Let me give it to you straight – Regardless of our backgrounds, entrepreneurship has the magical capacity to bind us. We embark on entrepreneurial journeys to comfort an ache and complete something within us that’s missing. There’s no denying that a large part of being an entrepreneur boils down to hustle and networking. I became an entrepreneur when I was just a sophomore.
College graduates can wear entrepreneurial hats by starting a turnkey business. Let me give you some advice on starting a business. Starting a business is like constructing a house. To begin with, you have to mix the cement. Subsequently, lay the foundation and choose which bricks go where. Focus on how much you need and how you can build a house that inspires you, lifts you and sustains you.
There’s no point in starting a turnkey business that’s not sustainable.
Now, allow me to explain how a college graduate can start a turnkey business.
#1: Franchise Businesses
There are many types of turnkey businesses. The most prominent type of turnkey business is Franchise business.
Let me explain. A franchise business entails collaboration between two stakeholders – Franchisor and Franchisee. More often than not, a franchisee is an individual who’s entitled to begin operators of franchisor. He’s at liberty to use the name and logo of the franchisee.
There’s still some significant amount of start-up work to be done. But it’s safe to assert that there’s less risk involved as the franchise is usually an integral part of a reputed business.
#2: Market Research
Many first entrepreneurs pay scant attention to this important aspect – Market Research
Market research is essentially about understanding supply chain, operations and finance of the business.
Your turnkey business idea may look good on paper. But in actuality, it may not be viable.
To validate your business idea, assess the performance of your competitors and evaluate their performance.
You will be able to gain valuable insights. Can your turnkey business offer something that’s unique? If not, what are your plans to stand out from the crowd?
It’s a good business strategy to do primary as well as secondary market research.
Secondary market research entails reading industry reports, opinionated articles of industry leaders, blogs of consultants, etc.
Primary market research entails focus group discussions, gaining valuable reactions and observations by taking feedback from audiences, conducting surveys, setting up crowd-funding pages, etc.
A combination of passion and expertise is required to start and successfully run a turnkey business.
One of my friends started a turnkey business in jewelry. In about 3 years, she made truckloads of money. She attributes her success to three things – Passion, Hard work and Market Research
People devote 8-10 hours a day. There’s no joy and fulfillment in starting a turnkey business that you aren’t passionate about.
Turnkey businesses are pre-packaged with resources, tools and software.
Everything is in place. But there’s something missing – mentorship.
I have a friend who, six months ago, started an adult turnkey business. She is extremely pretty, tech-savvy and well-read. She realized that an adult turnkey business is the best business to start with little money.
She subscribed to a white-label solution. She got her website launched in just a couple of hours. She made a few changes to the layout of her adult live camming site. She promoted her site on Twitter and Tumblr.
Within a couple of months, she started receiving good volumes of web traffic.
She was making around $100 USD a day. In other words, her earnings were anywhere between $3000 USD and $4000 a month. But here’ the catch – Her net earnings were 65% of $3000 USD i.e., $1960 USD.
She was smart. But she didn’t pay enough attention to the draconian commission rates that white-label solution providers charge.
This is where mentorship comes handy. Mentors guide their students.
I mentored many aspiring entrepreneurs. When one of my students accosted me for guidance, I told her to purchase an adult turnkey script. The best thing about turnkey scripts is that there are hardly any recurring charges. There’s just one-time investment. There are no draconian commissions.
When it comes to pricing their value offerings, college graduates have a tough time. Audiences may not be receptive to expensive items. Inexpensive ones may invite the contempt of target audience. Mentors can develop a robust pricing strategy and assisit students in their honest endeavors.
We have all heard the saying, “Your network defines and dictates your net worth”.
Many college graduates commit this strategic mistake – They ignore their peers, family, friends, neighbors and community leaders. They just chase employers and industry influencers.
Ignore the existing web of relationships is the biggest strategic mistake that an entrepreneur can ever commit.
To expand your social circle, it’s a good strategy to seek volunteer opportunities. Be active on platforms such as Reddit and Quora.
If you have expertise in any subject or business domain, always showcase your knowledge in discussion forums. You will learn more when you discuss and debate more.
Some Business Suggestions
A vast majority of turnkey businesses require monumental marketing efforts. For instance, adult turnkey businesses rely on two things: Marketing and Unique Content
Marketing is indispensable. The importance of on-site and off-site SEO cannot be discounted. Sometimes, paid promotion may yield immediate and better results. This brings me to the question – How frequently do you evaluate your capital? Do you have money to manage contingencies?
When you submit your adult turnkey business to a directory, you should nail your pitch.
To nail your messages, written and verbal communication should be top-notch. Truth be told, many college graduates find interpersonal communication to be excruciatingly painful and tough.
So, here’s another piece of advice on starting a business – Fine-tune your communication skills, set your sights on marketing, focus on offering unique content and services, and figure out finances.
Be ready to embrace failure. Not many entrepreneurs taste success immediately. Remember that Rome wasn’t built in a day. Don’t compare yourself with others. Learn from your mistakes and also from those of your competitors.
Take the leap. Be consistent. Be patient. Never stop learning. Never give up. Cheers!