You will need 3 things:
- Business plan
- The right attitude
You could apply this to any business idea. It does not matter who you are, where you came from or how well educated you are. If you get these 3 steps right, you will most likely succeed.
First up the most important part. Your business plan. It is made up of 2 big things. A marketing and financial plan. First you'll need to investigate the market in which you'll be active. Is this the right economic environment to enter the market? Or is it not the right time? Who are your competitors? Think about all the channels you wish to promote your business. Create a roadmap and set all your marketing goals and objectives. Are they realistic? Basically, a marketing plan helps you to get as much turnover as possible.
Next up you financial plan. Usually this consists of 3 parts. First you will need to determine how much resources or money you will need to start up your business. Will you need help from the bank in terms of a loan? Or will you use your own personal money to invest into the company? Maybe you could find other people who are willing to invest their money into your business. Another important part is to calculate how much your income and expenses will be. Are there any fixed costs? How much revenue will you expect or how much will you need to cover your costs? How much cash do you need to stay solvent? Finally you will have to check your cashflow. Without a healthy cashflow, you'll quickly face huge problems. Think about all the factors that influence your cashflow.
The second step is to ask feedback. This is crucial in developing and perfecting your business idea. None of your ideas will be perfect when you think of one. In order to be the best you'll have to ask feedback to literally everyone! This way you could spot flaws in your idea. Ask your friends, random people, educated and skilled people like college teachers and many more...
Finally, attitude! You could have everything right but just lack the right attitude. This is a difficult one. Especially for me. I'm a shy person so I could face problems when interacting with people or have trouble networking. The smart thing to do is to acknowledge your flaws and make them stronger. This could be done with external coaching. Another problem a lot of people face is that they think they will get rich fast. If you think like this, don't bother. You have to be passionate about your business idea or company. Otherwise you'll most likely fail. Money is a good motivator but passion will make you succeed.
Expect that you would lose money in the beginning. You entered into business thinking you would profit, that's understandable but until you recover your initial capital from investment, you're in business recovering losses. Expect that small business to be small until you do hands on work on it. Until you can micromanage work and not be on the lead when it comes to the hands on part, you're not really the captain of the ship. You're the worker that when sick, nothing else will move in the business until you come back. That's the reality of running small businesses.
Business partners may sound like a good idea but a duo or multiple people having a say on the direction of a business may spell trouble when trying to get things done. There's a blame game and there's accountability to look forward to. I suggest running it alone and hire people you trust that partner up. Only ask for executive advises from people into the same industry. You can expect a lot of business advises from veterans who may or may not have been successful at their own business. Be careful when choosing investors, some may invest but want a say on where you should go, not cool.
Start building a consistent reputation when it flies. You may worry about advertising and marketing during the initial stages but most business fail because they considered this first. Focus on the quality of your product or service first and let word of mouth work its way initially. When you get consistent results on a small scale, increase the bar and start doing some marketing in a slow and steady manner. Never invest in marketing big during the early game. People can get hyped up and be disappointed and there's hard recovery when that happens.
What's business are you planning?
The first thing is to do market research on what is trendy now currently on the market and is highly demanded. Then there is the preparation of the lost of any cash if there is any lost involved.
Investment into a business is something that really takes a lot of guts. Many who venture into business aren't successful because they can't get through the mental barriers. There is a lot of innovative and creativity that goes on to ensure any business success. Ask someone who has already have a successful business to give you guidance on how their business have run successfully.
It won't be easy running business as it is a full time job too. Even though we don't have our boss to command us but the bottom line would be something that sends business owners into insomnia every night. Then new businesses usually do well for the first year and some of the times the competitors catch up with their own strategies and if we don't continue to innovate, our business would definitely lose its market share where your operating your business.
I have seen the type of business that are almost full proof are those bubble milk teas, since there is a huge hype in new drinks and people pay high price for these insta moments, then service related business with low cost and just your skills to run the business, mini marts, I seen alot of it doing well, with low margins due to daily necessities. Then food business, the ones where people go for their lunch and breakfast and dinner. The not so expensive joints unlike fine dinning. Some restaurant owners I see who owns these restaurants and rent out the stalls to the different stall owners drive a porshe.
Well, the most important is determination. Hard times may come but that's gonna be a lesson to learn in business.
As a beginner who wants to start a new business, here are some tips I think you should always have in mind.
• Have the startup capital
• Be a persistent person
• Always have the saving mindset
• Keep records of all your monetary transactions
• Have the qualities of a good manager
• Make sure the product you are dealing with is on high demand.
• Be consistent
In my opinion, I think if you make use of the following business tips. Then the sky will only be your stepping stone.
One of the most important things, if not the most important, is that you identify if you're bringing in a new product entirely or rebranding an already existing one.
If the former, you need to do a feasibility study on the acceptability, based on the relevance and usefulness of such good or service to the readily available market.
If the latter, you need to understand what competitive "edge" your own product will have over the other for you to gain competitive advantage.