5 Tips to Succeed as an Entrepreneur

5 tips ronn torossian

You want to start your own business – great idea. Now, make a plan. What will you sell? How will you sell it, and how much will you need to sell to support yourself and your business.

Once you’ve got a clear vision and plan, then use these tips to lead you toward success.

5 Tips to Succeed as an Entrepreneur - Ronn Torossian

Offer What People Want to Buy
Interestingly enough, having a unique idea is often harder to make money with than something already necessary for consumers. Such as, if you can come up with a better way to harness the end of a shoelace, then you could make a fortune. Simple ideas can often be great, but creating a market where one does not already exist can be an uphill battle.

Start Cash Flow Without Delay
You may be thinking you need to establish your brand idea and develop leads and contacts before starting to sell anything. That is the wrong approach. Establish income immediately. You can do that by asking for a deposit up front for your work with the balance to be paid on delivery – tie that into the customer receiving a guaranteed delivery date and you add value to them for making a deposit. Alternatively, you can establish monthly membership for items that your customer might want to receive every month. For professional services, get a retainer. Focus on getting good customers who will return regularly for what you offer.

You might also need to keep working in your current job and doing your new business in your free time to ensure adequate funds for you and your family’s need.

Find New Ways to Keep Costs Down
Always keep searching for new ways to cut costs or reduce them. Never pay full retail price for anything and shop for used and gently used items to equip your office or workspace.

Always Overestimate Expenses and Underestimate Revenues
Once you have your financial planning in place, then add 30% to what your cost estimates are and deduct 30% from your revenue estimate. However, you want to do everything in your power to come as close to your original projection numbers. Just be prepared in advance for the difficulties you will likely hit along the way. The 30% helps you do that.

Be a Sales and Marketing Maniac
Your business goes nowhere unless you are selling what you offer. For that reason have many plans in place. Since personal recommendations will grow your business easiest, always ask for client referrals, offer free consultations to new referrals and possibly a finder’s fee if a customer sends in two or three referrals. Support local events, speak at industry gatherings and conferences. Whatever you can think of to keep your company name out there will benefit your business

Armed with your plan and these tips, you will be well on your way to a successful entrepreneurial experience.

About Ronn Torossian

Ronn Torossian is the Founder and CEO of 5W Public Relations. He is an experienced leader in the public relations industry with over 20 years of experience. Ronn Torossian has been named as Public Relations executive of the year by the American Business Awards, and has run countless award-winning Public Relations programs.

Ronn Torossian

Ronn Torossian is the Founder and Chairman of 5WPR, one of the largest independently-owned PR firms in the United States. With over 25 years of experience crafting and executing powerful narratives, Torossian is one of America’s most prolific and well-respected Public Relations professionals. Since founding 5WPR in 2003, he has led the company’s growth, overseeing more than 275 professionals. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named “PR Agency of the Year” by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world’s most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine’s Most Influential New Yorker, a 2020 Top Crisis Communications Professional by Business Insider, and a recipient of Crain’s New York 2021 Most Notable in Marketing & PR. Torossian is known as one of the country’s foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, is a contributing columnist for Forbes and the New York Observer, and has authored two editions of his book, “For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations,” which is an industry best-seller. A NYC native, Torossian is a member of Young Presidents Organization (YPO), and active in numerous charities.

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