Most of us have imagined ourselves as the CEOs of our very own business that we started from scratch.
Sure, we might have tons of ideas that could work out really well when conceptualised. While starting your own business with just an idea and enough funds sounds simple, there’s so much that needs to be thought of and done before diving into it.
Think about it: how many failed business ventures do you hear of, on the regular?
Entrepreneurship is not that easy to crack. While we know this isn’t something taught to us in school, realistically, most of the learning takes place on the job. Now, we don’t mean to discourage you from thinking of becoming an entrepreneur, but the chances of successfully starting your own business are going to exponentially increase if you approach it the right way.
Here are 8 things you definitely need to consider before you build your brand from scratch –
1. Find your market
Before setting out on your entrepreneurial path, you need to focus on the market. People need to be the major focus of your business. What consumer needs or wants will your products or services fulfill?
You cannot cater to everyone’s needs, so find a practical target audience. Define your unique selling point (USP) and how you are better than your competitors.
Keep yourself up-to-date on how your business will cater to your customer’s needs and their buying habits. Understand your specific audience as you develop your product or service.
2. Understand your competition
Choose the business that is right for you. Having a clear idea of what you want to do is important, but it’s not the only thing you need. Is there a competing brand that you need to look at to perform better? Is there a niche that you can exploit that your competition has fortunately missed? How can you make it better? Will your business be profitable?
Understanding how you can stand out from the crowd and attract more customers is an essential part of running a successful business, so conduct thorough market research.
3. Good mentorship
Identify your expertise and passion that is required for your business.
You might have a killer idea, but if you don’t execute it the right way, things can go downhill very quickly.
Find a good mentor to guide you through the process of starting your own business. Ensure you get the right guidance from an individual who has succeeded in their own ventures.
And if you are looking for a guide, head over to Leaders of Tomorrow, a platform on ET NOW, where you can learn the nuances of the business world. Visit https://www.leadersoftomorrow.co.in/ to know more.
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4. Taking it online
If you’re interested in starting your own business, it’s important to get the word out about your product or service. Being online in the new craze, and possibly the easiest and most effective way to reach more audiences. Will you have a full fledged e-commerce site, or an online store on social media?
Where you choose to sell your products can make or break your business.
The pandemic has forced many businesses to change their traditional working ways and shift to a virtual space. Your customers are just a click away from your brand. Ensure your business can swiftly make such a change to an online presence.
5. Make your business plan
Money isn’t the end-all; you need to plan out how your business will have consistent cash flow. Will it be a sole proprietorship, a partnership, or a corporation? Your investors, partners, and even the bank need to see a concrete business plan.
Give them a solid reason to trust your brand and invest in it.
Calculate the initial costs, time and resources, profits, and even the risks that you may have to face in the future, and how you plan to address them. This SWOT analysis also includes market research that we talked about earlier. It will also make it easier to plan out how you would upscale your business in the future.
6. Learn to manage better
Starting a new business or start-up is risky business – no pun intended – especially for first-time entrepreneurs or if your idea is relatively unexplored. Believe it or not, the more the volume of businesses are in a field – say, restaurants and bars – the higher your chances are of getting it right because you’ll know where others went wrong and what they did right.
Many entrepreneurs start out in debt, and that can be very dangerous for the business. Be very careful with finances and learn how to stay out of debt or keep it within a limit that you are confident you can manage.
Businesses have had to adjust a lot in this pandemic, so make sure you are equipped to handle a similar situation.
ET NOW brings this opportunity right to your doorstep. ‘Leaders of Tomorrow’ is driven to mould the young and the ambitious so they can become the future leaders that India deserves, and this might be the right place you need to go to manage your business efficiently. Visit https://www.leadersoftomorrow.co.in/ to know more.
7. Secure assets
One of the first steps to getting your business off the ground is to secure funds and assets that you will need to help set it up. Whether you’re funding it yourself or involving investors, you will need to get the necessary investments to get the ball rolling.
And hey, don’t stock up everything you have towards your business. Keep an amount aside for your needs as well, at least to stay afloat for a year or two.
Remember, you and your business are two separate entities. Do not stake everything for your business.
8. Get the word out!
Even after you’ve successfully started your business, you will need to promote and market it. Unless, of course, you believe people are going to be swarming the place as soon as you open up shop. That’s an ideal world that’s just not here yet, so let’s be creative in spreading the word.
Again, online marketing is really efficient in developing a strong online presence for your brand, be it websites, social media, or even blogs.
Starting your own business is exciting indeed. But, it’s important to take small, calculated steps to ensure that you and your business are on the right track to success. Most importantly, have a positive attitude. You’re probably going to hear a lot of negative comments and face rejections, but having an opportunistic mindset will help you rise above it.
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