Running your own business might be a dream come true. But there are a few things to check off of your list before taking into the plunge. They will not only maximise your chances of success but make it smoother to run your company. Some of these deserve the same importance your capital and target does. It is not only about fine-tuning your business plan but making sure that you are ready to become an entrepreneur. If you are in the final stages of planning, here are nine things to do before you start your own business.
The market is bursting with new ideas, services, and products. Coming up with a product that is unique might be a difficult challenge. But you need to make sure that your product is worth the customer’s money. Put yourself in the shoes of your customer. Will you buy this product? If the answer is ‘no’, you have a problem. Ensuring that your product is worth buying is a must-to-do thing before you start your own business. It will make marketing easier and contribute to the credibility of the brand too.
If you have done your homework, you already knew this. Every business needs a USP (unique selling point). This will be a factor that will differentiate you from your competitors. You can always say that we have something that they can’t give you. So, buy my product. It can be something as simple as lower cost or better customer care. However, if your product itself has something that customers cannot get anywhere else, you will be one step closer to success. For example, in a market filled with 100% natural organic self-care products, you can stand out with products made of superfoods that are 100% natural. So, superfoods in face cream or facewash will be your USP. Finding the USP is a must before you start your own business.
This may seem like a basic step, and you might think that you did it in the beginning. But you need to look closer. Every guide on ‘how to start your own business’ talks about the importance of understanding the audience. This research has to go beyond consumer studies and data. Finding the target audience and understanding their wavelength will help you to create a product that is desirable to them. It will also help in marketing the product to them. There is no point in trying to sell plastic jars to a community that is moving on the path of sustainability. But you can sell airtight glass jars to them.
Most people rely on numbers and analysis to understand their competitors. But you need to study their history and current presence in the market. You need to understand their strategy and its results. No matter how amazing your products are, your competitor has an established customer base and a network. Your goal is to eventually outshine your competitors. One of the benefits of starting your own business is that you get to create a product that satisfies you. This also means that you get to learn from the mistakes of your competitors.
Two heads are always better than one. Also, you can always use a fresh pair of eyes. Your advisors and mentors might be able to help you to overcome some challenges. Talking about your business plans with someone trustworthy and likeminded is one of the helpful processes before you start your own business. Sometimes, simply talking about it will give you insights. You can also count on the experiences of your mentors.
The initial plan you make is neither perfect nor enough. You need to go over your plan over and over. The more revision they go through, the better. Make sure that you find flaws in them. If you don’t find flaws or scope for improvement, you are not doing it right. It may seem like a perfect plan or product is the first glance, wait before patting yourself on the back. Sleep it off and revisit the idea after a few days. Give your brain time to work on the idea and improve. This will contribute more than you can imagine to the final result. You must add it to the list of things to do before you start your own business.
It is obvious that starting your own business is vastly different from working for someone else. Your business will be a huge part of your life. Hence, it has to be something that you love and enjoy. Basically, you must be passionate about your business. Do not start an F&B business because a lot of other people are doing it. If you are passionate about finding the best quality products and presenting to the customers, you will understand your customer and company better.
This is a step a lot of entrepreneurs get wrong. They pair with people who are convenient in terms of philosophy or financial background. While these things are important, make sure that they add value to your company. Yes, money and sharing the same philosophy adds value to the business. But, you need to analyse the expectations and requirements that you have from your partner. If that is only financial help, go for it. But if it is more than that, find the right partner who can meet your expectations.
This is the most important thing that you need to understand before you start your own business. Running a business requires a lot of time and energy. If you do not have the physical or financial or mental strength to work on such a huge task, do not start a business right now. Some women find it convenient to start a business right after having a baby because it has finally given the opportunity to spend time at home. While others find it convenient when children start going to school as they have the whole day to themselves. Some women, on the other hand, find the right time when children have moved out of home, and they have become empty nesters.