Starting a business can be overwhelming. It involves dealing with many issues that it’s often difficult to know where to start. Despite all the challenges, entrepreneurship journey can be fulfilling and rewarding.
So you want to go into business and you don’t know where to start? You don’t need a college degree or some special education to start and run your own business. In this article I share 10 tips for starting a business.
- Don’t wait for the perfect conditions
Conditions are never right to do anything that’s worth doing. People often have excuses for not starting now, and sometimes that fear of the unknown creeps in. Worrying about the risk and challenges of starting or running your own business is very normal, but excuses will not help you reach your goals.
- Assess your finances
Starting a business is costly. One needs to determine how much their start-up cost will be and how they will be funded. You will also need a source of income, while you are still working on your business. If you are working it may be a good idea to keep your day job while starting and running your business.
- Learn as you go and try new things
There is so much to learn about starting a new business; however you don’t have to know everything before you to start your business. Go ahead with the great idea and continuously learn and adapt. Listen to the advice of veteran business owners, experts, customers, family and friends and also ask for feedback on your idea and new products.
- Provide a solution
Instead of thinking about what you want to sell, think about what problem you want to solve. In other words you have to identify a need in the market and then create a product or service to satisfy the need. Understanding why you are starting you own business will help you market it and create a brand in the market.
- Write a business plan
Once you determine what problem you are solving you need to put together a business plan. A business plan is a formal document detailing how a business will achieve its goals. A well written business plan lays out a business’ plan from an operational, financial and market view points.
- Know the legal requirements
As a business owner you need to understand basic regulations required when starting and running a business. The rules and regulations for running business depend on the type of business and industry you are into. It may be a great idea to speck to a small business consultant to advice on these.
- Prepare to make sacrifices
Starting a business takes hard work and sacrifice; it takes significant amount of time and commitment to make it work. This may mean sacrificing quality time with friends and family.
- Balance passion with business knowledge
Most entrepreneurs go into business to pursue their passion and mostly neglect other aspects of the business. As a business person you will need to understand that you will be required to wear different hats and perform a variety of tasks to set up your business. It’s important to for an entrepreneur to learn basic business skills and balance these with their passion for their business to succeed.
- Come up with a name for your business
Your business will need a name. Choosing a name for your business can have an impact on its success. You will need a name that reflects your brand and still easy to pronounce and spell. You should also do a thorough research to ensure that your proposed name is not a name that’s already being used by someone else.
- Talk about your business
Not all entrepreneurs are good sales people. However selling is a skill that can be learnt and mastered overtime. As a business owner will have to sell your business not only to your customers but to investors as well. You can get used to selling your business by starting to talk about it to your friends and family. Also practise your sales pitch and ask for feedback from different people.