What To Consider When Starting Your Business
16 Jan, 2018
Today, many people are turning to self employment in order to achieve their career and financial dreams. Increasingly, even people employed in conventional systems are establishing side businesses aimed at providing them with more financial freedom and an opportunity to pursue their passions.
Have you failed to find a job? Do you want to start a side business to supplement your income? Regardless of your reasons for wanting to start a business, this guide will help you to understand the fundamentals of starting a business. Here are some of the issues to consider when starting your business.
1. Do something you are passionate about
A saying goes that if you are not passionate about it, do not do it. This holds very true for business. You should know that passion often translates into quality and commitment. It is therefore important that you identify and understand what your passion is. You could be passionate about beauty, sports, food, travel- name it.
After identifying your passion, research about it. What have others done about it? What businesses have been started on it? What gaps are existing? How can the industry be improved? Research is very important as it will help you understand how you can improve what is existing and avoid past mistakes.
Make use of the internet! You will be surprised by how much information exists on the internet. Invest time in research.
Remember, a successful business must be grounded on accurate and up to date information. Moreover, you will need information to be able to write your business plan. Be an expert at what you do, research!
2. Identify the need that you want to address
During your research, you will realise that certain gaps exist in the industry you are targeting. You could exploit some of these gaps to your advantage. For instance, it could be that there are so many fashion houses but all of them are targeting the higher-end market. In such a scenario, you could venture into quality fashion for the low-end market.
Successful businesses address valid needs. In fact, this is what will drive the demand for your product or service. You can find out whether your product or service meets a need by talking to others about it. If you can, give out free samples to a few individuals and ask for their feedback.
3. Spreading the word
Do not wait to launch your business to start scouting for customers. As soon as you have the concept together, start talking to people close to you about it. Do the networking. Encourage your family and friends to spread the word. You can give out free samples of your products.
Other avenues you can use include social media. You can write a blog about your product or service. You could also create a facebook page which you can use to let others know about what you have to offer
4. Planning and growth
At the heart of a successful business is a good business plan. A business plan is a great tool for attracting partners and investors. Note that a good business plan will help you ascertain whether your business idea can actually work. It helps you analyse all the factors at play and as a result, you are aware from the very start what your strengths and weaknesses are and how you can address each of them.
A good business plan should not be static. Economies change and so do market dynamics. You should evaluate your business plan from time to time to identify what is working and what is not. This will help you to address challenges as they arise.
Importantly, a business plan can act as a basis for growth and expansion. It states what your vision is and helps you to lay down strategies to help you achieve what you want. So, whereas it can change from time to time, it provides you with a blueprint for your business thereby defining direction.
Partnerships are very important for the success of any business. Partners do not have to necessarily be investors. It could be individuals or companies interested in providing you technical expertise in areas such as branding, marketing or processing depending on what your business is about.
Strive to build strong partnerships based on mutual respect and common values. Partners can bring onboard a wealth of information and expertise besides tangible benefits such as capital. Remember, you can achieve so much by working with another person because each one has their own unique contribution.
6. Understanding the legal environment
Find out what the legal requirements are for operating a business in your country or state. In fact, we encourage you to register your business with the relevant authorities as soon as you have the paper work in place. Consult a lawyer if you are not sure of what the procedures are.
Beware of idea thieves. We advise you to register your idea in order to protect it by copyright law. Sometimes, even the people close to us can steal our ideas. Therefore, before you share with anyone your business idea, have them sign a form indicating that that is your idea and they will not take it up or share it with somebody else without your permission.
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