7 things to remember before you start a business
Isn’t it exciting coming up with a good business idea and building it up from scratch? But let’s get down to the reality of shaping a business. It’s going to be hard, especially at the start. But you’ll sort your way through along the way.
A lot of entrepreneurs start off their plan focusing on industry-specific grasp. Though that’s the usual path to take when starting out, we’d like to remind you that you’d have to go beyond that path and seek all the other factors involved when shaping up your business plan.
Photo by Lauren Mancke/Unsplash
To help you sort through the business planning process, put down the blueprints for a while and let’s be realistic with our plans and goals. Here are a few things to remember before you start your business.
Always conduct your research. Just like when you’re looking for the best options to finance your business, you need to do an extensive research, from how to start to your competitor’s tactics, before starting up a business.
Having an idea isn’t enough. That alone does not make the business happen. You ought to know many other potential entrepreneurs have the same concept in mind and you’ll be competing against others. You need to think beyond that; think of something better that would click with your market. Remember, you need to stand out among your competitors and in your area.
Pursue your passions. It’s okay if the rest of the world doesn’t appreciate your talent, at least for now. If you pursue your dreams and feel you have it inside you, just trust in your guts. Eventually, you’ll find the right market that sees your talent and that will fulfill your entrepreneurial dreams.
With a cup of a million-dollar idea and a spoonful of great marketing strategy, you’ll be able to make a living out of the thing you love to do.
Don’t worry about raising money. One of the common mistakes entrepreneurs make is raising funding a tab too early in the process. This may only cost you a great deal of debt in the long run.
The most important thing to keep in mind is having a concrete business model that will generate a regular stream of cash flow, that in the long-term. If you get this, you won’t have to worry too much about paying off your small business loan. If you have a clear mission and vision for your business, investors will come pouring in.
Don’t think about quitting your day job yet. Most people make this mistake: quitting their job to focus on planning their business concept. Though you need a lot of time building your business, it’s not necessary to quit your day job.
Instead of spending hours on Netflix and other things, spend your extra days off and time building your business idea, while you work your day job. And once you have a concrete and clear goal in mind; and you’re 100% certain with your plan that you need to pour your 100% on it, maybe that’s the sign you’re good to leave your job; when all goes according to plan and you can afford to leave now.
The fact is, you won’t know everything. Despite your rockstar personality and million-dollar idea, don’t pretend that you know everything. Because the reality is: you don’t.
You’ll hit a lot of bumps along the way but don’t see that as signs that you should quit. Every successful person has experienced failure, and look where they are now. You’ll learn through these humps and bumps, and through other people as well. As long as you’re doing what you love, quitting isn’t an option. Learning is the path to achieving your success.
Have a concrete work-life balance. This is every millennials goal: to find work and live their lives simultaneously. But the reality for entrepreneurs is you’ll be spending most of your time building your business up from the ground most of your day, especially in the beginning.
But once your business is up and running, and flowing smoothly, all those long days will be worth it. Set a realistic work-life balance where either won’t suffer; compromise is key.
Consult with a great mentor. Having a great mentor is like having the best parents—they’ll tell you what you should and shouldn’t do. Your mentor should be someone who has succeeded with their own business, someone who believes in your ideas and tells you whether they’re worth it or you should think of something better. Your mentor should tell their thoughts about your plans with honesty. They’ll guide you through the stressful yet exciting process.
It’s never too easy starting up a business but it sure pays off when you see your hard work growing.
Do you have anything to add or any relevant experience our readers need to know? Leave a comment below and share it with us!
About the author: When she’s not at home binge-watching shows, Chie Suarez writes for MarketLend, Peer-to-peer lending or marketplace online lending company that cuts out the middleman, cuts down on red tape and puts the investors and borrowers in a direct relationship.