Do you want to start your own business?
Yes I know….it’s the entrepreneurial bug.
You want to become your own boss.
Starting up a business is a huge deal. It’s not an easy task because a business is not a hobby. It is an income stream. There are laid down rules, principles and tips before the returns starts coming in.
Every year, new businesses keep springing up, people are stepping out to have their own business.
In the light of new startups, one of the most difficult part of having your own business is knowing where to begin. Most solopreneurs start up without arming themselves. No wonder every year we see new startups opening and closing. Statistics as published by Forbes has it that,approximately half a million small businesses get started each month but more shut down than start up.
What are they not doing?
These statistics is not intended to discourage you from starting your business, rather, it is to encourage you to be smart before you launch your business.
These 7 powerful tips will help you startup and sustain your business
1 .Have An Idea: Every great business began with a great idea and without an idea, there will be no business. Your idea is the major drive of starting your own business. An idea is simply the first milestone in the process of growing and sustaining a business. Your business idea should revolve around your passion.
Why am I saying this?
Your passion is the driving force that will help you pursue and sustain your business. Your passion can be identified by what you love doing, what gives you fulfillment and happiness and trying out ways to monetize it.This is where you turn your passion into a business.
2. Do Your Research: As reported by Fortune, startups fail because, “They make products no one wants.” This is where research comes in.It will be totally out of place to start up a business without a background research. Research is an essential tool for all businesses that wants to flourish and be sustained.
Doing a research has a lot of benefits.
- You will know if there is a demand or need for the product or service you want to launch. It is very necessary that you deliver what consumers need, not what you offer.
- It will help you to redesign or repackage your product or service to satisfy the needs of customers.
- It will help you to know the market trend and come up with a unique selling point to make you stand out and be ahead of the crowd.
With research, you have a knowledge of what other competitors are doing and not doing, how they are offering their services, branding and packaging.
3.Have A Business Plan: A business plan is a written guide describing the future of
your business. It is a road map for how a new business will achieve its goals and objectives’ business plan is not only meant for sourcing fund for your startup, with it, you can run and sustain your business. A business plan tells you what you plan to do in your startup and how you plan to do it.
4. Have A Business Goal: Your goal should help answer the question ‘why am I going into business?’ Every business in operation have a goal and mission statement. Having a goal is vital to the success of your startup business. A business goal will keep your startup in track and also give you something to walk towards. It serves as a tool to measure the success of your business. A business goal will help to provide guidance, direction and keep you focused.
5. Be Prepared: You probably would have heard about the 5p’s.The 5p’s says that, “proper preparation prevents poor performance.”
Now, you don’t intend to start up a business that will not grow and flourish, do you?
Before you start up your business, you’ll have to be fully prepared to face the challenge of owing a business, mapping out strategies and sweating it out in the market place. To be prepared is half of the victory because a startup without proper preparation is a disaster waiting to happen.
6.Check Out For Clues: According to Anthony Robinson (business and motivational coach),”success leaves clues”.
Nothing is new under the sun. There are entrepreneurs who are into your intended startup business before you. They have experienced the up’s and down’s of your intending niche, product or service line. There is nothing wrong in picking up one or two things from their experience. Experience is after all a great teacher. Their experience will help provide you with valuable strategy and approach for your startup. Have them in your radar.
7. Have An Online Presence: Everybody is on Facebook, let’s start there. Do not limit Facebook to be a channel where you chat and have new friends. Make it your advert board. Create an awareness there. Many startups are taking advantage of the social media to expand their target market, business and boost sales and productivity. An online presence will allow you to reach your target market easily and faster with every possibility of connecting to more clients. Tell your Facebook friends, Twitter followers or your LinkedIn connects what you are offering in your new startup. The world is now a global and technological village, go global with your startup business.
In conclusion, anybody can start up a business but not all can sustain it.The world of business today is all about value, knowing and doing the right thing and your capacity to sustain that value in the market place. Your startup business doesn’t have to be hard. Not after you have known and worked with these startup tips
Did you find the post helpful? Do you have any tip for startups?Use the comment section and tell me. Don’t forget to follow my blog for great and interesting tips.
To Your Startup Business!