We all dream of being our own boss one day. The feeling of not having to take orders from anyone neither following a grinding 9-6 routine is surely a good thing. But not many people are willing to take the step of starting up their own business, either they don’t have the required expertise or just simply don’t know how to go about it. Whichever way you look at it, starting a small business does require a lot of effort and a proper plan.
We have jotted down a few tips to help people in formulating their plan for starting up a small business.
1)Get yourself a partner – True that your ideas are your ideas and you do not wish to share them with anyone else but the best way of going about a new business is to get yourself a co-founder. The main reason behind it is that you need someone to reflect your ideas with, someone to ask for advice, someone to share the burden of work and someone who, if needed, would take the brunt of things with you. It is not easy to do any of those things alone and if you have a partner, the ride will surely be, let’s put it this way, less bumpy.
2)Your niche market – It is great to have an idea to sell but it is even more important to know who to sell it to. If you are selling a certain product, which is doing great somewhere else, in the wrong market then all your effort will go in vain. For example, selling alcohol in a Muslim country might not be a great idea. So you need to know the market for your product or service. If there are potential buyers, then there is no reason for your idea to fail.
3)Location matters – You have identified your niche market, now is the time to know your own market, the seller’s market. If you are located in a place where there are already many people selling your kind of idea, then it is not particularly your idea. It is just an idea. You need to then either find a new place to sell your idea or change your start-up plan altogether. And it is also crucial to know the rules and regulations of your location for a particular product or service.
4)Say “no” to employees – This does not particularly mean that a small start-up business should not hire anyone at all, what it actually means is try to do most of the work yourself. Yes, you need to be the jack of trades, or may be most trades for that matter. For example, you might hire a rider to do your outdoor work as you would want to spend most of your time in the office, but try doing all of the office work yourself.
5)Financing worries – You need to have adequate money to get your project on wheels. Big firms can go for loans and even banks are happy to lend them as they have good earnings to show for it. For a small business, firstly, getting a loan is a problem and to be able to re-pay is an even bigger problem. At the start of the business, you might have sufficient money to set-up an office or maximum pay your bills. But having a loan to payoff can become quite a burdensome job and you might end up paying far more than you’re earning.
We hope these tips would help you in kick starting your business but we have saved the best for last. The most important tip is to never give up. You will face problems and many of them but keep in mind, to keep going and all will be smooth sooner rather than later.