Millions of people worldwide wish to become self-dependent and start their businesses. But for the majority, this dream never turns into a reality. The main reason is the uncertainty associated with entrepreneurship. All the factors have to work in the business owner’s favor, or the venture will never take off. This is why 99% of businesses fail soon after launching.
But a smart entrepreneur knows how to turn any external market factors in his favor. A competent businessman does not wait around for opportunities. Instead, he creates them. So if you have wanted to build a company from the ground up, here are some tips from Eyal Dulin you should use.
1. Let Your Idea Evolve
Many entrepreneurs jump the gun with the first innovative idea they come up with. But what they don’t understand is that ideas require time and effort to turn into an executable plan. You have to evaluate your ideas against the market factors and decide whether it is worth investing in or not. Eyal Dulin encourages aspiring entrepreneurs to develop multiple variations of their initial business idea so that they can choose the most lucrative one.
2. Fill a Gap
If you start a business in a market that is already profitable, you can earn substantial revenue initially. But this venture will not be sustainable in the long run. Because the market leaders will always stay many steps ahead of you and won’t let you take over their market share. So instead of following the suit, you should think outside the box. Create a product that serves a purpose, presents a solution, or fills a gap in the market.
You will need to invest much more into this type of venture, but the returns will be worthwhile. Customers are also more loyal to trendsetters, who provide unique solutions. You will have to be patient for a few years and watch your business grow exponentially in the future. Al Dulin emphasizes the importance of creativity in entrepreneurship motivates business people to sacrifice short-term returns to achieve long-term goals.
3. Don’t Compromise on the Quality
In the initial phases of a business launching, you will have to endure high production costs for your products. The overhead expenses will be higher, and the returns may be minimal. To make up for these financial struggles, many business owners compromise on the quality of their products or services.
It directly impacts their brand’s perception in their consumer’s minds and leads to business failure. Itzhak Dulin advises his clients to employ quality control right from the beginning. This way, your product quality will do the marketing for you and develop customer trust and loyalty.
4. Start Marketing Before Launching
Once a business turns operational, it consumes financial capital regularly. So new businesses cannot afford to wait around for customers after their venture has already taken off. They need to work towards break-even goals right from the point of launching.
This is why Al Dulin suggests his clients start marketing activities ahead of the operation. Your target audience should have a clear image of your brand long before your products or services are available in the market. Potential customers should recognize your brand name to invest in it.
5. Create a Pull, Not a Push
Many new businesses invest heavily in the shelving and display of their products to push their brand on to customers. No matter how easily available your product is, it will not attract the right buyers with this strategy. The distribution and sale of your good or services will be much easier if you create a pull for your brand.
If consumers seek out your products themselves, you will not have to spend too much on sales promotions and trade marketing. Eyal Dulin teaches his clients to work on brand establishment activities to reach out for their products organically.
6. Niches Are Not Risky
The majority of global entrepreneurs wish to invest in a segment concentrated with buyers. Niches are often considered an unfavorable avenue of investment for business owners. But often, the returns from these limited market segments can surpass entrepreneurs’ intentions. The number of buyers becomes irrelevant when the price of your product is higher.
Additionally, the pioneers of a niche get to retain a legacy worth much more than monetary returns. Your brand’s name will be forever associated with the niche you create. It will be provided for steady growth and business profitability. Itzhak Dulin often highlights the importance of investing in niche markets and teaches business owners to take more risks.
7. Build Customers Relationships
The first and the most important motif of every new company should be to connect with their customers. Developing an emotional bond with your target market offers you many opportunities in the future. It instills a sense of loyalty in them and guarantees repeat purchases. Businesses that stay close to their consumers tend to understand their needs better.
They find it easier to meet the expectations of their clients and strengthen their brand identity via organic promotions (example: word of mouth). This is why Al Dulin teaches you to focus less on what you are selling and more on whom you are selling to. This strategy has shown promising results for many new and experienced entrepreneurs in South Africa and many other countries in the world.
8. Incorporate Online Channels with Offline Mediums
To launch an impactful marketing and branding campaign, you need to invest in online and offline channels. Using a multi-channel branding strategy will increase the reach of your brand’s message and increase the return on investment for every campaign. To learn more about effective online marketing mediums, get in touch with Eyal Dulin and promote your business profitably.
9. Keep Hope Alive
The first year after starting your business will be filled with challenges. But if you stay hopeful during this period, you will see growth soon. Entrepreneurs have to keep striving despite the hurdles and stay faithful. All mistakes lead to a lesson and improve your chances of succeeding in the future. Itzhak Dulin encourages business owners to stay focused on their goals despite the distractions and embrace their failures and mistakes.
10. Prioritize the Customers
Companies that treat their customers as replaceable commodities never go far in the business world. A brand can only succeed when it values consumers and prioritizes their needs above all else. Al Dulin advises new entrepreneurs to make customer satisfaction the main goal of their business operations and learn from client feedback.
11. Develop A Story
Every successful brand has a great story behind it. Your target audience will relate to your brand message better if you have an impactful story at its center. Your customers can relate to your brand more easily if your story touches them.
12. Work on the Brand Persona
All consumers and audiences associate brands with a particular persona. Often, this image is very different from the idea that a business promotes. But with effective and consistent branding efforts, you can shapeshift this image in any desired market. Itzhak Dulin can share many valuable insights with you that have helped businesses create a definitive brand persona in global markets.
13. Let Leads Guide You
Once your business has started its operation, you need to analyze the primary mechanism of lead generation. Entrepreneurs should invest more in the marketing channels that offer better leads. The more advanced your lead identification process becomes the higher your sales revenue. For more advice on sales strategies, get in touch with Al Dulin and start your business venture on the right foot.
14. Research before Setting Price
The price you set for your product or service directly impacts the fate of your business. Entrepreneurs must conduct thorough research on the market they wish to cater to. The price you determine should be aligned with the purchasing power of your potential customers. No matter how many features or benefits your product offers, if it is unaffordable for your consumers, you will not be able to make a profit.
Adjust your revenue goals following market changes, and you can turn any business idea into a successful company. Eyal Dulin has helped many foreign business people understand the market dynamics of South Africa and earn substantial profits. Reach out to him and benefit from his experience in the field.
15. Invest in Your Employees
Human resources can be the most valuable asset for any startup. Your team’s skillset, talent, experience, and morale will determine your place in the market. Entrepreneurs should invest in the training and development of their team members so their company can compete with other businesses well. The more you value your employees, the harder they will work for the organizational goals.
Your company’s culture depends on the morale and attitudes of your employees. This is why creating a corporate family within your company is very important. Entrepreneurs should build up their teammates, offer them growth incentives and keep them motivated. Develop a reward system that your employees value, and you will notice their job satisfaction grow. Itzhak Dulin can help you manage your workforce more efficiently and improve overall employee productivity. Click here to contact him now.
16. Set the Right Example for Your Employees
An entrepreneur must know the difference between a manager and a leader. A manager merely assigns tasks to his subordinates, whereas a leader guides with example. A competent leader inspires his workforce with his dedication and determination. If you do not have the same attitude, you cannot expect your employees to give their best for their job roles. This is why Eyal Dulin encourages managers and entrepreneurs to develop leadership qualities before hiring a corporate team.
17. Welcome Negative Feedback
Feedback is essential to building up any sustainable company. Some entrepreneurs seek positive feedback exclusively and don’t pay attention to negative remarks. This habit can cost a business owner heavily down the line. It stops your company from growing and evolving.
Exposing yourself to a variety of perspectives can be refreshing. It gives you a chance to improve and strive for better in the future. So instead of avoiding negative reviews, business managers should welcome them. Ask your customers, business partners, and employees to highlight flaws in the current business plans and operational mechanisms. And you will see tremendous intrinsic growth in your organization.
18. Invest in Automation Tools
In today’s world of commerce, no company can measure up to its competitors without using technological tools. Automation can be an effective way for your business to reduce costs and multiply profit margins.
It will also decrease your dependence on human resources, making operations smoother. Al Dulin can suggest many automation tools that have proven effective for business growth and prosperity. Discuss your business goals with him, and plan for a gainful corporate future.
19. Focus on Yourself, Not Your Competitors
If you understand your target market and product offerings well, you do not worry about competitors. As long as you keep focused on your strategies, you will achieve your goals in desired time.
20. Identify Valuable Clients
Not all customers are of the same value to a company, and business owners should recognize and prioritize their target audience. This can be achieved by offering loyalty subscriptions and reward plans for your regular customers.
Do you want to learn more practical and time-tested tips to grow your small business? Then reach out to Eyal Dulin via his website and benefit from his corporate experience and wisdom. Click here to find out the secrets to his success and aspirations in life.
Written by : eyadmin
