Are you planning on executing an idea you are passionate about and which will be profitable to you and many, only to ask yourself, “how do I get started?”
Reality seems daunting in the face as one ventures into a new territory. Like a herculean task, it eats up one’s confidence with what-if questions.
The same applies to starting a business. Like babies, the first step is always the hardest. How do you filter through a barrage of thoughts until you eventually get started?
In no particular order, you can do the following.
▪️Ask, “What is in My Hand?”
We always have something in hand to begin that dream business of ours. Irrespective of how insignificant it seems, there is usually the seed that is often overlooked.
The story is told of the wife of the sons of the prophet in The Holy Writ. Unbeknownst with her was a factory, employees, good social skills, and other people resources.
▪️Make Your Decision Early
As soon as the thought of starting a business sinks in the conscious mind, it implies that possibilities abound to make the business work.
To avoid confusion when searching out the best formula to starting a successful business, coming up with a wholesome decision early will save one energy, time and resources to go all in.
Against all odds, this helps the entrepreneurial journey of a professional become more successful.
Well, not from any Tom, Dick and Harry, though one may accommodate everything others have to say – at first. Usually, starting a business of your own is a learn-as-you-go process. The newbie should seek experts’ and veteran business owners’ advice. Listening to the information they share for review and implementation where necessary will be of immense benefit. Doing so helps make the learning curve flattened.
▪️ Start Small
Many “would be” entrepreneurs love to think and go in big with their business idea. This is good, but, not always feasible. It is advised to construct a prototype and start small, narrowing one’s focus in the process of doing so. Once this small, simple service or product meets the consumers need and, or exceeds expectations, then, additions can be made to grow the business into a large corporation.
▪️ Go All In
Simulate the eagle mentality when it goes for a kill in your business. When we resolve to go all in, keeping track of our goals – progress and setback, we draw on inherent skills and strength that lay dormant, while learning valuable experiences as we engage our senses.
▪️Draw Up Your Business Plan
The place of a business plan cannot be understated. It doubles as a guide and checks and balances on your research and findings. While it may be adjusted with respect to one’s progress or failure, the professional has a working template from which the business runs.
This can be in the form of partner’s experience or resources in exchange for equity. Certain types of business venture will require the expertise of a third party or their funding at takeoff.
▪️Pitch Your Idea
No one else can be more concerned about your business than you. Hence, learn to speak up to everyone you possibly can about what you do, requesting a honest feedback. Quite possibly, the reactions and opinions of this set of people is a reflection of how consumers will likely react.
While pitching one’s idea across different classes of potential consumers and investors, learn to pick up the body language, as a viable feedback, filtering prospects and suspects.
Every successful entrepreneur and business has mastered the art and act of showing up in the faces of potential and teeming customers. They intentionally broaden people’s pain point, then, offer solutions to ease that pain. Little wonder great corporations keep making and sending advertorials on a large scale.
As one looking to start a successful business, the newbie must learn to show up, while forfeiting a level of comfort until a favorable market share is gained.
Constantly putting oneself out there for the sake of your business is key to survival within the first five years of operation, a feat eighty percent or more of new businesses fail to achieve.
▪️ Seek and Understand Legal Proceedings
Ignorance is no excuse before the law. In every state, structures abound, as with laws that guide every aspect of the business life. Whether it is an enterprise, a limited liability company et al, starting a business successfully implies one has to follow government regulated policies to avoid facing severe penalties.
Business registration, employers’ law, tax laws, accounting laws, etc must be adhered to with respect to the industry.
Though tips to starting a business is inexhaustible, the professional must understand that the business is an entity on its own, and must be treated as such, else, such business will fail before take off.