You know how we always think that business owners are luckier? Because they are not caught up in the traditional 9-5 rules as many of us are. I usually feel this way and sometimes envy them.
But after my close relationship with business owners, I can rightly say that when you start your business, running it is not an easy feat. I now see why many businesses don’t make it past their first five years, and only a few beat the challenges and thrive. Most businesses don’t even make it past their first year.
Although it is true that no two businesses are alike, there are some steps to take before starting a business.
This article will walk you through 5 important and realistic things to do before you start your business.
ALSO READ: 5 Effective Social Networking Strategies to Grow Your Business
1. Refine your idea before you start your business
Like almost all important milestones in life, starting a business begins with an idea. For instance, if you plan on selling a dishwasher, the idea behind it could be to make affordable and quality dishwashers better than some in the market.
Irrespective of your idea, once you figure this, before you start your business, research existing companies in your industry. Find out what other businesses with similar ideas are doing. Your findings will help you to refine your idea and concentrate on ways to approach the market better. Speaking about the market, here is what I believe you should do next.
2. Research the market
Too often, people jump into launching their business without spending time to think about who their customers will be and why they would want to buy from them or hire them – said Stephanie Desaulniers, owner of Business by Dezign and former director of operations and women’s business programs at Covation Center.
Your product is not targeted at satisfying your passion or goal to start your business, it is targeted at satisfying a need and solving a problem. As such, you need to clarify the solution you are providing and the people in need of this solution. Part of the advantage of this is that it helps you know whether you are into a business-to-consumer or business-to-business.
More importantly, your market should be the driving force of every decision you make in the business.
3. Start small and grow
A big business starts small – Richard Branson
Apple Inc, one of the biggest technology companies today, was founded in a garage by college dropouts Steve Jobs and Steve Wozniak. Considering where Apple is now, who would have thought the business started in a garage?
The first step in converting your idea into a business is to make it happen rather than focus on all the technicalities of running a business. You’ve probably heard the saying, “Success is 90% attitude and 10% aptitude.” This is indelibly true.
When you start your business, irrespective of the challenge, the personal and professional reward is worth it. Don’t sleep on your idea. Start anyway.
4. Understand your skills and ability
One common mistake business owners make is trying to handle everything alone. You can’t be the accountant, social media manager, content creator, logistic manager, administration manager, customer relation, and all others alone. Starting and handling all the business roles will stress you out.
The good thing about getting others to work with you is that you get external views, opinions, and ideas from them. This simple act positively affects your business.
5. Surround yourself with mentors and experienced advisor
Building a business is like constructing a dynamic skyscraper. No one man can do this alone. Also, you need a certain level of experience to do things right. As such, ensure you get mentors and experienced advisors to share the basic needs and how to beat some business challenges.
Beyond all the points explained above, deciding on the right social media platform to position when you start your business is essential. One good place to start is Kominiti. Kominiti is a global platform designed to help business owners establish their businesses in the global marketplace.
To get started, go to www.kominiti.com
Kominiti is simple, safe, and secure.