9 Things that you Need to do Before Starting your own Business
Starting a business is, without doubt, a dream that many of us will have had at some time. However, if you have dreams of becoming the next Bill Gates or Mark Zuckerberg, there are a few things that you need to do right from the beginning. The truth of the world in which we live is that a large chunk of the new ventures that are launched every year will fail a few months after their conception. Indeed, some studies indicate that 8 out of 10 companies will fail within the first year. Here are 9 things that you need to do before starting your own business;
- Embrace the power of the internet
You may think that your business has nothing whatsoever to do with the internet, but the truth is, you would be sorely mistaken. Today, it’s hard to find a business that does not, in some way, operate on the internet.
Even if you are a plumber operating as a sole trader, the power of the internet is something that you are going to have to embrace. Though they remain in force, the marketing techniques of yesteryear have pretty much been supplanted by online marketing.
A website for your business
Having a website is something that has become essential for all businesses. A website allows you to interact with your customers online. It can also serves as an extension of your physical store.
The power of online reviews
Another way through which you can leverage the power of modern technology to help improve the odds for your business is by embracing the power of online reviews. There are many review platforms out there, most of which offer listings free of charge. The great thing about reviews is that they act as beacons, attracting people to your products and services.
- Strive to solve a particular problem
The reason why so many businesses fall by the wayside within the first year has to do with the fact that they are not set up to solve a particular problem. While it is entirely possible to be a pioneer and to come up with something that people never even knew they were missing, what you really need to do is identify a problem within the market. Once you have done this, you can then set out to plug the gap that you have identified with your products and services.
- Let the focus be on the customer
Most of the time, a major failing for startups is that they tend to focus on their own greatness and not on the customer. That is a recipe for disaster. Of course, you may have come up with that billion dollar idea, but how is that going to help people out there?
What needs to happen is that your focus should be on the customer, and not on you. And the only way that you are going to be able to do this is by carrying out effective market research. The ability to focus on the customer is particularly relevant when it comes to the world of marketing.
Instead of going on about your greatness, as we have already stated, what you need to do is make sure that you dwell on how your target audience is going to benefit from your products and services.
- Don’t bite off more than you can chew
This is another thing that you need to understand before starting your business. One of the major reasons why startups end up getting into trouble is the fact that they take on more than they can handle right off the bat.
This can be devastating, particularly when it comes to the issue of financing. Where possible, we advice startups to self finance when launching. What you don’t want to do is to have creditors breathing down your neck even before you have had a chance to settle into your niche.
- Know your limitations
So, you are about to start business and are very proud of your abilities, but can you really perform all the tasks that need to be done in order to keep it afloat? Knowing your limitations can be what stands between success and failure for your venture.
When the time comes, don’t hesitate to hire professionals who will help you with such matters as accounting, insurance, marketing, web design and legal matters. Doing this leaves you the time that you need in order to carry out the important task of running your business.
- Hire the correct kind of people
The human factor tends to be one of the most important when it comes the success or failure of a particular business venture. That is the reason why it is important for you to hire the right kinds of people before you even start out.
One of the things that you will notice is that human beings tend to be difficult to manage, particularly if you do not already have experience doing it. Getting just the right kind of people, therefore, tends to be difficult. But you can increase your chances of success by knowing exactly what you are looking for in the people that you are hiring.
- Produce a business plan
Having a business plan is an important step when it comes to launching a new business. It helps reduce the chances of failure, by providing you with solid goals and projected results. Business plans help concretize your ideas.
- Be prepared to work extra hard
One of the things that you will realize after launching your business is that things are not as rosy as they may appear at the onset. Indeed, you will at times wish you never even started out in the first place. There are so many things that need to be done that you are likely to have countless sleepless nights. The great thing is that you will, at the end of day, enjoy the rewards of your hard work.
- Start a business in an area that you are passionate about
There is nothing that’s going to suck the life out of you more than doing something that you are not passionate about. Passion is what you will need in order to keep going even when things may not appear to be going your way.