business

7 Tips for starting your own business

If you have an idea that you can’t stop thinking about and can feel it in your bones that it’ll be a success.Then it may be time to leave the fear behind and take the plunge. Of course, the road ahead won’t be easy but it’ll be worth it.

Starting a business can be scary but exciting at the same time. It won’t be easy and it’ll take a lot of sacrifices. There are key ingredients that you’ll need to build a thriving business.

Passion and determination are what will drive you as an entrepreneur. And willpower will be your secret weapon in the months when you feel like giving up.

The success will be worth all the hard work and sleepless nights. Here are seven tips for starting your own business.

Write a business plan

You need to write out a business plan. That’ll highlight your vision, mission and the values of your business. It can also entail a SWOT analysis where you highlight your strengths, weaknesses, opportunities and threats that your business might face.

Personality

In order to start your own business, you have to ensure that you have the right characteristics to start one. Are you disciplined? Are you a leader? Do you give up easily? Starting a business is not child’s play. It requires hard work and for you to have a thick skin. You’ll face obstacles that make you want to give up on your goals. You’ll also suffer a lot of rejections from people who don’t believe in your business idea. If you’re a persistent and determined person then your business will succeed.

 Idea

You have to do market research on the product or service you want to offer. You’ll have to do primary and secondary research.

Primary research involves studying customers directly, by giving them samples or asking your potential customers to fill out questionnaires. The questions should be directly related to your product, to find out if there is a need for your service in the market. And to find out what your potential customers struggle with, will give you an indication about how you can improve on your product. The feedback you get shouldn’t be taken lightly because the customers will be buying your product. And their needs should be taken into account. Other people should be passionate about your product too. If no one is enthusiastic about your product it may be a good idea to think of something else.

Secondary research involves getting information that’s already been researched for you about your product. You could get it from the internet, articles, trade associations and government agencies.

Researching your product idea and potential customers is vital. There’s no point investing in a product that won’t sell. You’ll waste your time, money and energy.

Location

Where you choose to establish your business is very important. The location you choose could make or break you. You have to make sure that the place you choose is highly visible for your customers to see.

The location must be accessible for your customers. There is no point in placing your business in an isolated place that your customers can’t reach. And you need to ensure that there’s enough parking around for your customers. Make sure that there isn’t a lot of competition in the area you choose. If you locate your coffee shop in an upscale neighbourhood that already has seven other coffee shops, you might lose out on customers.

Name

The name of your company should be catchy and memorable. The name you choose must be unique and must stand out from the rest. It should not blend in or be too hard to pronounce.

Hire the right people

Who you hire can build or tear down your company. Find people that’ll add value you to your business. If the people you hire have a bad attitude or are lazy they can be a liability to your company. Invest in people that’ll help build your business and will contribute their talents and skills. Find employees that’ll fit into the company culture.

Educate yourself

You can never have too much knowledge and you need to constantly empower yourself. The world is changing at light speed and you need to make sure that you stay on top of trends. A key way to do this is by making sure that you take a business course that’ll help you run your company.

And if your idea will make life easier for people, then you may be onto something. If your idea separates you from the rest and you know people will love it then it might be a good idea to take the leap of faith.