Starting a business of your own can be quite challenging. It seems exciting and at the same thing, it feels like you don’t know what you are doing. You seem overwhelmed by what you have started and the prospects to come. Starting a business is also risky. So before you begin to fund that fantastic idea of yours. Here is some advice from me to you:
Is My Business Sustainable?
You need to make sure that your business model and operations are resilient enough to thrive in the long term. Being a sustainable business can also improve your reputation and marketing, as well as increase sales, profit, productivity and staff retention. If your business idea for example is opening a cyber cafe in this day and age when things are digital, that is not a sustainable business.
What are you selling, and who is buying?
Business is trade. There is no way to sugarcoat it. Even though you have a mind-blowing innovation that will solve a major societal problem, the first thing on your mind should be, how am I going to make money from this thing, who is going to buy it? And the reason why that is the main issue is, nothing comes for free. You put in time and energy to get your innovation to work, therefore you should be compensated for your efforts. When you have identified what you are selling, ask yourself who is going to buy it. Be it a product or a service, who will patronize you, and why. What is your unique proposition? Why wouldn’t they go elsewhere? Consider what needs your business fills. This might be a problem or process that your product can speed up, a loss that your product can prevent or a service that your community needs. Consider what your business can do that no other business does.
How Will You Fund Your Idea?
Consider how much you’ll need for every aspect of your startup. Start with any equipment or technology you’ll need for general operation and then move to any raw materials you need and how often you’ll need to replace them. If you plan to open a physical location, estimate what the rent and maintenance costs might be. If you don’t, consider any vehicle or shipping costs. Next, consider whether your budget should include pay for other employees and how much you need for your own living expenses. Include any services, like marketing, web hosting, design or advertising. Consider how you can find the money for your startup costs. This may be your personal savings, a business loan from a bank, credit from family or friends or grants from the government or other organizations.
Starting a business on your own is not easy, but it can be worth it. Remember to be patient. The business will grow with time. Also, you need to work twice as hard and work smart. Be focused on your goal. You’ll surely get there.
