To build a business from the scratch is no joke. Even starting a small business takes countless sacrifices, challenges and perseverance. Interestingly, despite all these obstacles, 84% of the business owners start it all over again.
However, if you are sure to take the plunge and want to dive into the world of immense opportunities then here is the list of things you should keep in mind before starting any business
Start with a business plan: Individuals with a solid business plan and clarity of niche are 128% more likely to succeed in the long run. The planning of business takes intense research. Any business planning should ideally be supported by data analysis. Researchers have also found that plans that can forecast future trends, track progress, and improvise goals are likely to have a stable frame of business workflow. Hence, planning is the most curious part when it comes to starting a business.
Frame a legal structure: A company, when incorporating a legal structure, can reinforce a safety net for itself. The legal framework of the company should be taken seriously. Before starting on your own take expect advice and if possible hire professionals for the job. A legal framework does impact how you pay the taxes, how much paperwork you need to fill up, and the liabilities you might face. Different type of legal entities is packed with respective restrictions and requirements. So, if you have already decided the type of enterprise you’ll associate with, a second opinion won’t cost much.
Customer-centric approach and understanding of niche market: Now, here comes the most important part, the idea is to understand the market and introduce products and services which are customer-centric. There are many examples of companies that do not have the best product or service or are not first to market, yet are very successful because they have mastered online marketing and sales. To start with, research the demographic of your potential customers and understand their buying habits. Another best approach would be to keep a close eye on the competitor. This will keep you on the toe every single day.
Online presence is mandatory: In the 21st century, businesses without an online presence will kill potential customers in no time. It’s very important to have a dedicated website. Your website is your top tool for sales and marketing. The most important thing about a website is that the name of the website should be simple yet creative to be recognized.
People refrain from using jargon or less common words as it may not resonate with the synergy of the customers. Don’t be a miser when it comes to designing the logo and branding of the company, invest a good sum of money in hiring professionals. However, if you’re tight on cash then you might use online tools such as Canva, 99design etc.
Find mentors and surround yourself with advisors: Starting a business is simple, however, running a successful company is not everyone’s cup of tea. If you’re planning to build a company then it’s generally advised to have the support of a mentor. Don’t indulge yourself on an ego trip, surround yourself with like-minded people and take ideas from everyone. Nobody can teach you how to run a business but successful entrepreneurs can share their mindset which might be helpful during stressful situations. Remember to express gratitude whenever you can. And don’t stop at one mentor, find three.
Build a team of right-minded people: As rightly said, “Great things in business are never done by one person. They’re done by a team of people”- Steve Jobs. Hence, it’s very crucial to find the first five members called the ‘core team’. People should buy and trust your ideas. Note that everyone doesn’t have the bandwidth to cover major aspects of the business such as finance, marketing, operations, human resource or strategy.
The hiring of the individual should be based on their domain expertise rather than finding someone who is the jack of all trades. Define the culture, mission and vision of the company at a very early stage, this will make sure you’re hiring just the right set of people who will help in growing the business in no time.
Hustle and be persistent: It’s difficult to predict the success of a company even if they have the right set of people in your team. Hence, failure should not be considered a setback rather it should be taken as an opportunity to learn. The winner’s attitude should be the driving force. Hustling should be your everyday practice and persistence is something you should always aim for. Don’t wait for the miracle to happen, at the end of the day the smart work you put on the table is the finest dish for your customer. Refrain from side hustle at an early stage as it may dilute the core product.
Get organized and work on weekends only when required: There is a reason why we symbolically represent a company as an ‘organization’, it’s an arrangement of people working together as a team. If you’re starting a business, the target-oriented approach will define the faith of the company. First thing first, manage your workspace and storage requirements. It’s important to keep the track of customer support and plan your social media campaigns in advance. Try to keep everything in journals, this will help you out in the situation of dilemmas.
Accumulate knowledge and invest in good books: There are thousands of books available related to business strategies that are available online, your aim is to find that very book useful for your goals. Being able to effectively manage your finances is critical. Hence, knowledge of financial terminologies becomes crucial. Entrepreneurs read more books than regular readers. For starters, you can read “Rich Dad, Poor Dad,” by Robert Kiyosaki, “The E-Myth,” by Michael Gerber, “Think and Grow Rich,” by Napolean Hill, “How to Win Friends & Influence People,” by Dale Carnegie and, “Blue Ocean Strategy,” by W. Chan Kim and Renée Mauborgne
Don’t get dragged into unnecessary debts: The greed of debt to start a business can end up in a suicidal approach. One should always keep a business free of debts unless the demand of the business required a lot of capital infusion to leverage it at a great scale. If you’re starting small, say no to debts and keep your financials at regular check. You never know when the debt will become an anaconda around your neck.
In the end, if you planning to start a business then don’t procrastinate or wait for favourable conditions. Start today! Also, make plan B in case things don’t go your way.
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