HERE’S WHAT YOU NEED TO KNOW BEFORE STARTING A BUSINESS
Entrepreneurship is a marathon, not a sprint. It requires time, dedication, passion and resilience. Business success is dependent on how prepared you are to deal with everything that comes along with being an entrepreneur. Everyone has ideas but most aren’t willing to do the work required to get the job done and make their idea work as a viable business. Below are four things you need to consider before starting a business.
1.) Ensure That There Is A Demand For Your Product or Service
When you’re evaluating potential business ideas, one of the key metrics should be whether there is a demand for your product or service. Before you start a business, do your research, know your numbers, and be certain that there’s a market and demand for your product or service. One thing many entrepreneurs overlook is that the most important aspect of a small business is sales. Without sales there is no company. Always ask yourself what need or problem your product or service will answer. If there is no demand or interest from the market, you should rethink your idea. Always remember, your customer decides if your business is going to work, not your business plan. Test your market first, then go all in.
2.) Recognise That You Are Going To Have To Make Sacrifices
Entrepreneurship is hard work which requires making sacrifices if you want to be successful. Most people often give up a better paying job, health insurance and retirement benefits but it usually goes much deeper than that. Entrepreneurs are ‘always on’ and often don’t have the freedom to ‘leave work at work.’ When you are trying to grow your business, it is also hard to give yourself time off because if you aren’t working then often you aren’t getting paid or moving closer to your business goals. Running your own business will consume your time, 24 hours a day, 7 days of the week for every week of the year. However, these sacrifices can be thought of as trade-offs because the reward for building your own business is significant, but the trade-off and the sacrifices to get there are also significant.
3.) Be Prepared To Pivot
No matter how good your business plan is, when you are dealing with people, ideas and everchanging markets, you will inevitably deal with curveballs in your business. Therefore, it is so important to build a strong, versatile and flexible team. Teams must possess the ability to change products/services, adjust to different compensation plans, take up new marketing approaches, rebrand the business or even tear down a business and start all over again if necessary. Recognise that you will probably get knocked down a few times throughout your entrepreneurial journey, but what really matters is how well you and your team can recover from these blows. Be prepared to pivot quickly based on changing markets and consumer needs.
4.) Success Will Not Happen Overnight
Entrepreneurship is a long-term game that often takes years of commitment. The only way to progress is to take action, analyse the results and make the necessary changes as you go. Understand that you are probably not going to get it right the first, second or even third time, but if you’re agile you can pivot. Invest in yourself and have confidence that you will deliver. When you “fail,” consider it feedback and work on improving in these areas. If you’re trying to “get rich fast,” starting a business might not be for you. Running a business can be challenging, but it’s also one of the most rewarding experiences you’ll ever have.
With this insider knowledge and the right attitude, you’ll be better prepared to start and grow your very own business.
Written by Sherise Brooks
