepreneur you need to find your niche within it.  You need to analyze your customer and their demographics. What is the age range of your current customer? What are their interests? Where do they live (this is especially important with seasonal products and services)? The better you know your customer, the better able you’ll be to reach them.

Some of this advice may seem like common-sense. However, you would be surprised at how many entrepreneurs fail to do their homework and the results can be devastating.

We’ve helped hundreds of people realize their dreams of becoming successful online entrepreneurs.

If you’d like a free consultation, feel free to contact us at http://ShawnAndKelly.net

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