Starting your own business can be daunting. There is so much to take into consideration. Since I, personally, don’t have any first-hand experience on opening and running my own business for the first time I will take you through an interesting article I found on the subject.
The article is from Young Entrepreneur and goes through 10 different ideas for starting and running your own business.
The first thing to remember when just starting out is to come up with a plan. You may have good ideas, but with nothing written down, you can run into countless roadblocks and obstacles that you may not have thought of along the way. Writing out a business plan allows you to see what you are actually planning and how you are going to get from point A to point B. It basically maps out the path you are about to travel.
You have to ask yourself what you are selling. Even a nonprofit company has to make some sort of income (usually from donations) to offset their operating costs. By stepping back and analyzing the goods and services you are providing, you can get an idea of where your new company is headed. Remember, not every company is going to be the next million dollar organization. You have to do research to tap into your target market and see what they are looking for. If you can tap into those desires, and execute them effectively, you have a better chance of being successful.
A tip that sounds especially important to me is to watch out for who and what is around you. Look for competitors in your market. Your competitors are great sources to learn from. Starting out, you can look at what didn’t work for them and learn from their mistakes. Protecting your intellectual information is another good idea. Unprotected, your investors, co-executives, and other companies can use that information in ways unintended by you.
Investing in marketing is probably one of the most important things you can do for your new company. Getting your brand into multiple channels of media is essential. The more people see your brand the more likely they will be to incorporate it into their daily lives.
Finally, the article ends saying that you shouldn’t give up. It’s easy to get frustrated and cut your losses after seeing “red” for the first few quarters, but where would we be if Steve Jobs decided to completely “call it quits” after leaving Apple the first time?
Being an entrepreneur is hard, I think we can all agree on that. Many companies end up not making ends meet and unfortunately have to “close their doors”, but what can potentially come out of entrepreneurship is success and opportunity and who doesn’t want that? Read the full article for more start up tips and information on writing a business plan, marketing your brand, and much more!