Designing the right strategy
It's important for new entrepreneurs to be aware of their strengths, and, even more critically, their weaknesses vis-a-vis their competitors, so as to highlight the former and work on the latter. The fact of size, for example, is something you can't ignore when you look at the market as a whole. But if you aim at a smaller or niche audience, you can claim your share of the customer base. Focusing on products or services that could provide solutions to specific customer segments can be your way of standing out, at least in the early stages of your business.
Realising that you can’t go it alone
No matter how passionate you are about your new venture, it's important to understand from the beginning that one person alone can't do everything. You can't be an owner and an accountant and a marketing expert and a production worker all at the same time. Delegating tasks and roles, initially to a small number of people due to the cost of hiring staff that a new company cannot easily absorb, is the be-all and end-all for any new start. Human capital, after all, is one of the main pillars of growth for any business.
Keeping track of revenues and expenses
No matter how carefully you’ve calculated the capital you’ll need to set up and operate your business, bear in mind that unexpected events can throw you off course. You need to accurately monitor and record the income and expenses required to be able to stay above water.
Investing equally in essence and image
For a product or service to appeal to consumers, it must not only be efficient, but also attractive. Thus, by investing in research and development as well as in marketing and promotion, you’ll be able to present something different from what the competition is offering, striving for – and maybe even gaining – a significant share of the market.
Making the most of popular platforms like Tik Tok
Many new entrepreneurs have seen their sales skyrocket after posting a video on social media platforms like Tik Tok. The power of these platforms is undeniable, and you could incorporate them into your strategy, especially if your target audience is young and therefore tech-savvy.
As difficult as running a business may seem, for many people it provides the potential for growth and satisfaction, which are worth the hours and effort needed to secure success.
Sources: ACCI, Greek businesses on a positive trajectory in 2023