Small Business Success: 3 Essential Tips from an Entrepreneur
Small businesses are the backbone of the American economy, creating the majority of new jobs. However, starting one can be daunting. Phaon Spurlock, serial entrepreneur and founder of Prototype Marketing and BKLYN LEAGUE, shares his insights for budding entrepreneurs.
1. Gather In-Depth Customer Data
Spurlock emphasizes the importance of understanding your target audience. Gather at least 25 data points on your potential customers to create demographics and psychographics. This information is crucial for creating effective marketing campaigns that resonate with your audience.
2. Create a Budget and Reserve
Spurlock cautions that starting a business is often more expensive than anticipated. Create a budget and set up a reserve fund to cover unexpected expenses. Keep personal and business finances separate to avoid compromising either one. Consider maintaining a full-time job while starting your business to provide financial stability.
3. Launch Your Business Now
Spurlock advises against delaying the launch of your business. Develop a strategy or hire an expert to create a go-to-market plan. Implement it and let your audience provide feedback to guide further refinements. Remember that most businesses experience setbacks, but the success rate remains promising. "If you sit and try to make it perfect, it will never launch," Spurlock says. "So definitely just launch it."