If you’re interested in becoming an entrepreneur, even if only as a side-hustle, then you need to be prepared to get very hands-on. Essentially, you’re probably going to need to do as much as you can yourself and only call in the professionals when you really need extra help. In particular, you’re really going to need to sell and sell hard. Here are some tips to help.
Be clear on your unique selling point
Your unique selling point is the reason people should buy from you as opposed to your competition. Keep in mind that, in this context, your competition includes not buying at all as well as buying from someone else. Realistically, your USP is likely to be less about what you offer and more about how you offer it.
The simple fact is that even the most disruptive businesses tend to be based on an established business model. They just find a new (and better) way of doing it. This isn’t a criticism. In general, the entrepreneurs behind these companies would be the first to admit it. For example, Shawn Meaike is very proud of how he has shaken up the hidebound insurance industry.
Be fair to yourself on pricing
When you’re starting a new business, it can be very tempting to try to compete on pricing. In general, this is a terrible idea. The one exception is if you have come up with a new way of doing something which allows you to reduce your costs without sacrificing quality. Even here, you want to be careful.
The simple truth of the matter is that as soon as your competitors catch on to what you’re doing, they’ll try to copy you. If you can legally protect your innovation, you can delay them. You should, however, recognize that all you’ll be doing is buying yourself time. Legal protection may stop competitors from directly copying what you do. It does not, however, stop them from coming up with their own versions of it.
This means that your better option by far is usually to compete on the value you offer. In other words, it’s to leverage your compelling unique selling point. There may indeed be a business case for offering deals such as free trials and introductory rates. Just make sure that you always have a way to get customers onto sustainable rates.
Be selective in all relationships
At the end of the day, a lot of sales ultimately boils down to building relationships. The most obvious relationship is between the brand and the customer. Often, however, other relationships matter too. For example, it’s becoming increasingly common for businesses to sell their products and services through intermediaries such as affiliates and “influencers”.
This is a perfectly viable strategy and can be hugely successful. You do, however, need to be extremely careful to work with people and companies who will be positive ambassadors for your brand. At a minimum, ensure that they’re not also advertising your competitors. Ideally, look for people who are selective about what products and services they promote. These endorsements tend to carry the most weight with potential customers.