Start a business. Is it your goal? If yes, you should read these 9 points below. These few steps allow you to prepare yourself to start your entrepreneurial journey.
✦ 1. Sell the problem you solve, not the product you have ✦
Try to define your business ideas into the problem you can solve. Ask people about their issues as well. Think how you can help people. If the idea will be useful for them, they will pay you.
Don’t overcomplicate it. You don’t have to create the next Space X. Nowadays is extremely difficult to invent something new. If you are a ‚newbie’ entrepreneur, you do not know the rules of the market yet.
Your business idea could be even the local grocery store. Is a very simple. But there are many stores on the market. So then, you have improve this idea with uniqueness.
➤Easy example:
Have you noticed that many people don’t have a time for grocery shopping? Some of them have too much work, kids, pandemic and many different things!
Great opportunity to solve their problem!
Create a food delivery service from your stationery point! Maybe you will be first in your district! If not, try to push your creativity harder. Maybe your delivery can be 24h/7? Or you can do this faster/cheaper/nicer rather than others?
Improving your ideas, and caring of the customers needs a never-ending story.
Make people addicted of your solutions. This is the recipe for a successful business.
✦ 2. Research the market ✦
Ok, so you have the right idea. What’s next?
Before a business plan or renting an office, do accurate research of the market and your niche. Check everything! It takes a lot of time, but it is worth it.
There are two traps here. You should be aware of it.
➤During the searching process, you might feel overwhelmed or insecure about your competition. Rather than worrying about the future, try to focus on being present and do your best. Shift your energy into collecting as much information as you can now.
Doubts are ok when you start a business. Do not quit because of it.
➤The second trap, is the time. You have to set a deadline. Plan the effective research rather than endless.
Give yourself a month or two. Educate yourself and update information regularly.
Done is always better than perfect.
✦ 3. Before start a business, define what you need ✦
You did good research. So now is time to draw it down what you need to start your business.
Maybe some licences? What kind of tools and equipment? What is the cost of it? How many people do you need to hire? What can you do on your own? Ask yourself.
✦ 4. Define what you have ✦
Think about what you already have, and you can use to start a business!
Make a list of all your hard and soft skills, experience and resources.
➤Examples:
• Savings (Great resource!)
• Connections with people (If your friend is a web developer or accountant is an opportunity to cooperate with them!)
• Skills (Are you a master of social media marketing? That’s a huge advantage!)
• Full-time job (Yes, this is also a valuable resource. It help you pay bills and invest in your business).
• Equipment (Phone, laptop, car, or even coffee machine!).
✦ 5. Make a list of people ✦
Almost every step had something to do with the people.
No matter if you have an incredible skills or millions on your bank account. You need people to start a business! Your networking is your power.
Write down a list (yes, again 😉) of all people you know and they might be helpful in your journey. Family, friends, neighbours or acquaintances.
Not only names but also their professions, phone numbers, and emails addresses. You can create the excel sheet, and you should print it as well, to not lose it.
✦ 6. Ask experts. Lawyer, tax advisor and accountant ✦
You have to visit these three experts before you start a business.
It is your protection. Do not even think about skipping this step!
Mistakes cost more than their services!
Professional help and updated knowledge are always worth more rather than only money. Your peaceful state of mind is priceless. You have to calculate it in your budget.
✦ 7. Check your finances ✦
Speaking of calculation. Analyze your finances before starting a business.
Compare how much you can invest (use data from point number 3) to your expenses, savings and salary (if you have a full-time job). Check how much the whole investment will have cost you?
Think about how you want to finance your business (from your savings, loan or another source of income?). Also, plan your financial pillow! It is a must-have!
Emergency money is your protection, no matter you start a business or not. Many unexpected situations waiting for you. Prepare yourself before. You don’t need additional stress on your business journey.
✦8. Write a business plan and set deadlines ✦
You already have a lot of data. Organize it. Create a business plan!
Divide notes into chapters. Based on the research you have done, write down your strategies and goals. If you are not sure how to do it, use a template or hire somebody.
Remember, you don’t have to do it perfectly.
Through the path, your plan will change by different circumstances. You can do an update anytime.
Set dates for every step. Organize your work. Deadlines will push your project. But be flexible as well. If you will miss something or do earlier is still ok. The most important is progress and moving forward.
✦ 9. Make the ‚B Plan’, and C, D, E… ✦
Last but not least. Prepare yourself for the War!
It sounds scary, but you should take time to prepare a few emergencies solutions.
How?
Think about the possible scenarios. What bad can happen? What if your plan will not work? How will do you manage stressful situations?
Of course, you don’t know the future, and it could be not so bad ;). But assuming that your success journey will be easy and smooth is quite risky.
Think positive and not give up, but never underestimate fate.
Preparation for different scenarios will give you peace of mind and more courage to act.
Check the previous articles:
➤ ‘HOW TO CREATE A LUXURIOUS EVERYDAY LIFE‘
➤ ‘7 STYLE SECRETS OF WELL-DRESSED PEOPLE’
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