For students across the country, the lazy days of summer are almost over, and a new school year is right around the corner (believe it or not). As an entrepreneur, you can learn a lot more than you think from back-to-school season. Here are 10 school-inspired tips to apply to your business strategy.
1. Do your homework.
While no small business is guaranteed to be successful, one thing that will improve your odds is doing your “homework.” For an entrepreneur, this means thoroughly researching your competition, financial options and target market, as well as having a solid business plan in place before you launch your startup. You’ll have a much easier time passing the big tests of a startup – the elevator pitch, your marketing strategy, the first sale – if you’re thoroughly prepared.
2. Go for extra credit.
Providing exceptional customer service and going the extra mile for your customers can make all the difference in getting repeat business. Respond to questions and concerns quickly, express your appreciation for their business, and take the time to talk to your customers to learn about them and what they want. Friendly, personal interactions will earn you a solid A in your clients’ minds (and probably a nice profit in your bank account too).
3. Teacher knows best.
Mentorship is extremely important for entrepreneurs, especially when they’re first starting out. You can really learn a lot from someone who’s been in your shoes. A mentor can put you in touch with industry connections, help you through your startup growing pains, and give valuable insights for your present and future business goals. Even if you don’t agree with all the advice you’re given, respect your mentor’s willingness to share the time and energy to help you learn and grow as a business owner.
4. You can’t be too prepared.
Remember when you moved into your first college dorm and thought you brought way too much with you, only to discover that the extra screwdriver you packed came in handy midyear? Similarly, you can never be too prepared when it comes to running a business. Even if it seems like you’re overthinking, it’s good to be ready for even the unlikeliest of situations. What will you do if you don’t raise all the funds you need? What if one of your team members unexpectedly bails on you? What if you need to rethink your entire branding strategy? Knowing what to do in the event of a crisis will help you navigate any obstacles you might encounter.
Read more: https://www.businessnewsdaily.com/4990-back-to-school-lessons.html