Going beyond your first successful business and starting another one takes more than just an intention. As you create your strategy, you will no doubt come across key questions such as: Do you want to expand overseas? Do you need greater control over your supply chain to lower costs? Should you explore complementary industries to serve customers better?

While you should have a clear understanding of your ambition across multiple businesses, the key to succeeding as a serial entrepreneur is how well you know your customers. Your customers are your most critical stakeholders. Therefore, you will be more likely to succeed if you innovate according to their needs.

Here are 6 key steps to take to get started as a serial entrepreneur.

1. Identify your customers

Before you start brainstorming for new business ideas, you must first know who your customers are. Create a persona in your mind. Are they students, young adults or professionals? What are their lifestyles, habits and priorities. Are they budget-conscious or seek premium experiences? Are they environmentally conscious? How are they different from your existing business’s customers?

2. Identify a problem or opportunity

Once you gain a deeper understanding your customers, you may uncover opportunities to solve one of their problems or enhance their lives in ways your current business has not addressed. For example, retail entrepreneurs have integrated their brick-and-mortar stores into a seamless online/offline experience in order to meet their customers’ hybrid shopping behaviour. By understanding their customers, retailers have innovated to meet changing habits and preferences.

3. Determine the value that your business brings to customers

You want customers to see the unique value of your products or services, not just compare your prices with your competitors’. Therefore, think about how your businesses benefit them. Do you help them save time and simplify their lives? Do your offerings elevate their status, well-being, or eco-consciousness?

For example, restaurant customers often care about price, sensory appeal, quality, variety and eco-friendly packaging. Knowing the value your business brings often starts with a deep understanding of your customers.

4: Tap into data for research

To understand what your customers truly want, you need qualitative and quantitative data. Start by collecting feedback from frontline sales staff, study market surveys and trends, and use behaviour-tracking tools to analyse how your customers interact with your website.

5. Test your customer experience

Put yourself in your customers’ shoes and imagine how they use your products or services. Is your business serving customers you described in Question 1 and solve the problems you identified in Question 2? An idea may look great on paper but weaknesses can only be found during testing. Rope in members of your team or hold a focus group with a sample of your target audience to test its feasibility.

6: Understand the market

When entering a new market, especially overseas, it is crucial to assess external macroeconomic factors that can influence your success. The PESTLE frameworkcan help you evaluate the viability of your target market and develop an effective strategy before making your move.

A bank with a strong regional network can offer tailored advice and solutions for the market you wish to enter. At OCBC, our extensive local expertise can support your ambitions across borders. Whether you are growing your personal wealth or seizing business opportunities, we can help you build a foundation for success, now and into the future.

Ready to get started?

Let us partner you in taking the next step on your serial entrepreneurship journey and supporting your business aspirations. We look at your track record as an entrepreneur instead of assessing your new business on a standalone basis. To find out more, contact us and we look forward to taking you further in your entrepreneurship journey.