7 Things to Note When Starting a BusinessNo Case Matched!
Starting up a business requires a lot of hardwork, dedication and input. It is one venture that is for only the courageous and risk takers.
When going to business, here is what you should consider:
1. HAVE A POWERFUL MESSAGE
This would answer why you business is running.It would also address the problem it solves and why it serves as the solution.
2. RESEARCH THE MARKET
Research the demographics and psychographics of your potential customer base and understand their buying habits.
Know what your competitors are doing. Engage similar businesses, browse your competitors’ websites, and understand what their customers are saying about them.
3. DON’T BE AFRAID TO START SMALL
Break up your product/service offering into smaller pieces so you can fund the early stages and get some traction and experience. Have passion for your business.
4. KNOW YOUR STRENGTHS, SKILLS AND TIME
This would help you knowing where to get maximum dividends. Also, know when you need to engage an accountant, lawyer, insurance agent, marketing specialist, web page designer, or other professional.
5. HAVE ADVISORS AND MENTORS
Launching and growing a business is difficult, you need the right network of people to make it thrive. Gain from others’ skills and experiences.
6. WRITE A BUSINESS PLAN
Have a written plan with your projected results and personal goals to stay on track.
7. KNOW YOUR NUMBERS
Have a good knowledge and understanding of your sales, gross margins, profits, cash flow, and the specific metrics associated with your business.