WHAT ARE SOME WAYS TO START A BUSINESS?

More and people are leaning towards entrepreneurship these days. There is something so alluring about being your own boss, getting out of the rat race, breaking the 9 to 5 monotony of your days. And once you get that spark of an idea you feel like anything is possible. You feel like this is the beginning of the rest of your life. But more often then not, what happens is that you catch the spark, quit your job and leap into the business world head first with no plan, no safety net. And it ends in disaster. This article is to help you to maintain that spark, grow it into a steady flame and keep it going.

TOP TEN TIPS TO START A BUSINESS

An idea is a good place to start of course. But equally important, or even more important is to have a clear and concise business plan. How do you plan to bring your idea to fruition? How can you develop it into a product or service, how can you attract a customer base? Before quitting your job or taking any major decisions, make sure your idea is feasible. Make sure you can come up with a detailed plan that tells you you can realistically put your ideas to practice. There are a thousand little elements to business that you will probably overlook, but those little details, that may not seem too exciting, those things are what is going to keep your business upright and going steady through the years. So plan, plan and plan some more.

Where does the funds for your business come from? Can you fully support yourself? In most circumstances that is not the case. If you’re quitting your job to start your own business, you need to make sure that you can support yourself in the time that it takes for your business to get to it’s feet. Not everyone who drops out of college becomes Steve Jobs. So before you take a huge risk, make sure you have at least a semblance of a safety net to fall back on. Figure out how you’re going to get your capital. Partners? Investors? If need be, take out a bank loan although it is hard to get those for a budding business. Try crowdfunding, it has been massively successful in the past few years. Read these best business tips for small business owners so that you never commit any mistake that takes your business towards failure.

Even more important than the finances and the physical resources is the human resources you invest in. Hiring the most suitable people is of utmost importance especially at the beginning of a business. You hire the workers first always. But most times you leave out lawyers, accountants and such things till the last moment. But they are important too. Surround yourself with a well rounded team that can help build your business. Put time and effort into the process of selecting the perfect team because wrong choices could mean the difference between a well oiled machinery of a business and an uncoordinated haphazard bunch.

When you’re in that exciting phase of starting a new business you tend to overlook the finer details of things. Liking making your business official. Getting your taxes in order. Insurance details. Checking for possible legal violations. Things like this cannot be overlooked and cannot be handled on your own. You need professional assistance. If the minor legalities are not done right, it maybe the reason for the toppling of your entire empire in the future.

Optimism is of course a good trait to have. And you can never start a new venture without a degree of optimism. But you must always, always prepare for the possibility of failure. Assume that your venture will not be immediately successful, because it most probably won’t be. Most businesses take a considerable amount of time to be properly successful. A lot of businesses need to be shut down because too much capital was put into it and it was expected to make enough profit to cover all debts too soon. Always aim for that break even point. Try to reach a point where you have made enough profit to cover all the money that you put into the business, so that all debts are paid. Plan in a way that you will reach that point as soon as possible. From then on, it will be mostly profit, which you can use to grow your business even further. But always pay off your debts before aiming too high too soon.

You are going to be a new face in the market. So it is important to establish a brand. Find an eye-catching name and logo for your business. Establish and clearly convey the goals and objectives you wish to fulfill. There’s no room for vagueness in the market. You might even think about collaborations with existing brands to get an introduction into the market, so to speak. Your brand is what you show to the world and it’s value. You should know about the best way to advertise your business.

The publicity side of starting a new business is crucial if you hope to build a good customer base. It is advised to hire someone trained to assist you in this. Marketing and Advertising goes a long way to expand your reach. If you’re conducting a millennial friendly business then it is crucial to have a social media presence- Facebook, Instagram, the works. Social media advertising has the most impact and reach nowadays. It doesn’t matter how good your services are if people don’t know about it.

A common mistake that entrepreneurs make some times is refusing to budge from their pre set business plans even if it leads them to loss. You can never truly predict how a business is going to work until you actually put it into action. So preparing for a measure of flexibility is important. You have to adapt and improvise in accordance to customer response and feedback. And don’t be afraid of feedback. The negative feedbacks are actually the most valuable. It helps you correct and improve. And when it comes to research on market trends and consumer tastes, most people tend to rely on secondary sources, which might be from a decade ago and done by someone in a different continent considering an entirely different demographic. So especially if you’re starting a business with a local consumer base, do your own research.

The mistake a lot of people make is to expect immediate success and profit. When your business doesn’t quite get there in the beginning, a lot of people get disheartened and sometimes even quit altogether. Building a business isn’t an overnight process. It requires steady and consistent work. It requires commitment and persistence. You need to ride out the tough spots, if you hope to reach that high. Don’t let small failures dampen your spirits, it is at those times that you need to cling to that fire that compelled you to start this business in the first place.

Once your business has reached a fairly successful place, then you need to think about growth and expansion. If you rest on your laurels then your business might go stale. Focus on things you can branch out to, maybe venture into new experimental areas. Make sure you’re experimenting from a place of safety though. Growth should not be at the risk of destroying what you built so far. But do not be afraid of growth. What started as a business in your garage, now growing might need to be shifted into an actual office building. You might need a bigger team with more customer influx. Keep adapting, keep growing.

Starting a business is a risk, but it’s a risk worth taking. The joy you get from building something of your own is an incomparable one.