Where Will Your Entrepreneurial Journey Take You?
Business insight issue 4 considered “How to Make Your Entrepreneurial Dream Happen” without falling at the first hurdle!
If you’ve had a chance to read it or watch the video, you will have discovered one of the best-kept secrets about surviving the odds. You will also have learnt some critical success factors that will help you avoid some of the most treacherous pitfalls UK start-ups encounter that result in a staggeringly high failure rate!
Surprisingly, these pitfalls can trip you up no matter how experienced you are, as many entrepreneurs will openly admit to, including us! Just like you, we’ve also experienced many obstacles and a fair amount of failure in our own entrepreneurial journeys. This enables us to share with you the gift of our experience from our unique perspective so that you can learn how to overcome, and even avoid, the traps many entrepreneurs fall into.
So, why on earth would anyone want to trade on Mars?
Well, other than having very little competition, which may give you a competitive advantage if you hit the right market at the right time, where you decide to start trading can significantly impact how successful your business will be.
This Business Insight issue 5 begins to explore 5 business operating models from an ever expanding array of options. Whilst there are many more operating models to choose from, and many yet to be discovered, the popularity of these time-honoured models persists.
Which, if any, of these 5 operating models will you choose?
Will you stick with tradition and choose to take a conventional approach that requires a physical location?
If so, you may choose to operate from a market stall or bricks and mortar shop, for example.
This may be preferable to you because it offers face-to-face interaction with your customers and provides a dedicated workplace for you and your staff. Even in times like these, when many businesses with physical locations may be adversely affected by coronavirus related restrictions, it is still possible to thrive and attract more customers with carefully selected products and services. Whilst you may find this encouraging, you may also find the earnings potential is lower than you expected it to be, regardless of the economic environment you find yourself trading in!
This may be due to insufficient demand for your product or service, perhaps because of an over-supply. Equally, it could be that the market value of your chosen product or service is low. You may even experience an amalgamation of these and other factors! Either way, selling enough to cover your costs can be tricky! So much so, you may be unfortunate enough to open a physical location only to have to close it a few months later!
Instead, you may opt for a relatively new business operating model and elect to join the 4th industrial revolution with its relentless quest for innovation and market disruption.
Thanks to significant advances in technology, there is a growing trend in online business activity which has, arguably, been rapidly accelerated by a succession of global catastrophic events. Of the many industries that now offer services online, retailing is perhaps one of the most notable to have undergone a seismic shift in consumer interaction!
So, what does this mean for you if you have a deeply held desire to own your own shop?
Well, you may choose to operate completely online perhaps via an e-commerce marketplace such as Amazon or eBay. Then again, you may opt to develop your own e-commerce platform within your own website. Whichever operating model you select, this may be desirable because your ideal customers may prefer to shop online and it’s possible for you to work from home.
But what if you already have a physical store with loyal customers and staff?
In this situation, you may opt to enhance your physical presence with an online store, giving you the opportunity to sell more to your existing customers whilst creating a way to attract new customers! You may prefer this blended approach because it allows customers to shop from anywhere, at any time, using what is effectively another member of staff albeit a virtual electronic one.
Of course, you don’t have to be in retail to be online. These operating models can work for you in many different scenarios provided that …
your chosen products or service can generate at least enough income to cover your costs and preferably exceed them …
you dedicate enough time to manage your business effectively whilst meeting the demands of your customers and staff …
you monitor your business performance often enough to know when to keep going and when to change direction …
you continually develop your knowledge and understanding of your customers and the market you operate within …
you actively and willing seek professional support when needed to help you overcome challenges and limitations.
So… how can you reach new levels of success on your entrepreneurial journey?
Whether you are ...
an Aspiring Entrepreneur taking your first steps,
a Progressive Entrepreneur who’s made it through the start-up phase,
a Proficient Entrepreneur who's ready to unleash untapped potential,
or a Serial Entrepreneur creating your business portfolio ...
You can learn how to overcome, and even avoid, pitfalls frequently encountered when creating and running your own business empire.
With the know-how you need, over 30 years of hands-on experience, globally renowned accreditations, and published material (see Innovation in Leadership post)
Bradley Brown Consulting
guide and inspire entrepreneurs like you who want a business that can withstand the inevitable fluctuations life throws your way. Using our unique blend of mentoring, coaching, and consulting, we're here to help you achieve your dreams with our online business advisory services. Don't just take our word for it. Check out the testimonials and case studies at https://www.bradley-brown-consulting.com/case-studies to find out more about what people are saying about us and how we can help you to ...
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