7 Tips For Starting A Business
You have a great idea and are now thinking about going into business. Agreed! But where to start? This is THE question every entrepreneur faces before starting their first business. But don’t worry, here’s a step-by-step plan to get you started on a solid foundation.
- Validate Your Perceptions
We are not going through this alone. If you have a good idea for a product or service, first meet with your potential customers to validate if your idea meets their needs and if they intend to pay for your solution.
Approach them with open-ended questions to get as much information out of them. One thing leading to another, perhaps you will identify in this way the person or persons who will test first what you have to offer. .
- Identify How You Will Stand Out
You rarely arrive in a market that is not already occupied by competitors. So be sure to clearly identify what will allow you to stand out. Will this be the price? Product quality? The possibility of offering tailor-made? It’s up to you to determine. It is therefore important to know your competitors well and to identify how to avoid becoming a “me too”, that is to say a company that offers exactly what another offers, without distinguishing itself.
- Estimate The Cost Of The Project
This is a complex but essential step. How much will your project cost you? Entrepreneurs tend to underestimate the costs associated with running a business. For example, they will underestimate the size of their working capital, or the cost associated with leasehold improvements. Some also overestimate their debt capacity.
To avoid a miscalculation, you will have to knock on doors! Turn to suppliers, companies and merchants who know your environment. A baker will, for example, meet with flour suppliers to assess the costs of raw materials. A real estate broker could tell you about the costs associated with tenant improvements.
Your competitors, or the people who do business with them, might even want to help you. You have to dare to ask them. An entrepreneur should not stay behind his screen to learn about his market. He has to be out there talking to people.
- Estimate Realistic Sales Figures
The first sales could be delayed. On the one hand, you will need to make yourself known to your potential customers, but also to break in each step of the production and delivery of your offer. Take a conservative approach when it comes to making sales forecasts, and rely on your market research to get there. Again, don’t be afraid to knock on doors and ask questions of people who know your industry. A franchisee, for example, will contact another to find out their sales figures.
These experts could tell you what “conservative” sales would mean to you. During the journey, we sometimes pass through areas of turbulence, and it is better to be psychologically strong to cross them.
- Involve Your Loved Ones In The Process
Make sure you are well supported by your family members. It is very important to let your family members know what you are going through, but also to prepare them for the impact that your project could have on their lives in order to avoid unpleasant surprises. Your spouse should, for example, expect to make concessions in time and money. The deterioration of the work/family balance is one of the most significant obstacles to the realization of a business project
- Adopt A Balanced Lifestyle
On good days, but especially on less so, learn to keep your emotions to yourself at work. This way of being will reassure your employees, your customers and your business partners. To achieve this, adopt a balanced lifestyle, which includes physical exercise, a balanced diet, and a lively and inspiring social life. In other words, avoid isolation and find ways to keep both feet on the ground.
- Build Networking
You are not alone in facing the challenges before you. Do not hesitate to talk about it to other entrepreneurs. Several initiatives allow you to build your network.
In conclusion, the life of an entrepreneur can be very rewarding. You will encounter many difficulties along the way, but do not be discouraged, and go for it.
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