I can say with confidence that young people have no shortage of potential. Where they lack, however, is the ability to properly utilize that potential. Call it deficiency of education system or lack of opportunities, Many new entrepreneurs often find the competition in the international market a little too difficult for them.
I can say from personal experience that young professionals are just as competent as any experienced businessman when they know what they are doing. This article is to help these professionals get on their feet, start a business, and knock any competition out of the water.
Believe it or not, the process is simple and basic. Most of you might already know it, but you are likely to make some minor mistakes that have a significant impact. Here are some practical tips for entrepreneurs to start a business that will sustain even in the toughest of competition.
Know Your Strengths
“Which business to start?” It’s the most important question for any ambitious entrepreneur. You have to select an industry before starting the struggle to make your place in that market. Here’s a golden piece of advice, “the best business is the one that you know best.”
Don’t run after trends. Do what you can do better than most people.
Are you a good cook? Consider running a business that involves food. You know a lot about fabrics? Consider starting a garment-related business.
Things will be a lot easier for you when you know what you are doing. Having your strong point as your business will make it easy to provide the best and unique service and defeat any competition.
What would you say is your best quality?
Target International Customers
Don’t limit yourself to the local market. There is a big world outside your country. Targeting international market means bigger earning potential.
The question you might ask is “where to find these international customers?” The answer is simpler than you can imagine: the internet. There are so many online platforms like Upwork, People per Hour, and Fiverr where you can find work.
If you are selling some product, let your customers find you through an online store. With WordPress, creating a website is easier than ever. You can make it easy for the world to find you through a little bit of digital marketing.
Use an Efficient Payment System
The first thing most international customers want to learn about, after the quality of your service, is how they can transfer your money. International transactions can be costly and have additional charges. Your customers don’t know if there is a proper payment system to send your fees to your country.
Fortunately, there is now an efficient system we call Western Union. It has made international transactions to any country easy and cheap. It even allows you to transfer money from your phone.
Your customer can transfer money to any major bank through this service without any extra charges. Your potential clients may not know this, and it is your job to clear any queries they might have.