Starting a business is not an easy decision, because it is like the child who will demand all your attention, who will not let you sleep or be awake, even before you start. We can have a thousand doubts about how to start your own business, where to ask for information, who to approach, what is needed; Here I will try to help you define the path you want to take.
It is clear that the first thing you need is a tangible idea, capital to invest and time to carry out that idea.
Dare! Start your own business
Something very true is that we seek to get money, or renown, but we must not forget that it is also something you believe in, that you are passionate about and that you can put your heart into it.
Prepare yourself mentally and emotionally
A business is going to demand a lot from you and the people who get on the boat. If it is something that you are passionate about you will be willing to give everything and if it positively impacts other people it will surely drive you to move forward.
And that’s not all, surely you’ve heard it before, but you must make a business plan. It will be like the backbone of your business, there you can define how much this business will cost you, what the profits will be, what strategies you would use to achieve it.
Is it likely to start your business and continue working?
Working and undertaking is possible, it is recommended so that while you start you do not lose the fixed income you get. But the interesting part is that you will need to maximize the time you have left available for your business. You can stick to a very rigorous schedule and so that you do not owe in any of your obligations.
Continuing to work will give you some financial security that can be very supportive at first, but something very interesting is that you will not get the same result if you dedicate a few hours to a full day, as mentioned by Alistair Lane, an expert in e-commerce.
How to choose the line of your business?
There are certain things that you must take into account so that your business idea is better than others, always choose something that you like, that you are really good in that area or have certain skills that give you some advantage such as knowledge.
Now, you can guide yourself with some questions that will help you shape your idea:
- Do you solve any needs, improve people’s lives with your products or services?
- Do you offer a different distribution channel or is it something traditional?
- Can you easily remove barriers?
- What is your value proposition?
If you can answer these questions you can start developing the rest.
But what to do if I don’t have money to undertake?
Many businesses start from scratch and with very little investment and there are different ways to raise that capital:
- If you have a good credit history you could get personal loans.
- You could also apply for a loan specifically for business, here the vast majority of institutions request the business plan to determine if the profits could pay the money that was requested.
- Get investors, Javier the co-founder of Solve your Debt explains how to find the best investor for your business, I recommend you follow his column if you are really interested in starting your company.
Something you should consider…
Once you get investors you will face criticism, which can make your guts churn, this person will see your idea from another completely different and cold point of view because their money is at stake, so you must have a lot of patience and tenacity to face this stage.
Do not forget that if you decide to have investors, you will share a certain percentage of your company both in revenue and decision making. Here I leave you another publication that will help you know how much you stay and how much the investor.
This is where you put personality into it…
First you have to baptize your future company, make sure that it is directly related to the product you offer, that it is available and that it can be legally used in the place or places where you plan to market your product and register it as soon as possible.
To know the above information you can use a tool called Marcanet, there you will find if there is any other company with the same turn as yours and if it has the same name.
Choose the place to work, you can start from home so as not to increase costs in what the earnings appear in the books.
Don’t be afraid of the competition
In a business any advertising is advertising, so speaking badly of another company or product can make it attract so much attention that they change you for the competition, apart it seems that as you do not have good things to boast about your own business you end up talking about others either good or bad.
Other related businesses can help you learn what you should and should not do, pay attention, find out about financial news and apply this knowledge in your own business.
Last but not least…
Be patient and consistent, make all the changes that are necessary to improve, that is the secret for an idea to become the business you expect.
Here are two pylon tips:
- Think about always giving 110% of what they expect from you. Design perfectly what the customer experience will be, so you can leave a mark on them and so they will probably return.
- Do not forget about coaching, having a mentor who tells you what you are watering it in does not hurt, it could be a friend, someone who has a successful company or you could hire the services of someone.
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