However you’ve reached your decision to take the plunge and start your own business, you need to go in with your eyes open – there are certain things you need to do to make sure you stand the best chance of success.
The plan
Create a business plan. Many people skip right pass this step and end up backtracking. Creating your business plan at the beginning will help guide your vision and direction as you continue along you entrepreneurial journey. Think of your business plan as your blue print…you wouldn’t just start building a house without a plan would you? Source: forbes
Self-discipline
This may be one of the most important qualities for an aspiring entrepreneur to have. You are at the heart of your business idea, meaning that you will be the one to hold yourself accountable. As an entrepreneur, you’ll have to stick to your business plan, make and respect your budget, dedicate time to developing your business, and meet the goals you’ve set for yourself. If you find yourself lacking in self-discipline, this might be something to work on before you pursue your entrepreneurial dream. You have to be ready to put the time and effort in before you begin your venture. Source: drivinginnovation
Define your target audience
Appealing to everyone appeals to no one. You need to focus on your target audience and style everything, from your website to your marketing campaigns, around them. Make sure you are targeting the right people by sending out questionnaires, speaking to your customers through social media and holding focus groups. The only way to provide a product or service people really want is to get inside their heads. Involve your target customer in the development of your business and continue to test, test, test. Consulting your customers will also make them feel like they have a voice, will breed loyalty and, if you're lucky, will increase the likelihood of them recommending you to others. Source: smarta
Don't listen to statistics
People love to throw around the statistic that 95 percent of business fail. Don't listen to that -- it's an excuse to make you feel comfortable about giving up. If that number is even correct, it's because most people don't commit, they don't follow through to the end or they are stupid in how they manage their money. Source: entrepreneur
Start small and grow
If possible, self-fund your startup and then go for funding when you can create a growth story. This might cause you to break up your product/service offering into smaller pieces so you can fund the early stages and get some traction and experience. Source: blogs.constantcontact
Find the funds
Start-ups often spend more than they earn for as long as two or three years. Make sure you have funding in place to cover initial purchases and the time it takes to start generating income. Remember, government grants are available to top up your investment, so don’t be shy of applying. Source: axa
Read Up on Managing People
Many first-time and new business owners have never had any experience managing people. Learning how to manage people is an art, and it is essential to the success of every business. Fortunately, there is plenty of great advice on management; you just need to know where to look. Source: help.legalnature
Focus on the market instead of the product
Many startups and small businesses make the mistake of relying too much on their product to drive sales. What this means is that they fail to take into consideration the market they're getting into.
Small businesses should focus on delivering a product that people are actually willing to buy. You can come up with the most revolutionary product in the world, but you won't get anywhere if there isn't a market for it. Focus on niches. Getting a small market share is better than trying to invest in a market that doesn't exist. Source: inc
Resolve Is Your Greatest Asset
Despite anything that you’ve heard or seen on TV, starting your own business isn’t very glamorous. It’s a grind that involves obsessive dedication and unrelenting effort and resolve.
Every startup will encounter obstacles that will threaten to shut it down. Every new business will face seemingly insurmountable odds. Getting your idea off the ground will require your weekdays, weeknights and weekends. There’s no getting around that.
If you’re launching out to start your own business, you must be prepared to fight. Will you be willing to stick to the plan even if it seems that it’s failing? Are you willing to make the sacrifices today that might pan out in five or 10 years? Source: businesscollective
Target Market
Determine your target market so that you know if a demand exists for your product or service and how best to market your business. Consider the demographics of your target market, including their age, gender, neighborhood, income level and consumer behavior. Research your target market by examining consumer surveys, census reports and competitor information. Source: smallbusiness
Get your advisers in places
Source your advisers early and get them involved in the set up of the business. Ensure you have a great accountant (ask other business owners for referrals), a great lawyer (especially if you are leasing a premises), a great marketing adviser to help develop your Marketing Plan ahead of time and possibly a few other advisers like a graphic designer, website developer, IT consultant etc. It does depend on the type of business you are planning to open. Invest in getting the right advice before you start your business and your chances of success will be dramatically increased. Source: news
Read up on what the government and tax office need
there are so many hoops to jump through from letting the tax office know that you are now self employed and registering for VAT to setting up a limited company if you are going down that route to any health and safety certificates if you need them. So make sure you know what’s required otherwise you may find yourself with a big fine. Source: smallbusinesspro
Rent – Don’t Own – At Least at the Beginning
It’s almost axiomatic that you will need cash in order to start a business. But most of that cash will likely be needed for your personal survival. The less that you put into the startup itself, the more you’ll have for survival, and the longer that you’ll be able to last during the early days of your business. Source: allbusiness
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