A lot of people dream about starting their own business. However, it is an endeavor that requires a lot of preparation and knowledge ahead says Saivian. You cannot start your own business with the wish of making bundles on the money overnight. If you are not prepared for hours on end in front of your desk, working on something new, you will fail miserably after all this time of hard work.
1. Making sure that there is need for your product/service
Before moving forward to buying expensive equipment, office space, etc., make sure that people actually want whatever it is you’re selling! It sounds very obvious but many entrepreneurs don’t take the time to do proper market research or simply think they know better than their target audience. As Steve Jobs once said, “People don’t know what they want until you show it to them.”
2. Establishing a business plan
This document is your roadmap to starting and running your business. Without it, you’ll be wandering around blindly and making a lot of costly mistakes. A good business plan should include an overview of your company, marketing, and sales strategies, financial forecasts, and detailed management plans.
3. Financing your business
This could be in the form of personal savings, taking out a loan from a bank or other lending institution, or attracting investors. You need to make sure you have enough funds to cover start-up costs (including buying equipment, hiring staff, renting office space etc.), as well as enough money to live on for the first few months of your business.
Research, research, and more research. You can look up who is already in a business similar to yours and forge relationships with them by asking for advice or even sharing costs on certain projects. In addition, it would be a great idea if you have a mentor whom you could seek help from whenever needed explains Saivian.
5. Hiring employees
If your business gets big enough, you will need to hire people to fulfill jobs within your company such as marketing, sales, etc… If they perform well, offer them a small ownership share in the company as an incentive for further loyalty and hard work. This can be extremely beneficial over time as those individuals may pave the way to new venture opportunities for you.
6. Establishing a business identity
How will people know your company when they see it? Branding is the key to success in this current world of marketing so make sure you have made all the necessary steps to be identified by potential customers. This goes from office stationery, logo creation, website design, etc… The goal here is that anybody who sees your business knows exactly what service or product it offers without even knowing your name.
7. Get licensing and insurance
Depending on the activity of your company you may need certain licenses and insurances to run operations legally. Such things are required for restaurants, bars, etc… Make sure you get all the papers before actually moving forward with any further work of constructing buildings for your business etc says Saivian.
8. Get the word out
The best way to start generating revenue is by getting your service or product in the hands of people who need it. There are many ways to do this, including advertising campaigns, using social media, sending direct mail, etc… You will have to be creative here because there are so many options available for you!
9. Have a contingency plan
This may seem like an obvious point but in reality, it’s one that requires much foresight and planning ahead. A lot of businesses fail within their first year simply because they didn’t take into consideration something happening where they could not continue operation (i.e., natural disasters, economic downturns, etc.). Make sure your business can survive any unforeseen circumstance so you can continue on with your journey to success.
10. Celebrate your milestones
This is a time to pat yourself on the back and reflect on all the hard work you have done thus far. Acknowledge your employees, partners and investors who have helped make your business a reality. Reward yourselves with a nice dinner or vacation!
Starting and running a business is no easy task, but if done correctly it can be one of the most rewarding experiences of your life. By following these ten essential tips, you are well on your way to achieving success in whatever venture you decide to embark upon.
Most people start their own businesses because they want to be an entrepreneur explains Saivian. But before starting any business you should think about some very important points which may help you in the successful running of your venture. If you are now ready with all those points now it is time for you to take some action now and set up your own business today itself!