How to start your business?
Many people think that if they want to start, they need to have something special in their hands. When they follow business trends, they see that AI and tech startups are running the entrepreneurship world. So maybe they need to be a tech professional to implement an idea and start their own business.
Before going deep into this subject, let me tell you that you are very courageous if you want to start your own business and get out of your safe zone. Honestly, you have to appreciate it. You will build something for yourself, and in this case, you are stronger than the majority of people.
But let’s start with a primary issue about entrepreneurship and solopreneurship. There are a few points that you must consider when you want to create your own business. Also, Some specifications will make you have a better vision to start your own business. Some of them are in the pre-starting stage, which is wholly related to starting a business. Remember, your business’s starting point must come from the vision that you have to solve a problem, and it could be a new solution for society. In the case of existing solutions, it has to come from a vision that you want to change the old solution to give customers more convenience, lower price, more joy, or less opportunity cost for the people who buy.
Another primary thing that will help you be ready to build your own business is that: if you have a full-time job, do not quit before you have provided all the necessary requirements to start. If you don’t have a job and you can land a job, please take the job until you have enough savings and experience to pursue your dream job. It is necessary to have a liquidity stream for your new company’s savings and direct expenses, so be smart and be ready for the right moment to enter with full potential.
Here the things that you need to consider and think about them which I call: the primary cycle of the business process:
1. If you have a technology idea and specific knowledge in that sector to develop your service or product, you must start it now. Even if you just have an idea, you can share it with other people who can create the product. In other mature businesses like physical services and products or traditional-like business models, you still need to talk with the people who you trust and have specific knowledge about that side. In this case, you can use others’ ideas and consult with others about your future work. Just be careful that do not to go deep into others’ optimistic encourages or deep negative thoughts. Just use their criticism and proposals to understand how much your work is reliable and what can make it better.
2. Many entrepreneurs come from the work environment. They worked for a company, they learned the business model. When they develop their idea and have enough savings, they start their own business. The first step to start your business is to create a solution for the public, even a new one or in a unique shape.
And the second one is to educate deeply in your niche or work for adequate time in the specific area that your idea shaped around it. You have to save time when you want to start. The best tools for saving time are knowledge and experience. Try to practice before what you will do, then acquire more knowledge about the procedures you need to follow to establish a business. Even if it’s online, then surf the web to find out related experience. Also, you can ask the people who have done it before by sending them messages or emails. It is always worth asking others’ opinions and consult about complex things in your way.
3. Love it, or don’t start it.
The process will be a journey, and this journey will have a lot of struggles, barriers, and discouragements. If you don’t believe for a hundred percent in what you will do or don’t like what you are going to establish, how would you survive? Suppose you are not excited and enthusiastic enough about your product or service. How would you deliver the best customer service to your customers? So don’t jump on an idea because you and many people think that’s a winning idea or a lot of people doing it and make money.
4. Market research
You know better than anyone what potential your product or service has. If it is possible, register your product patent. Because in this phase, you may expose some of your product extensions to others. If your product can’t register for a patent, then don’t take it hard on yourself. It is better to focus on quality and customer journey. Even if someone copies your product, it takes a lot of time to reach your current production stage.
By the way, you have to be sure that people find your product or service helpful too. You can use online research, search about similar products or existing products. Then, find about people’s opinion in the comment, forums, Twitter, and anywhere that someone can share its opinion. If your product is new, you must analyze your product’s traction; you can give people samples or trials to find out about their interest or criticism. Use surveys, share some valid questions on your social media about what you are going to do. In the market research phase, you will be upset, discourage, have regret. Then maybe experience some bad feelings, but please be patient, give yourself time and look on the bright side.
5. Savings and budgeting
After you find that your product will be a valuable product and your service will be prominent, it is time for one of the essential but continuous works. Let me be direct to you in the state of money. It is better to start your business with your savings or find a partner or sponsor. No economist suggests you invest with the money you need for living or cash that comes from selling a property or cars, or others. Maybe you hear from fake gurus that they’ve done it and invest in themselves and their business and succeed but believe it, the majority of them are lying. It doesn’t mean that no one thrives with using all the money to invest in a business, but there are very rare proven records of succession in this case.
You can learn by yourself or get help from a specialist like an accountant or a business advisor for budgeting. Budgeting is a little complex because of the complexity in new businesses and needs time and focus. But in a short version, budgeting has 6 steps: 1. Estimate how much money every month, season, and yearly your budget can bring, 2. Determine fix costs, 3. Insert variable costs, 4. Add one-time costs, 5. Predict advertisement and marketing budget based on a percentage of sales. 6. Pull all the numbers together and correct them based on the progress in your business. In this budget, you have to consider taxes and hidden fees in every step.
Now you are ready to start your production line and design your service to introduce to the public. In other words, the process of marketing, branding, public relation, and communication starts from now until you reach the sales point and repeat sales funnel.
In the end, based on my experience as a business advisor, I have faced many people with good ideas and adequate potential to have their own business. Still, they made some mistakes in details that make them discourage to pursue their dream job. But after troubleshooting their business process, they find that it is vital to have a structure and a business plan. Through this video, I am asking you to consider a good business plan and carefully go through these 5 primary steps to have your own business.
In every step, there are multiple details. You need to learn the business process and put it into practice to prepare for the market. Without going through a learning cycle, there is a possibility of failure to found your company or startup.