Parima Ijaz, CEO and Founder—Pure Paris.
getty
I started my entrepreneurial journey after a scandal related to the bedding industry broke and made headlines. The news was that major retailers were sued for fraudulently mislabeling products as 100% Egyptian cotton.
After the incident, I found that most retailers would not try to buy Egyptian cotton sheets for fear of misleading consumers again. But there I paved the way for authenticity, transparency and trust to finally gain a foothold in the bedding industry, which has since been plagued by deceptive marketing tactics.
However, it was difficult to break into a stained market in the midst of a nationwide scandal. I had to find unique ways to differentiate my product from all the noise on the market. Based on my experience, here are six tips on how new entrepreneurs can start a successful business despite all the setbacks.
Contents
1. Conduct extensive research.
Enter the field and direct extensive research. Before making any decisions, I wanted to see if I could find authentic Egyptian cotton sheets. Unfortunately, I came across the same old, outdated styles, colors, and products advertised as “100% Egyptian Cotton,” but with generic “100% Cotton” labels. This showed me that it would be difficult to find the main ingredient of my business idea, but it didn’t stop me; it helped me understand where I needed to fill a gap.
For example, during my research I found an organization appointed by the Egyptian Ministry whose mission is to preserve and accurately market the trademark of Egyptian cotton. Several conversations, audits, third-party testing and sampling rounds led to the production of my first sample of certified Egyptian cotton sheets. I then researched who is looking for better sleep, why the market lacked authentic quality sheets despite being saturated and learned how to spread the word about our unique products.
2. Find your niche and solve pain points.
I can’t stress this enough; you must ensure that the business venture you are going to undertake is new, necessary and required in the market. It has to solve a problem or improve the lives of your consumers. Having a hot new product on the market is attractive to people until something new, better and/or cheaper takes over. This is common in saturated markets, so you have to think long term. Find ways to make your product or service last – timelessness will keep people coming back for more, knowing they can’t find your offering anywhere else. By creating a product or service that becomes critical to their daily lives, you grow a customer base through brand recognition and loyalty.
3. Make sure you have the bandwidth.
When you start a business, make sure you understand what it will require of you. Assess where you stand personally before embarking on a new venture. Entrepreneurs tend to focus on the rush, but no one can pour from an empty cup. Nurture your body and mind first and only consider starting a business if you are passionate and care about the business, product or service you operate. When you work long hours and build something great, you need more than a financial motive to keep going.
4. Stay humble.
It is never easy to start a business. If it were, everyone would do it. There isn’t one industry that’s easy to break into, so don’t envy someone’s success; admire and get inspired instead. The great thing about this is that you know it’s not easy and you do it anyway. Go to your ambitions with an open mind and don’t be afraid to ask for help. We are all human and no one has all the answers. Find new ways to stand out and educate yourself to best serve your target audience.
5. Overestimate what is needed.
Always invest more time, dedication and capital than you think is necessary to scale and run a business. When developing a business plan to help you plan for the future, you ask yourself important questions. Can you handle unexpected costs? How does it affect your business if a supplier delays payment for 30 days? What if a shipment of goods is defective? Prepare to have more than you think you need – no company is completely independent to begin with. While your goal may be to eventually be fully functional without external resources, remember that this is rarely possible when you’re just starting out.
6. Find a mentor.
I think mentorship is crucial. Therefore, you need to find someone who is or has been in your industry and learn everything you possibly can from them. Make sure their work inspires you and has delivered the results you are aiming for. Having someone outside your company as an advisor or guide can provide you with comfort, perspective, and direction that you otherwise wouldn’t have.
Final thoughts
Starting a business can be stressful no matter the timing or the market. If you are a new entrepreneur, it is important to take all the necessary precautions and prepare well. Following these tips can take you one step closer to achieving your business goals.
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