Starting a business is not easy. It is harder to successfully establish a business. If you are not passionate about the idea on which your business will be revolving, the going gets tougher. Make no mistake, initial days will be tough. If you are not confident about your business model and don’t know your business with clarity, going will be tougher. The first question you need to ask yourself whether you are prepared to go through the tough times.
Suggested Read: How To Turn A Home Business Into A Successful Startup
The reason for the failure of a lot of startups is that they run out of steam midway. The only way you will be able to push through, and make your new business successful through all the hard parts and long hours is if you are passionate and have a strong belief I can do it and the business works. Your passion and knowledge are the best places to start in choosing your new business.
Research the Market and Understand Your Business
A lot of people come to me asking a guaranteed business idea which surely will work. My counter-question is I have in plenty. Will you please tell me which one surely will work for you? Has anyone ever told you that something is “a sure thing”? Chances are, as you consider your entrepreneurial options, someone will try to tell you that opening a particular business is “a sure thing”—don’t listen.
Suggested Read: Ways to do Market Research for Small Business Owners
Nothing is sure, and you are much better off making choices about your business (and by extension, your income) that are based on your own knowledge and interests—not someone else’s. Research and do more research finding your perfect business idea but you need to take the final call of your own business. If even somebody takes that on behalf of you, the business no longer is yours. Please grow up and achieve your own success.
Customers will pay their hard-earned money in your business if you can convince them that they’re going to get their money’s worth by buying from you. In order to do that, you need to know about what exactly you are offering
Use Your Experience To Know Your Business
If you already have years of experience in a particular field, starting a business in that field gives you many advantages. You can make good use of your skills and previous training, your network of contacts, and your knowledge of the industry.
You may even already know your first customers. And if you need funding to start your new business, it can be much easier to find when your biodata backs up your new venture: banks and investors see a proven track record.
For instance, if you are an experienced executive in the advertising field, and have worked for years, starting your own advertising firm will be easier. You will know clients and vendors. You will know how to develop an advertising strategy and customer preferences.
You will also know what people like and don’t like when it comes to customer buying behavior. And when you go to the bank, and the loan officer sees your resume, he/she will know you have the experience to back up what is traditionally a very risky business.
If something from your past experience immediately jumps out at you as something you’re interested in turning into a business, talk to people you’ve worked with about what it takes to run that kind of business. Learn all you can about startup costs, overhead, and expenses, and find out how much revenue you can expect to make.
If you have several interests and aren’t sure which would make the best business, consider your strongest skills and your educational background to help you determine which interest you are best-suited to pursue. Don’t forget to research the marketplace and determine which types of business are presently needed in your area.
If You Don’t Have Experience, Get Informed
If you don’t know much about the business you want to start but are set on it, be prepared to spend enough time learning about it before you begin so as to avoid making critical mistakes in your business planning.
Keep in mind that giving yourself “enough time” could mean delaying your grand opening, or otherwise stalling your business’s launch date—that is just one of the costs of starting a business you don’t have experience with.
Self Employment is most rewarding, the best lifestyle I know, however, get yourself mentally prepared to pay for the success.