10 Tips You Need To Know Before Starting Your Business

Almost everyone, at some point in their life, harbors an intention of starting a business they can truly call their own. While some decide to work and commit to their newfound aspiration, most would feel that maintaining a J.O.B would be the best option, since they lack the necessary know-how, level of commitment and/or spirit of enterprise.

Whatever the scenario, knowing how to work on that start-up would come in handy, even if you have no plans for it yet. So, here are the 10 tips to get you started.

Labor of Love. There’s no point in starting a business you don’t like, whatever the returns may be. It might work on fine initially, but how long can you last doing something you have no interest in? It’s akin to staying in a job you detest, and soon enough, you will be searching for the exit. All of us know that the more you enjoy what you are doing, the more devoted and committed you will be in making your business flourish.

Market Research. You have got an idea you think will be the next big thing. But will consumers feel the same? The most important aspect of starting a business is planning and researching, but this is exactly what most people fail to execute. By spending some time on analyzing the market, it could very well save you from burning a hole in your pocket in the event your idea sucks. The other advantage to this is knowing how your competitors work. And the simplest way to do this, is be a customer yourself. Speak to their staffs and customers. Find out where they get their goods from, their likes and dislikes. Check their pricing, so you could make yours just as competitive, if not cheaper. This would eventually set you apart from them, and possibly, outsell them in the future.

Location. Starting a business is similar to buying a house. Do what you will do before making a purchase for your dream abode. Study the location, and make sure it isn’t crummy to begin with. None of us wants to live in a run-down place, so why should your shopfront? Having a good amount of traffic is one of the most critical factors to growing a business. You may have the best product on earth, but who are you selling it to if you don’t even have a customer walking in.

Family Support. Seek the opinions of your loved ones. Ask them what they think. And share with them why you are doing this. Having someone in the family to brainstorm ideas with you is beneficial. The last thing you want is surrounding yourself with negative energy everyday. Besides your employees, they are your next most valuable assets.

Sufficient Capital. Get your sums right. Save on your own, or get funding from your family and/or friends, i.e. sleeping partner. The worst thing that can happen is realizing you have a short-fall just before placing an order with your merchants. Your business fails to take off as scheduled, and in business, time means money. You can’t afford to let that happen, so don’t start until you do your math.

Don’t Quit Your Job Yet. Have something to fall back on. Success is never guaranteed in business. Maintaining your 9 – 5 means a regular source of income, which may also prove to be helpful if you ever find your funds depleting faster than expected. Until you break even and see profits rolling in, quitting your day job is not advisable. Moreover, it does not hurt to have 2 streams of income too.

Leverage On Your Contacts. Why pay when you can have free advertising? Ever notice how fast rumours spread from one end to the other? The same applies to marketing your business. Word-of-mouth marketing is by far, a very effective distribution channel. People are more inclined to believe satisfied customers than advertisements or brochures. It’s all about building brand awareness with credible testimonials at a low cost. Give some samples of your products to your key contacts, or provide your services F.O.C. If it’s good, people will soon hear of your brand. If it isn’t, improve on it. Either way, you win.

Know Your Merchants. And don’t just settle for the first one. Look around, and run background checks on them. This is simple as most merchants supply to not one, but a few companies. Enquire with them about their service level. Having a responsible merchant is an advantage. Running a business is already tough work. Imagine the hassle it will cause if you have to deal with an unresponsive and irresponsible company that you get your goods from. Not to mention, finding another one.

Train Your Staff. If you are keeping your day job, chances are, you won’t be around to answer your customers’ enquiries. The next best person besides yourself would be your staff. Rather than leaving it to chance, invest some time in teaching him/her the necessary product features. Some selling techniques wouldn’t hurt too. Nothing pisses me off than having a representative who does not know the difference between a 15’ inch monitor from a 21’ inch. “You can see more things on a 21’ inch.” Give me a break, dude!

Choosing A Name. Your business needs an identity, the same way you need yours. Deciding on your company name can be fun to work on, or it could just be as disastrous, especially if you end up with a name somebody is already using and you have not the slightest idea. When something like this happens and legal issues arise, it all boils down to who is first in using that name. But the most frustrating part in this mess is having potential customers ring you up, or visit your company, only to realize you are not who they are looking for. Thus, the bottom-line is, do your research well, and settle on a name that is exclusive yet, easy for customers to remember.

Now that you have completed your crash course on getting yourself started, it’s time to put what you have learnt into practice, and bring your baby to the next level.

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1 Response to “10 Tips You Need To Know Before Starting Your Business”

  1. 1 11 Effective Ways To Generate Traffic To Your Site - 9tin20.com Pingback on Nov 7th, 2006 at 3:07 am

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