When it comes to starting a business, people are often very slow to make a decision. This is not because they don’t want to start the business early but because there are many factors that may stand in the way. There is a need for start-up capital, there is the fear of overwhelming competition, and there is also the doubt about the viability of the business you are about to start.
Instead of starting what they cannot complete or succeed at, many people prefer not to start at all. But this is, by far, the worst decision anyone could ever make.
You should start your business as early as possible. It’s okay to make concrete plans, preparations, and all that. The problem now is how long should one wait before taking the leap to starting one’s business. In this post, we are going to see some of the major things to put in place before starting a business, and signs to help you know that you are ready to kickstart your business.
Things to put in place before starting your business
Nothing comes out successfully without a commensurate measure of preparation; starting a business is not exempted. You need to ensure that the important requirements for your business, especially for the short term, are available. Even if they are not hundred per cent complete, you need to ensure you have what you need to start your business. Here are some important things to put in place before starting your business.
1. A business plan
Formally, a business plan is a written document of your business objectives, ideas, structure, market analysis, products or services, and so on. A business plan is what gives the summary of what your business will be in a few years, or at least, how you see it. This is often for the purpose of soliciting support and sponsorship as no one would venture into a business model that is destined not to succeed.
However, you don’t necessarily have to write your business plan in a formal pattern but you have to be crystal clear on what you want for your business. You could write your ideas and plans down in your journal and proceed to find solutions to some problems you might foresee.
Having a business plan is critical to the success of your business. You have no business starting the business if you do not have a starting point at least.
2. Start-up capital
Contrary to popular belief that getting startup capital is the most difficult thing about starting a business, experts and venture capitalists have refuted it. Startup capital is only the second next important thing, the first being your business idea. If you have a solid business idea, it is believed that getting financial assistance might not be so difficult.
Your business plan should include your business idea and how your new business can stand out from existing ones. This way, venture capitalists or angel investors can easily see the viability of your business and be more willing to invest.
Common sources of start-up capital include gifts from family and friends, borrowed funds, angel investors, and personal savings. It is important to know that start-up capital can easily get lost so you need to carefully calculate the risk before deciding where to get money from. Borrowed funds usually attract interest and collateral. You should be very sure of your business’ viability before borrowing funds from banks and individuals to start your business.
3. Miscellaneous
This includes other things that are required for the normal running of your business. This depends on the line of business you want to start your business on. Examples of these include tools and equipment, shop and accessories, siting, and so on. These should ideally reflect in your business plan before you start your business.
4. Facing your fears
Starting a business requires serious determination. The odds are unpredictable and it requires extreme bravery to start a business, particularly when the odds do not seem to align in your favour. One thing you have to always tell yourself is that “If other people can do it, surely I can do it too.”
You need to stay determined in your business, and even if you don’t succeed in the first few tries, you know you can always try again. The only difference is that you are re-starting with more information gathered from your past experience.
Sometimes, you might not have gotten everything you require to start your business. In short, you don’t have to wait till you get everything before you start but you just have to start anyways. This takes us to the next question, what are the signs that you are ready to start your business?
What are the signs you are ready to start your business?
Again, on the question of how long you should wait before starting your business, it is particularly hard to give a specific period. The duration of your wait depends on how fast you could get the basic requirements for your business, and how fast you got the courage to start. I personally recommend that you should start your business as early as possible; it is not necessary to wait too long for everything to be set.
If you are waiting to see some signs that you are ready to start your business, truthfully, you may not find any. The first business project I started (planting an apple farm) was a thing of extreme courage on my part. I started working on this idea as soon as I conceived it, and honestly, I can tell you that I have learned on the job. I spent a lot of money on it but it didn’t succeed. All the same, that experience taught me valuable lessons that helped me started the other businesses I am into today, including starting this website.
The disadvantage in starting your business impulsively as I do is that you might make a lot of mistakes along the way, but the good side is that you learn fast and concretely. Your understanding gets deeper than if you were just treading carefully. To strike a balance, you should ensure to calculate your risks and take only risks you can bear.
15 Tips to Succeed in your startup Business
The majority of startups fail, many within the first year. Shikhar Ghost, a senior lecturer at Havard Business School, published a research study which showed that about 75 per cent of startup fail; only 25 per cent succeeds. These tips will help you achieve success and place you among the few 25 per cent that succeeds.
- Define your business plan and idea.
- Face your fears and start early.
- Do what you love or love what you choose to do.
- Believe in yourself.
- Be open to learning new things.
- Surround yourself with supportive people.
- Be customer-oriented, not self.
- Show empathy.
- Keep innovating, try new things, and keep improving.
- Leverage the internet.
- Build healthy relationships.
- Learn to balance the calculations; maximize profits, minimize losses, and account for your money.
- Allocate your income properly.
- Take your business as an independent entity from yourself.
- Learn from your mistakes.
There are many other tips that can help you succeed in your startup business but I would limit myself to these very important 15. While I may not explain much about these tips in this article yet, this article might help provide more insights on some of these tips on how to achieve success in your startup business.
