Opening your own business takes a lot of work not only when you are doing it, but for a long time before as well. There is significant preparation that goes into being ready to launch your own company, and although there is no absolute and perfect formula for doing so, there are some things that every entrepreneur needs to be aware of and implement if they are going to be successful. Here are our suggestions.
- No Excuses
Many people dream of opening their own business, but in the end, they never get around to it. There is always some excuse as to why they can’t do it, and why the business won’t work. These excuses are always surmountable if you truly want to be a business owner. If you’re worried about quitting your job and not having an income, you can always speak to Bonsai Finance about a short-term loan to see you through until the business starts making money, for example. If you’re worried about what other people will think of you if the business fails, you should start imagining what they will think of you if it succeeds. If you think it won’t work because you don’t have any experience, get that experience by reading business books and networking with experts. If you want to start a business, excuses should mean nothing. There will be a solution if you put your mind to it.
- Get Advice
Speak to everyone. Friends, family, parents on the school run, the mailman, anyone and everyone. Tell them about your business ideas. Listen to what they have to say and pay attention to their body language. Some people will tell you it’s a good idea even if it’s not so great, while others will be brutally honest. Take note of all of this and use it to determine whether your idea really can be a good one or not. If one person thinks it’s a bad idea and everyone else loves it, it’s probably good to go. If it’s the other way around, you should think again about your strategy. Find out what it is that people aren’t keen on and find a solution to that. Just because some people may not be entirely behind what you’re doing doesn’t mean you should give up entirely. It just means you need to work on the preparation a little longer. Speaking to industry experts – the people who have done what you’re now doing and done it successfully – should never be underestimated either. These people know exactly what to avoid, and their advice could help immensely.
- Be the Solution
If you know that you want to start a business but you’re not sure what you want to sell, you’ll come unstuck. So rather than thinking in terms of selling, think in terms of solving. You need to be the solution to someone’s (hopefully a lot of someones) problem. So you need to sell something that will help and solve that problem. If your business becomes about fixing a problem that a lot of people have, you’ll gain a reputation for helpfulness, and you’ll gain many customers who all want that problem sorted out for them. Your business needs to fill the gap in the market that means this problem, whatever it is, is able to exist. Start with looking at all the problems you have on a day to day basis. They may only be small, but if you can solve them, they could be the start of something big.
- Don’t Get Complicated
It’s easy to take something that starts off small and allow it to snowball into something big and complicated. If your excitement and enthusiasm get too over the top, your simple and potentially successful business can become something that no one, not even you, can understand. It could also end up being much more expensive than your original simple idea would have been. Start small and keep your focus narrow so that you can really concentrate on having one thing done well. It is what will get you a good reputation, and you’ll gain many more customers this way.
- Budget
It’s good to have a great idea and be super excited about implementing it but don’t rush into starting your business until you have created a budget. If you don’t know what you’re going to spend, you will spend more than you need to. Step back and investigate every aspect of the business, every little detail, and factor in what that will cost you. Your startup costs need to be in place before you make any move to launch. Otherwise, you either won’t be able to service the people who come to you because you’ve got no cash, or you’ll not be able to reach anyone because you don’t have the money to market properly. The money you do have will be wasted because it just won’t be enough. Once you know how much it is going to cost, you can go to your bank, a private lender, an angel investor, or even crowdfunding to find the money. Once that is secure, then you can make a start.
- Don’t Quit Your Day Job
Running a business is a challenging task, and it may be necessary that you do quit your day job in order to do it. While many entrepreneurs are happy to do that, not everyone is, and it can make some people very nervous. If this is the case and you don’t want to quit just yet, you’ll necessarily need to start your new business on a much smaller scale. If that is something you’re happy with, then it makes sense to do it. If you want to launch big and bold, your secure job may have to go. It is an important decision to make.
- Tell People About Your Business
Starting a business and not telling anyone about it because you’re worried about what they might think is just not going to work – it won’t bring you any sales. So you’re going to need to market your business well through social media, perhaps print advertising, maybe local – or even national if you have the budget and the need – radio. Plus, you’ll need to make your own presence known. Go to networking events and set up workshops and talks so that people know what you do and who you are. They are more likely to buy from a real person than a faceless business.
