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With the increase in self-employment and small business entrepreneurs, it is easy to see why every day new businesses are created. However, it is fair to remember that only a tiny percentage of new businesses can make it through their first year. While there is no obvious recipe for success, there are a few tips you can use to make sure your business will not disappear as quickly as it started!
What is your business idea?
Everything begins with a business idea. Indeed, finding the right business idea is not a matter of how imaginative you are. But it’s about understanding the market well enough to envision the next big product that everyone would want. A good idea doesn’t appear out of nowhere. It is inspired by known facts, such as listening to customer needs and market trends. Your business idea needs to be the solution to a customer problem. You’ll have to test your hypothesis thoroughly – through observation and analysis ] before you can move to the next step.
What kind of business is it going to be?
If you’re new to the idea of starting a business, you probably are unaware of the requirements your company formation needs to fulfill. As a young entrepreneur, it often best to ask a professional such as a great law firm to guide you through the formation of your company. With them, you will need to define what kind of company you choose to create, as well as understand the legal requirements of each entity. Besides, if you choose to build a team, you will require a legal employment contract to hire your new team.
Where will you work?
If you choose to start a one-person company, you might be wondering about home-based business options. When you work from home, it can be easy to underestimate how much time you need to invest in your business. As a result, you might struggle to keep a clean work/life balance. However, working from an office implies that you need to finance your workplace, which is difficult for startups and one-person companies.
Who is your ideal customer?
Who buys your products? It’s a difficult question, especially if you are still in the process of setting up your business. But don’t be tempted to say that you don’t know your customers yet, because that would be a mistake. You need to know how to identify and target your customer audience before you can launch your company. Most entrepreneurs choose to target a small local market where they can analyze the relevant demographics before extending their reach.
Where can you find investors?
If you’re thinking of creating a startup, you will also need to know where to get in touch with potential investors.
Ultimately, startups need to raise money before they can hit the ground running. While there are dedicated platforms that can introduce you to an angel investor, you need to get your pitch in point to make it work. The secret is simple: Get to understand what makes your investor tick if you want to win him or her over.
From the idea to the money required, the journey to start a business can take several weeks to months – if not years. While it might be frustrating not to get started immediately, entrepreneurs who take their time to study all options are more likely to succeed in the long term. Alternatively, the best time to start is right now. So what are you waiting for?
Life is a collection of memories and experiences. There are ups and downs. I am so grateful for God’s grace and am on the journey to a renewed spirit, free of perfectionism. Perfection Hangover offers the sober truth – no filter.