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A country of opportunities and fierce competition: how an immigrant can open a business in America and not go bust

America is the land of opportunity. Any person can start a business here without bureaucratic red tape and million references from various authorities. But because of this, America has become a country of competition - in whatever niche you open a business, there are those who have already done it before you, and most likely there are several dozens, or even hundreds of such companies. I'm like a person created a number of companies in the USA, moreover, in a highly competitive trucking industry, on the topic of competition, as they say, he ate the dog and is ready to share his findings with you.

Photo: Shutterstock

Why startups rarely survive

By startup, I mean not only an IT project, but any business that you start yourself. But to start does not mean to finish or bring to success and profit. Most startups can't keep up with the competition and close down. In my opinion, there are five main reasons for such a sad outcome:

1. The key problem of half of startups is the irrelevance of the idea on the market. Often when we come up with an idea ourselves, it seems to us that it is perfect. In fact, this is not always the case. Therefore, before launching, you need to test it on at least a few people.

2. Lack of funds. Creating a product and immediately making a profit will not work. You still need to do marketing and interest customers. In the competitive American market, just high quality is not enough, your product needs a “zest” and a creative approach to its promotion. Strictly speaking, marketing is 90% success. You can't save on it!

3. Unpreparedness for competition. Many start-up businessmen, especially immigrants, do not even imagine the level of competition in their niche, therefore they are not at all ready to survive and withstand the wave of companies offering the same services or products as theirs.

4. Incorrectly formed team. Not always friends in life can become reliable partners in work. The selection of personnel - for any position - must be approached as responsibly as possible and based on the skills of a person, and not on what your old acquaintance asked him to attach.

5. Disregard for the business model and hope for "wait and see." If you want your project to shoot, think it through to the smallest detail from the first day. In general, I believe that one of the main qualities of a successful entrepreneur is discipline, the ability to do what is needed and when needed, regardless of desire. When talking about business or self-employment, there is always a temptation to put off a difficult task until tomorrow. The main thing here is to say “no” to your fear and laziness in time and get down to business. Entrepreneurs must be disciplined, punctual and complete tasks on time.

Photo: Instagram / timmirzaev

How to overcome fear and start your own business

Did I scare you with start-up failures?.. The fear of failure in business and loss of money is what every businessman’s journey begins with. You are not alone. But you can't dwell on fear. There are several strategies to help overcome it.

Work 24/7: understand and forgive

The most important thing at the beginning of your entrepreneurial journey is to understand the level of responsibility and mentally prepare for it.

When you are employed, you clearly distinguish your time between working and non-working (when you absolutely do not need to think about work and your job responsibilities). But when you have your own business, the work goes on 24/7, and you are fully responsible for all the failures and mistakes that happen more often than you would like at the initial stage. You can make a mistake in choosing a direction, location, partners, determining the target audience, launching advertising - in a word, everywhere. It is important to constantly analyze and notice what shoots.

You must remember once and for all: there are no mistakes in business - there is experience. Yes, sometimes painful and negative, but still beneficial in terms of your development as an entrepreneur. There is no perfect business "from scratch".

Knowledge is power

Before you start a business, make sure you understand the direction you have chosen. I advise you to work first for someone from this area, study the inner workings and think about what you could offer new, “not like everyone else”. Fear disappears when you clearly know how the processes work.

The art of small steps deserves special attention. Do not try to jump above your head, everything should be gradual - Amazon was not built in a month or even a year.

Your money and full control

The fear of losing money, in my opinion, can be overcome quite simply. Contact a competent financier, take him to the team. You will be much calmer when you have a clear financial model in front of your eyes. Calculations in business are its most important component. In addition, I believe that you need to open the first business with your own money. Let with minimal investment, but their own. This way you will not be in debt and it will save you from unnecessary pressure.

 

Do you need to keep an eye on your competitors?

Competitors are not a hindrance to business, but quite the contrary. They are the best motivator for us, forcing us to work harder, follow trends and invent something new. Therefore, I am even glad that there are competitors in the business environment. I can't imagine what it would be like without them. We would probably not develop and be content with what we have.

It is important to keep an eye on your competitors. Know how they work, analyze why people choose their products and what makes them special. This will improve the performance of your company.

When I was just launching business projects, I was extremely attentive to competitors. Constantly followed each company, worried if someone got ahead.

Now there is no such thing. I don't follow them as closely and I don't get nervous about the success of others. I try to monitor the market as a whole, without analyzing individual companies. But in no case should you isolate yourself, you must understand and regularly evaluate what is happening in your niche in the market. This is not necessary in order to be the first, it is necessary in order not to fly out of business at all, losing touch with real customer requests.

Photo: Instagram / timmirzaev

A non-obvious way to get ahead of the competition

The quality and "flavor" of the product is very important in a competitive market. But marketing is everything. And one of the ways to get ahead of the competition and increase profits is to create a strong personal brand of the leader of the company.

I am of the opinion that in the XNUMXst century every businessman should have social networks, be always in sight and lead a public lifestyle. So time dictates, and it brings benefits to business.

Especially if we are talking about the truck business. We constantly need new faces: drivers, office workers, partners. People want to know what company they go to, what it is famous for and what advantages it has.

Without a story in social networks, your future employees, customers and partners will not realize why your company is better than hundreds of others.

Through social networks, you cover information about your company to a billion audience (more precisely, to 4,66 billion people). Just think about this number! And they are all your potential customers.

Today, people choose a service or product based on the information available about it on the Internet. They want to trust the project - give them that opportunity, tell about yourself on social networks.

As the owner of several companies, I can say that social networks act as a networking platform for me. In them I meet new people, find partners, attract clients and employees.

My main task is to openly conduct social networks, talking about companies, future projects and about myself. Even if a person does not become a client at that moment, he will know that there is Timur Mirzaev and his team who can be contacted.

More interesting information about business and life in the USA can be found in my Instagram by hashtags:

  • # team_pro_business - here I write about business ideas, startups and doing business in general;
  • #time_habits - here I talk about my good habits that help me stay effective in life and business;
  • #team_hobby - under this hashtag, I publish what helps me stay in shape and restore energy reserves;
  • #team_development - well, here I share useful books / films / podcasts and other resources for self-development;
  • #time_personal - under this hashtag, look for a story about my move to the USA, the beginning of my business journey and the launch of my first offline business.

Read also on ForumDaily:

Turnkey business in the USA: with what investments you can start your own business in America

Truck business in the USA: where to start, what to do and where to go

Do's and Don'ts when starting a business in the USA: advice from a seasoned entrepreneur

Opinion of an immigrant businessman: is it possible to succeed in the USA without English

How to become a millionaire: a recipe from a successful immigrant businessman

How to open a business for an immigrant in the USA: all the nuances from A to Z

competition useful tips Educational program loudspeakers personal experience how to open a business in the US Timur Mirzaev
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