If you are thinking of starting up a small business, whether offline or online, there are certain essential things you need to know and do. You do not want to be among the lamentation crew who leap without the look. You deserve to know the mistakes made by many, which made them cry in the long run.
Here we go.
Why Are You Going Into That Business?: It’s not just about saving up and having the small funds to start that business. You have to define your WHY. Why do you want to start that business? If the first thing that comes to your mind is profit, you have to rethink it.
Value-giving should be the first thing. Your business should be about solving a problem. Your ‘why’ should be about: what problem is my business solving. Knowing this will give you clarity.
Ask Questions: Fine. You have the idea to supply small chops to companies around. Or perhaps, your vision is about branding small businesses. Awesome. But it would be best if you asked questions also. Plenty of it, actually. You need to meet one or two people doing well in their businesses and ask questions.
Preferably, ask people who are in the industry you are about to venture into. You will get people who would help you fine-tune your ideas, make you see the loopholes you didn’t see initially. It would be best if you had a guide.
Know The BMC: BMC stands for Business Model Canva. It’s a template that business owners or individuals use to make sense of their business. The BMC will help you know things like Target Market, Key Resources, Key Partners, Value Proposition, etc.
In short, the BMC gives you clarity, and it’s pretty easy to learn. For a better understanding, Google up ‘BMC’ and read about it. You should know that many people use this in place for their business plan writing until they have the money to hire a professional. Read up about it. It’s pretty helpful.
Make A Survey/Feasibility Study: Whether offline or online, you need to run a survey to know if the marketplace would accept your idea. It’s not just about discovering there’s a problem your business can solve. It also involves the marketplace. The marketplace ultimately determines your success or failure.
If you are thinking online, you could use Google Form to run an online survey. You could run a poll on social media and see what people think. For offline, go to the market place or your intended target audience and ask for their opinions about what you’re about doing for them.
The marketplace is also where most people get it wrong. They assume that people would buy. You don’t make assumptions in business; you work with facts.
Start Small: The beginning point for you in a business is to start small. Don’t make the mistake of using all the resources you have set aside for the business. You have to test run because, ultimately, you would most definitely tweak your business from the initial plan.
Studies show that six out of ten businesses fail in the beginning. But arming yourself with what you need to know, and doing it, can ultimately save you from premium tears.