Starting a business is not a piece of cake, it takes a lot of Hard work, courage, investment and after all this safety isn’t guaranteed.
You have to take risks whether you have big budget business ideas or small business ideas, because in the starting of the business you don’t know the success rate it would reach.
There are some useful tips that mentors usually give to the beginners, which can help you reaching the success rate every entrepreneur wants.
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Let’s know these 11 Things to Keep in Mind Before Starting a Business.
1. Map your Finances
You need to seek out for the ways from which you can acquire capital, without capital it’s impossible to establish a business.
There are plenty of options to get enough capital, but before making your mind for business loan from Banks, try other options such as, family funds, ask friends to arrange funds from their savings, look for investors and venture capitalist. After all these options if you are still out of funds then you should go to the banks for business loan.
Basically getting a business loan from banks should be your last option, in order to staying away from debts.
2. Understand the Risk
Whenever you do any heavy investment, always be ready for any kind of loss. There is no business without risk, try to prepare a backup plan.
Before launching your business get ready with the very important step of understanding, planning and calculating the risk. Jeff Somers, president of Insureon said“ Entrepreneur should know their risk before purchasing business insurance”.
3. Research about your customer’s interest
If want to stay long in the market then you should learn, how to satisfy your customer. Do a proper research for that such as demographic of your potential customer base, watch your competitors, checking out webpages of your customers, if possible do surveys, try to know your consumer’s buying habit.
4. Understand the Market
If you want to have a secured place in market then you need to learn marketing skills, there are a lot of companies which do not have quality products but still they are ruling the market just because they are good in marketing skills.
Knowing marketing skills doesn’t mean that you can cheat your customers by selling them low quality products, always try to give authentic products to the customer, it would generate consumer’s trust to your brand. If you succeed in earning consumer’s trust then you can easily.
5. Understand your Strength and Skills
If you don’t know your own strengths then how are you supposed to give your 100% to your business? That’s why it’s very important to know, what are your strengths, weaknesses, skills etc. And try to learn new skills while managing your business. Every person has some thing to teach, it would be better for your business.
6. Understand your tax burden
It’s very basic and common. Clearing your tax payments on time Would relive you from unnecessary stress and burden. Keep your payroll ready in order to make your tax payments on time.
7. Write a Business plan
Write a business plan means basically get a structure for your business before investing your time and money, you need to make sure that what kind of business you are going to do. Would it be sole proprietorship, partnership, LLC or corporation?
If you’ll have the structure ready with you it’ll help you to stay on track. If possible try to have a flexible structure, so that there can be chances for youto have any sort of changein your business idea.
8. Have a passion for what you are doing
You shouldn’t do any thing out of your interest because it can be tiring and exhausting. If you’ll do what your are passionate about then you’ll stay mentally healthy there’ll be less pressure than usual and you’ll perform even better. Basically you should enjoy your job, and for that find a job, which you are passionate about.
9. Time it Right
Time plays a vital role in marketing world. You need to know, at what time economy is healthy, because if you launched your business at wrong time then this is going to be challenging for you.
You should have the skill of decision making, instead relying on others to tell you the right time, you should go by your intuitions.
10. Bring in the professionals
You’ll need some professionals for your business as a pillar. It’s also important to set up a great employee assessment process. Top companies like Amazon use online assessment tests to filter out the best candidates.
- LegalAssistant– to make sure that you are going on the right and ethical way. It’s a misconception that the legal assistants are for solving the troubles caused by wrong choices, but that’s the half truth, as you know precaution is better than cure. It’s the same, hire a legal assistant before you make any mistake unknowingly.
- Accountant–Clearly you are going to need an accountant, because you can’t manage the finances on your own, there’ll be a huge amount to manage which you can’t do on your own.
And such other employees to share your burden.
11. Look for a mentor and advisor
As you’re a beginner, you don’t have that much knowledge and experience of market, it work be better if you get yourself a mentor. There are a lot of beginners who start their business and face failure in first five to six years just because they don’t have enough knowledge of market.
Also Read: GST Registration
If you are investing your precious time, intelligence and money then you need to make sure that it doesn’t go invain.
Starting a business sounds very interesting, but at the same time it has a lot of risk and unpredictability. You need to make yourself ready for facing any kind of situation while launching a new business, it’s not an over night success, it really years to reach where you’re dreaming to reach about, be patient and make decisions wisely and calmly.