How to start your own Business?
Starting your own business is not an easy task. It requires tremendous amount of efforts, research, investment, and time.
Here are few basic tips that might guide you while starting your own business:
- Do a self-inventory: Before investing time and money on your business, access your capabilities, resilience and zeal with that needed for the business you are trying to approach. Not everyone is suitable for every kind of business. The traits a person has might be more suitable to another type of business than the ones he is currently trying to pursue. Thus an Entrepreneur must first begin with self-assessment.
- Develop the idea: Don’t just start a business because it is currently in hype. Develop the business idea that you are more passionate about, more experience about, and the ones you can more effectively approach. From there come up with products and services that can enhance people’s life.
- Test the feasibility of the business idea: After you come up with a business idea, test them against whether your product/services are the ones that people are actually looking for, can you identify and adapt your product to particular market segment, and whether it will help you reap maximum benefit.
- Write a Business Plan: Writing a Business Plan will guide you approach your Business idea. It will also help you present your potential idea to investors and other stakeholders. It includes Mission Statement, Company Summary, an Executive Summary, Service or Product offerings, a description of the target market, financial projection, and the cost of operations.
- Identify your Target market: Even after deciding the Business idea, it is of utmost necessary that test the feasibility of your target market (which is basically the customers you are trying to serve).
- Determine the cost: Determining the cost of business will not only help you perform business activities in a proper manner, it is also the same cost that you show investors to make an investment in the business. Thus it is also a crucial step in establishing a business.
- Establish a budget: Develop the clear cut financial plans regarding all your incomes and expenses.
- Find the right investor: After completely planning out a business, you need to find an investor to fund your business, who share the same passion and someone who believes that investing on your business is worthwhile.
- Identify proper Business location: Make sure your Business location will help you deal properly with your target market. Effectiveness, cost, Ease while dealing with the target market can be considered while identifying your Business location.
- Set up a great Business team: You’re going to be investing a lot of time and resources into your new business venture. Be certain that your family is on board. They must be aware that this process will be challenging financially and emotionally. Also make sure you are good at delegating responsibilities to your employees
- Determine the legal structure: Determine which form of business is more suitable to you: Sole Proprietorship, Partnership, Limited Liability, A Corporation, Non-cooperative, and likewise. Also determine the registration and legal working framework of the company.
- Select a Business Name: Select a Business name that best suits your Business. Name also determines
- Arrange for better Insurance policy to secure your Business: Buy a proper insurance policy for your Business. Make sure you secure your Business and employees through Insurance policy.
- Be flexible: Chances are that your original ideas will have to be modified. Being able to adapt to what your customers want will determine your ultimate success and failure.
- Share your ideas with your family and friends: Your family and friends are likely to me more honest about your Business ideas. They are the ones who will be willing to give you constructive feedbacks. Thus it is crucial to share your business ideas with them and sought ideas from them in return. On the other hand, it is important that you avoid naysayers.
- Deliver the product or services fast: Deliver the product and services in a step by step process. Develop the first draft of the product/services, offer it to the certain segment of the target market, obtain feedback from them, modify your product and services, and send the product back to your target market. Your business is a work in progress and if you launch your product or service quickly, you will be able to build a community of customers who can provide valuable feedback that can help you improve the offerings. Offering your product late to the market normally means that you are embarrassed by your product or not confident about your product.
- Offer new product/services: If you already have customers, make sure you put an enough effort to hold them by providing them new product/services.
- Make sure you keep on updating your customers: Don’t miss out updating your customers about both your triumphs and failures. They are more likely to accept your honesty.
- Avoid long-term misunderstanding with your partner: Working hand-in-hand with the partner is crucial to the healthy working of a business. Make sure you solve out your misunderstanding as soon as possible.
- Don’t worry about dilution: So an investor has required a stake in the company. Recognize the fact that eventually at one point or another you’ll have to give up some control of the business. Accept it and move on.
- Hire a copywriter: Unless you’re an excellent writer, hire a copywriter to compose emails for highly targeted customers. A copywriter will also prove handy for press releases and other pieces to spread brand awareness or provide business updates.
Don’t fear the competition: It is of high necessity that you talk favorably about your competitors. Use information about your competitors to outperform them rather than talking badly about your competitors with your clients. In fact talking unfavorably about competitors might even point customer to a competitor who may offer a product/services that you might not.
- Highly benefit from word-of-mouth: Word-of-mouth is the best way to provide your business messages to your clients. Learn not to underestimate the power of word-of-mouth. Let friends, family members and influencers in your field spread the word about your product or service.
- Network: Don’t be afraid to get out there and show your face to the public, whether at a conference or just being out and about with friend on a Friday night.
- Provide outstanding customer service: Be sure you aim at providing outstanding customer service. Outstanding Business idea may fail if you don’t work out in providing outstanding customer services. Successful companies like Amazon, Wal-Mart are successful not only because of their highly accepted Business idea.
- Be sure your website functions well: Let your customer know as much about your website through your website. Make sure you keep on updating your website, and ensure proper operations of your website.
- Make sure clients pay their bill on time: Always be certain to receive payment for your products or services. Instead of being taken advantage of, establish a time frame for payment. It also wouldn’t hurt to accept credit cards and have an online payment system set up.
- Make sure you keep your Social life aside: You’re going to spend a lot of time devoted to the business. Even if you plan a night out, you may leave early because a light bulb just went off. Hopefully those closest in your life will understand about the business of your professional life.
- Recognize that you’ll be final person to receive the pay: As the CEO, you’re the last to collect the check. This is how it works until there’s enough revenue.
- Realize when it is time to move on: Failure is inevitable. If things aren’t working out and you’ve done all you can, then put aside your pride and close up shop. Something like this is not easy to accept. But it’s for the best.
- Learn from your failures: Make sure you learn from your failures. No Business is likely to grow or succeed overnight. Learn to postpone your success and keep on working on your weaknesses.
Why your Business will fail?