Starting your own business can be nothing short of a bliss.
Speak of life changing experience, and your own business can be just that. Of certainty is the fact that it can free you from your boring and unfulfilling job and give you the flexibility to work at home or in your dream office setup.
Starting a business is however a process that requires an enormous amount of thought, time and careful examination. In addition the work and the strategic planning needed to keep your venture afloat are mostly underrated hence an alarming number of failed start-ups.
What are the possible risks and how can you mitigate them?
INTENSIVE RESEARCH – Nick Drake famously posed that, ‘The purpose of collecting so much information can only be power’
.You cannot venture in an industry you know nothing about. There is definitely a lot to learn as you go about your new venture and this may range from:
Who are your potential customers and how do you plan to meet their needs?
Who is your possible competition & what do you plan to do different?
Approximately how much is the starting capital & how do you plan to raise the same?
Dig up on such important matters and make sure you have all the possibly needed knowledge to run a successful venture. Always remember, Trade isn’t about goods. Trade is about information. Goods sit in the warehouse until information moves them.
A REALLY GOOD TEAM –
“Teamwork is the fuel that allows common people to attain uncommon results.” – Andrew Carnegie
It’s almost impossible to successfully run one just by yourself. The key is understanding what each individual is good at and tailoring his roles to his strengths. It is therefore common knowledge that at any particular time, the team that you work with will only be as strong as its weakest member.
Depending on the size of the business you may choose to conduct interviews, get free labour from eligible friends and family or source experienced team members from similar business ventures.
Whichever ways you choose to do it ensure proficiency, efficiency and competence is incorporated in the team. With this achieved, it becomes easy for the team to buy into your idea and to work in cohesion to achieve the goals of your business.
A BUSINESS PLAN – For any serious start-up you will need a good business plan. This will guide you through each stage of starting and managing your business.
It does not only allow you to gain a better understanding of your industry and competition, but also the capital requirements of starting your new venture.
A study mentioned in “Business Plans For Dummies” shows that companies with business plans have 50% more chances of profitability and revenue creation than businesses without a business plan . You can read more on How to write a business plan and get your venture going.
START UP CAPITAL – The journey to transforming an idea into a revenue generating business definitely requires capital. Whether you need it in bits or in full amounts, your ability to raise capital will be critical to your business. Understanding the basics of raising capital will definitely determine the success of your business be it in the short or long run. It is however important to note that you can always start small in so many cases and grow into your dream business.
Before you start any business venture, please note, business knowledge, proper funding and support will be the foundational key to any success. However, your commitment, determination, consistency and patience will also go a long way. Remember success is not guaranteed but failure is certain if you are not truly invested in your work.