The possibilities that arise with the idea of starting a business are inspiring enough to make anyone want to dive in head first. However, taking a step back and looking at everything that running a business entails can be intimidating enough to make the same bright-eyed individual run the other way. While there are certainly many aspects to consider when starting a new business, there are some known tips across every industry that can help alleviate some of the associated stress. Below are 11 pieces of advice that will hopefully make starting a business less intimidating and bring out your inner entrepreneur.
1) Make sure it’s a match
Enjoying running a business is only half the battle; ensuring you can take on the responsibility of doing so and integrating it with your lifestyle is just as crucial. You’ll want to choose a business that not only represents your passion, but reflects your skillset and lived experience to give you an edge in the sea of competition. Rather than just focusing on whether your product fits your market, prioritize finding a product and market that suits you.
2) Find your niche
When people investigate why their business isn’t doing too well, the answer often lies in their niche selection. Determining your business’s scope when starting will a) help you reach the right audience and b) prevent you from wasting resources catering to the wrong crowd. When deciding upon a niche, consider seasonality, rates of repurchase, and if your products are only needed for a specific phase of the customer’s life which they’ll eventually outgrow.
3) Take care of your employees
If you’re performing well with just you or any partners you’ve gone into business with, adding on some team members can work in favor of your hustle. Keep in mind, though, that your employees’ morale is a predictor of your business’s prosperity, and they should feel respected and appreciated under your management. Not only will you help enrich your employees’ skillsets by providing them the necessary tools to succeed, but they’ll also be more willing to help reach company goals if they feel supported by you.
4) Diversify your offerings
Starting with a narrow business focus can aid in building a loyal customer base that perceives you as your niche’s authority. Take advantage of the momentum and branch out into other sectors in your arena; this can help you reach a wider audience and further establish your business. Starting with a modest offering can also help you gauge demand and see what products or services you want to continue providing as your customer base grows.
5) Don’t quit your day job
Starting a business is stressful enough, but creating a business while worrying about making enough money to get by is infinitely more so. Avoid undue stress by starting your business while still employed to give you the funds to get started and invest back in your hustle. You’ll also open up more opportunities for yourself and your business if you already have a steady income. This way, you’ll be more willing to experiment with different aspects of your business you may not have had the means to do if you had relied solely on your hustle to support you. If you’re still looking for more funds to put into your business, start approaching investors or lenders after establishing yourself in the market.
6) Prioritize profit over revenue
Making money is exciting; however, focusing solely on the cash coming in can provide a false sense of financial security. When you start earning from your business, don’t forget to consider your expenses and overhead. Prioritizing profit over revenue can help you determine whether your business is doing well at the rate you’re operating or if you’re due for some advice and assistance. Making $100,000 in revenue gets less exciting when only $1,500 becomes profit after covering start-up costs and other expenses. Using a profit margin calculator can help you better grasp whether you’re making enough money to put back into your business while also having some left over for your savings.
7) Get some help
Building an empire on your own sounds fantastic in theory, but in reality, having some helping hands can take an immense weight off your shoulders, allowing you to focus on your business. Assistance can range from seeking a business partner to split your workload and bounce innovative ideas off to a solid network that can provide support when you’re in crisis and lift you up in times of success. Financial aid or mentorship may also be available through government programs and non-profit organizations such as Futurpreneur in Canada.
8) Plan it out
Diving into a business idea out of passion and excitement is incredible. Still, it will often leave you feeling lost down the line when things get serious. Crafting a business plan that outlines how you plan to navigate the upcoming couple of months or years will help you allocate funds, delegate tasks, and ultimately save your time by promoting efficiency. If you notice your business is starting to slip and not up to where you want it, come back to your business plan and fine-tune it to get you back on track to success. While your business will be the focus of your business plan, keep industry trends and any competition in mind.
9) Establish your business
In the digital age, reputations matter more than ever; creating a professional aura for your business will help you establish yourself in your market. Start with the basic business fundamentals like a website, business email, phone number, and social media to stay connected to your audience while reaching new customers. Most importantly, keep in mind that you are the face of your business. Your interactions with others will reflect on your brand, so stay authentic and professional to maintain a positive standing.
If you want a website for your business like the one you are on now, feel free to reach out here. We would be happy to help! Most of our clients come organically through our website using Google, and we wouldn’t have a business without it.
10) Get legalities sorted
Legal trouble is the last thing you want to deal with when starting your own business. Taking time to understand all the laws and regulations for a new business at the beginning of your journey will save you expensive and time-consuming hassle further down the line. Learning about income taxes, registering your business, and worker’s compensation insurance, among many other things, will ensure that your company operates within legal guidelines.
11) Keep tabs on The competition
Anyone who puts their time and energy into starting a business wants it to be the best in the market. With the rate of innovation increasing rapidly, however, competition has intensified, making it harder to come out on top. Taking note of what your competitors are doing (as well as where they’re lacking) can help you identify and predict trends in your industry and also allows you to price competitively. That being said, you must not forget about the bottom line: your customers’ satisfaction. The reason you want to look at your competition is to be of better service to your customers. So, don’t get caught up trying to outdo another brand if it prevents you from providing for your target market.
CONCLUSION
Starting a business can be daunting both for a beginner and a seasoned corporate professional. While there are bound to be countless unknowns when taking the leap and starting your business, there are some things you can do to make the ride more enjoyable. Finding the right business to go into, making a plan, and seeking help will help you prosper as an entrepreneur.
Written by Midhat Mujaddid
Have you ever considered starting a business? Do you already have one? We'd love to hear about it in the comments below.
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