7 Things You Should Consider Before Starting A Business
As the year is coming to an end and while you are working through your 2021 goals, youβre probably trying to figure out more ways to increase your income.
If you have considered starting a new business as a way to increase this income, there are few things to consider.
This is a great opportunity to explore your entrepreneurial side, doing something you love while also making some cool cash.
That said, when doing research, most people seem to focus on the quick wins, which are mostly true but no one tells you about things you ought to know before you embark on that journey.
Itβs relatively easy to start a business but can you keep it running?
Thatβs why weβve come up with a few things [secrets if you will] you should know before starting that business, Keep readingβ¦ π
SECRET #1Β βΒ You Need AΒ Business Plan
You canβt start a business without having your long term plans/goals.
The best way to go about this is by writing down what your business is, the mission and vision you want for your brand.
This allows you to streamline your focus and work towards achieving things in that path.
You should have a plan for receiving payments, accounting, marketing, and possible expansion.
How will you scale your business when youβre ready?Β
Whether youβre starting a new business, repositioning your existing business, or targeting outside investors, getting a clearly detailed business plan can make the journey to your business goal easier, faster, and less costly.Β Β CLICK HERE TO GET AΒ BUSINESS PLAN
SECRET #2Β βΒ Start Small & GrowΒ
The key to building a profitable business is starting with the right resources and funds available to you.
Taking an early loan is an option, but is it the best option for you and your business?
Think of your business as a plant, the process you take into planting the seed, nurturing it and watching it grow and mature should be the same way you look at your business.
Try to avoid getting caught up in the initial rush and excitement because what is worth doing at all is worth doing well, so take your time.
SECRET #3Β βΒ Know Your Competition
Weβd be lying if we say you wouldnβt have competition, but the presence of competition does not diminish your chances of success etc.
What you should be thinking about here is doing something that differentiates you from your competition [in a good way].
It could be your packaging, delivery within 6 hours or after-sales services, just something you know your customers will love and it makes you stand out in the process.
SECRET #4Β βΒ Your customers wonβt come flocking

This will be you for sometimes because starting a business doesnβt mean there will be an inflow of customers immediately.
It will take time but you need to be patient, be consistent, share your content and use the right marketing tools for your business to increase your visibility.
Eventually, this will be you:Β

SECRET #5Β βΒ Youβre going to want to quit.Β

The thought of quitting will surely seep in because things might not go as planned, which will leave you frustrated and maybe in tears.
Owning a business is not easy, but the tough moments prepare you to be even better at managing the business.
Not to sound too much like a motivational speaker but many times itβs just a phase, focus on your goal, keep pushing and youβd get out of it in no time.Β
You also wonβt always get it right, because youβre human.
But again, take it as a learning moment.Β
SECRET #6Β βΒ Focus on the Customer
Youβre not starting a business only for your personal consumption.
Youβre providing a solution that is supposed to solve the problem your customers are facing.
So you need to be customer-focused by putting your customers as a priority because they determine the success of your business.
Customers can sometimes be the number one champions of your business, and when you get it wrong, they can be the sole reason a business does not succeed.Β
SECRET #7Β βΒ Separate the owner/founder from the business
It will get to a point you have to separate yourself from the business, so you will be able to evaluate how your business can do well on its own with its profit & model.
Your business has to scale beyond you, and even though you may start out doing βeverythingβ you have to build it to a level where it runs with or without you.
Think of the benefits of this; it frees you up to rest and enjoy the fruits of your labour!Β
Youβll also need a payment solution that will allow you to monitor your sales, create invoices for your customers and receive and send money seamlessly from anywhere in the world.
We hope these 7 secrets got to you in time and if not, we hope you learned a thing or two that you can apply to your business.
Remember to take it one step at a time.
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