Today, entrepreneurship has become the dream of many youths, but it is not at all easy. It requires a lot of hard and smart work, persistence, optimism, market knowledge, various skills, and passion.
If you are thinking to start-up your own business, this article is must read for you as a beginner.
Are you sure and ready?
“When you’re an e-commerce start-up, there are so many constraints: time, money, energy. It can be easy to feel as though you can never achieve your dreams and desires. ” — Corryn Barakat, CEO of Milk and Love
Are you thinking about it because you just quit your job? Or is it really something you have dreamt about.
Initiating a new business demands a lot of investment from you in every way; be it your money, energy or time. It requires genuine questionnaire, sacrifices, self-motivation and a lot of patience.
What kind of business is it?
Have you thought about it? Is it an independent business or a franchise, providing services or manufacturing, B2B, retail or an e-commerce?
In what arena you are striking your chord? Have you considered and planned enough? In which kind of business you’ll be able to incur profit as well as can best sell your ability?
Think about this first, if you haven’t already!
Is your idea legit and profitable?
“Remember why you started.” – Anonymous
What you’ll be writing in your website’s about section? What’s the idea behind starting-up this very business? Have you researched the market? How can this idea be profitable? What is unique about your product or services? Why will people take interest in it? Is someone else doing it as well? Do consumers have other options if they neglect your product? Is it really useful or solve the problem?
Give yourself ample of hours to think upon this very section. Being an entrepreneur, you are competing with none, but your own self! Starting up a new business is all about that one idea, which can attract the audience, is out-of-the-box and is well-researched and plotted. Use your tactics, map the market landscape that you are about to step in. Be ready for some serious statistical readings.
Jot down demographic details, potential targets who will be interested in your product, competitors in the area, legal rules and regulations, basic inputs and requirements, their cost and availability, number of suppliers, advertising avenues etc. Hold discussions with suppliers, competitors, and potential customers.
Also, focus on what’s legit, thoughtful and necessary. Over-planning is as cautioning as no-planning at all. As Walt Disney said,
“The way to get started is to quit talking and begin doing.”
In the end, advice from wise and expertise is always a yes, yes for guiding your skills in the most righteous direction.
Have prepared a business plan and structure?
“If you can’t feed a team with two pizzas, it’s too large.” – Jeff Bezos, Amazon founder, and CEO
Is the plan ready? A full-proof plan and not really all the back-ups!
I don’t care if it is on the napkin, the last page of old-school notebook or exhausting 20 pages long document; you must have inked something in your secret box. Each and every CEO in the world has asserted the importance of etching in the basic caricature, before the foundation!
Before thinking about launching your own business or website, plan-out on your resources, assets, and requirements.
How will you sell it?
Prelaunch your product if you are ready for an onset! Be shameless when it’s about selling your products or services. Be ready for some tireless networking and contacting the advertisement industry. Friedman allowed people to even connect to him on his personal networks, so people become aware of his new venture!
“We had a support network, a group of cheerleaders who were really inspired to help us with our idea before we launched.” He said.
Be ready to get into the tricky world of media; videos, websites, hoardings, audio, social media platforms, from Facebook to LinkedIn, articles, whatever suits your purpose, get hold of it right away! Promotions and advertisement will become the greatest source for your sales.
“I called different TV stations the first day we went to the market to tell them about National Storm Shelters and ended up on the 5 o’clock news. That was huge!” Turner mentions. College Hunks got a major boost from an article that landed in The Washington Post.
Also, don’t forget on putting in efforts in creating professionalized stuff. Call it faking or necessity, you need to do it. Whether you are alone or have a team doesn’t matter. You need to look like what grasp people’s trust and attention. Work on your branding, logo and even your usernames. Make your brand identity stand-out in the crowd!
Ready for handling some bills and receipts?
You might be getting over-doze of paper, while initially setting up your own business. Although in the present days, we have the ease of machines but still manual and tangible files remain an indispensable necessity, which always comes in handy.
Your bulk of sheets might include—
- Legal files related to licenses and registrations.
- Trademarks and patent filing.
- Insurance and loans
Mark that, often the nature of the start-up tells that whether you need an attorney for any of your legal and complex matters.
Carry your business along with you everywhere.
Initially and even after establishing your company, you need to get in constant link with their business. The fastest road to profit is working on it right where you are. Initially, every leading entrepreneur was on his or her heels 24 by 7! You’ll be everything, from a delivery boy to the Manager. You need to work tirelessly, every day, as you need to take care of each new customer. It’s a steady battle.
Concluding this, remember that if the work is piling up and loading you day by day, then that is a good sign of success as that indicates on you having customers and that soon you need to make some significant moves, like hiring more people and plotting in another strategic plan.