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Entrepreneurship can be a tricky game. Almost no college or university level education can quite prepare you for it. Most of the learning happens on the job.
But despite the countless roadblocks and challenges small business owners face, a staggering 84% of small business owners would do it all over again.
If you’re thinking about taking the plunge and starting a business of your own, there are things you need to know that can help your business thrive in the ever-competitive business world.
Here are the three things you must know as an entrepreneur
1. Product Labeling Is Key
Before you start a business, it’s imperative that you do a thorough research of the niche you want to venture into.
Do a competitive market analysis to determine the size of the market, what the competition is offering, demand for the products, and more. If you miss this step, you may find yourself in a tough spot, where you have quality products but no demand at all.
Once you get a grasp of the products you want to sell and the target market, you’ll need to differentiate your products from the rest on the shelves.
But how do you do that? This is where product labeling comes in.
A label contains information about a product on its packaging, container, or product itself. It can be a simple logo or any marketing gimmick you want to be displayed on your products. Labeling is important as it helps to identify your products and grab the attention of the customers.
If you’re venturing into the manufacturing sector, labeling can also help to display warnings on the use of your products. For example, if you’re in the dairy line, you’ll want to print a warning like this, “Contains traces of cheese and shouldn’t be consumed by anyone allergic to milk.” This helps to comply with government regulations and ensure the safety of your customers.
To do that, you may need to invest in a good inkjet printer to do all the labeling for you. These printers are cost-effective and utilize a compatible videojet ink that can achieve better adhesion and permanence.
2. Product Marketing is Indispensable
Even if you’re offering a topnotch product, it will generate zero returns if customers don’t know of its existence.
You must capitalize on marketing to spread the word about your products. If possible, leverage all possible marketing mediums while adopting both traditional and modern marketing approaches.
In this context, your online presence matters a lot. Make sure you have a website that’s updated regularly. You should also have active accounts in all the leading social networks such as Facebook, Twitter, and Instagram.
3. Customer Is the Boss
Your customers are your most valued asset. Failure to treat them as VIPs will steer you down the path to failure and kick you out of the market.
The customer can fire everyone in the company from the CEO, all down to the junior staff simply by spending his money elsewhere.
The trick is to offer exceptional customer service and customers will always reciprocate by buying from you. According to Oberlo, exceptional customer service is critical to your business’s long term success, especially if you own an online store.
We hope this article will help you become a better entrepreneur. Feel free to comment and share.