Starting your business can be a really exciting idea. But, you may face particular challenges while starting your own business. You may not want to waste your hard-earned money.
Many people dream of their own business, plan it effectively and succeed too. According to research, many start-ups do not make it past one year of their initiation.
Tips to Start your Venture
Here are few tips to guide you and help you with the basic techniques of starting a business to make it a forever thing.
- Proper market research
You should be aware of your potential market, i.e. your customers. Carry out proper market research and know more about your target audience. Know their age, tastes, income levels etc. Ask yourself a question, “Why will your customers prefer you over your competitors?” and work accordingly on your business plan.
The next thing is to decide your location according to the footfall. You may get a good deal on a space on the high street, but it is essential to check in terms of customers, i.e. does that street have enough customers to cater to your business?
Once you get into a contract or a lease, it will be challenging to get out of that lease as it will be expensive for your business.
- Estimation of start up costs
Some businesses require huge costs, while others may require less or almost zero costs. For example, if you want to start up your own consultancy business, it requires zero costs. But if you are planning to open up a restaurant, it requires a considerable amount of money to start up. Hence, it is crucial to estimate your start-up costs to avoid any mess at the end moment.
- Prepare a business plan
A business plan is your basic idea of business on spreadsheets. Many people do not pay heed to a business plan but making a plan gives you a basic idea of your business growth and functioning. It shows the actual cost required in functioning your business effectively.
- Share with your trusted people
Share your business plans with people who you trust. If you are working on a new strategy, it is advisable not to tell too many people about it and share it with people close to you.
- Idea discussion
As mentioned above, share your ideas with your close ones as this will give you honest feedback on your business ideas and plans. Getting honest feedback can help you grow and make innovations in your business.
- Keep realistic ambitions
When you are planning your business operations and functioning, always be practical and realistic. Do not make plans to double your business turnover in the next one year. Keeping unrealistic and unachievable expectations can hurt and cost your business an amount.
- Start with minimum
Be optimistic and confident even if your business is getting started on a small scale. Many giant players in the market had started from scratch and are the market leaders today. It is ok to start from small as you can experiment with your business formula. Once you have found it, you can duplicate that formula and achieve success.
- Start with being employed
If you are planning to start a business, do it while being employed. If you quit your job and then start with your business, and god forbid, you may have nowhere to go if your plan doesn’t work.
Hence, while being employed, work on your plans, prepare strategies and start implementing them. Once you are confident of growing your business, you may leave your job and move towards stability. Experiment with your business ideas while being employed to have a steady income.
If you are unemployed and plan to start your own business, you can borrow “loans for unemployed” or “Installment loans for bad credit” from the market and start your own business. These loans are easy to borrow, but they are counted as debt only. So it is advisable to stay employed and then experiment with your business idea.
- Seek professional accounting advice
You may have sufficient knowledge of legal formalities for your business, but it is advisable to seek professional accounting advice. Often, a piece of legal advice may be profitable for one business and may get the other business into losses.
Hence, it is wise to seek expert advice and go by their expertise. A piece of professional advice will help you sustain for the longer term.
- Keep your personal and business accounts separate
It is wise to keep your personal account separate from your business account any payment in the form of cheque from your personal account to your business account. Also, keep your both transactions separate.
- Be prepared for the hard work
Any work requires dedication and commitment. Similarly, starting a business requires a lot of hard work as you have to plan everything from scratch.
- Outsource your administration tasks
Do not plan to operate your business single-handedly. Running a business is not easy and requires support as different departments take care of different things such as marketing, sales, production, administration, etc.
Every department should focus on their work, which is only possible when you outsource your administrative tasks. Therefore, outsource your various tasks to ease off the burden from you and run your business smoothly.
- Think before taking franchises
Many franchises offer some excellent business deal. Before getting into any deal, look for its pros and cons both ad some franchise operations lure you into the deal but do not after support. They may take your money and will not extend theirs after support.
If you incur losses in the case of a franchise and money, there is an option of loans for bad credit which require no guarantor. It helps in filling that funding gap.
But paying your debt with losses is not easy. Hence, research the franchise before entering into an agreement and then going on with your business plan.