If you are a midwestern entrepreneur, there are additional challenges that you probably face. The majority of business advice is targeted at those in large cities on the coasts. However, if you play your cards right you can become a successful entrepreneur in the middle of the country too.
One of the tricks that every entrepreneur must learn is to be diligent in improving themselves. The world moves faster than ever, and that is even more true with the rise of social media. So if you want to get ahead being from the middle of the nation, you need to invest in books, courses, and people who can teach you what you need to know to grow. That way you will gain an advantage over time over those who don’t work as hard as you.
Survey Local Talent
Your business depends on employees as the lifeblood of the sales pipeline and customer service, as well as fulfillment. That is not to mention finding technical people to fill those roles should you need them. Before embarking on a new business venture in your city consider the kind of talent that you have available to you. Are you leveraging the kind of talent that is concentrated in your area? If not, you may want to draw up a new business plan.
Leverage Lower Costs
One of your biggest assets as a business owner is that the cost of living is lower where you live than the other hubs or business regions. You can offer the same salary to employees and they can spend less and save more, making your offer more attractive. Don’t forget this when calculating what compensation should be. It could allow you to pay less while having more profit.
Your local meetups are great ways to network with other business people. You never know when a great partnership could form from one night sitting in on a local meeting or speech.
You might feel that you don’t have the ability to get investments from major firms on the coasts, but that isn’t true. With new sites popping up every day allowing investors to combine their contributions in a pot digitally across the globe, you can coordinate investments from anywhere. Just make sure your online marketing and personal pitching skills are airtight.
Business is expensive, especially in the beginning. And the risk of starting a new product is high if you don’t have a proven success in a similar market. That is why franchising can be so beneficial. It allows you to take a model that is already working and pay a fee to use the idea and the brand name. In terms of franchise opportunities Cleveland Ohio has some great ones at the moment, although if you look hard enough you can find great ones in your area too.
Meetings and Events on the Coast
Don’t shy away from flying to meetings held in other cities. Just because you are based out of one area doesn’t mean you can’t rub shoulders with those who are located in regions like SF, NY, or LA. Expand your horizons and you might find that you are able to learn more about your industry from your new friends and you could even get a partner out of it.
Getting ahead as a midwestern entrepreneur is far from easy. However, if you have the right mindset and tools you can make it happen. Make sure you are using the tips above so you can make your business more profitable and avoid the headaches of being an entrepreneur from the middle of the country.
by: Sia Hasan