Starting a new business is not for the faint of heart. It involves a LOT of risk, financing, planning and time among other things. It can be stressful and pretty much demands your whole time. At the same time, it is a fulfilling experience personally and professionally. In our current times, it can also be your path to financial recovery.
Here are 5 quick tips to get you started:
1. Be clear with your goals. While starting a business is daunting, the stress of looking for a new job may even be harder. Controlling your work life by venturing out on your own may be scary, but doing absolutely nothing is worse. That aside, don’t start a business just because you run out of options. If you’re really interested in doing your own business and you’re ready to go with gusto, then being a business owner can be the most freeing (and frustrating) avenue – with the greatest potential of financial security.
2. Determine the business you want. Reinventing the wheel, they say in unnecessary – but no one can stop you from innovating it! You do know the first wheel doesn’t have ball pin rollers in it, right. You only have to know what you can do best in an area you love – say you want to start a clothing line business. Many businesses sell clothes, but how can yours differ? Heck, then sell clothes for small pets like hamsters and guinea pigs! So, nail your idea while keeping in mind that a service business (a service you provide according to your expertise) is less expensive than launching a product business where it costs money to learn from scratch.
3. Find Your Target Customer. Know whom you’re selling to – like, really know them. You need a laser-targeted approach this time. If you’re creating a skin lotion, don’t just say “all women” or “everyone with skin” could benefit from it and buy from you. Is it a woman who’s suffering from bad skin condition and visits a dermatologist for a monthly facial? Your process, ingredients, packaging and pricing will be determined based on who the customer is. So, be very specific: I’m going to create a skin lotion for women who frequents dermatologists.
4. Perfect your pricing. Your pricing shouldn’t just cover the costs, but it MUST generate a profit for your business. Never undervalue your talent and time, which most starting businesspersons often do. Start to work on the numbers from the top down: How much are you looking to make yearly? How can you break that down monthly/weekly? How many products do you want to sell or how many customers you need to have to meet those numbers. Plan around the number to help you understand what’s realistic as you get going – and review the numbers regularly.
5. Technology is your best friend. In our current era, you cannot just ignore the benefits technology brings in for business. Cloud computing, high-speed in-business Wi-Fi availability, business phones, hosting – all these things are necessary business tools you can leverage to bring out the best in your business. Providers like iiNet offers professional business solution to help you get started with the technological side of your business.
Planning out how fabulous your business can be is awesome; but actually doing it is sensational. It’s all about the hustle: the choices you make and the engagements you take every day – that’ll get you where you want to go.