Starting a business for the first time and worried about failure? Follow these steps and you will never failed.
1) Be passionate about what you do.
You don't have to love whatever your business is about (and probably shouldn't), but you do have to be fired up about it.
You're going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it's really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery or providing financial advice. Make sure you're on the right track by asking yourself these three questions before you do anything else.
2) Start your business while you're still employed.
How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you're starting a business means money in your pocket while you're going through the start up process.
3) Don't do it alone.
You need a support system while you're starting a business (and afterwards). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable.
4) Get clients or customers first.
Don't wait until you've officially started your business to line these up, because your business can't survive without them.
Do the networking. Make the contacts. Sell or even give away your products or services. You can't start marketing too soon.
5) Write a business plan.
The main reason for doing a business plan first when you're thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed. Read some success stories of great startups like ola, oyo, and kfc where they proved that age and funding does not matter for a great startup.
6) Do the research.
You'll do a lot of research writing a business plan, but that's just a start. When you're starting a business, you need to become an expert on your industry, products and services if you're not already.
7) Get professional help.
On the other hand, just because you're starting a business, doesn't mean you have to be an expert on everything. If you're not an accountant or bookkeeper, hire one (or both).
8) Get the money lined up.
Save up if you have to. Approach potential investors and lenders. Figure our your financial fall-back plan. Don't expect to start a business and then walk into a bank and get money. Traditional lenders don't like new ideas and don't like businesses without proven track records .. Be creative.
9) Be professional from the get-go.
Everything about you and the way you do business needs to let people know that you are a professional running a serious business.
That means getting all the accouterments such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.
Make a Smooth Start
Following the business tips above will make starting your new business both a smoother, less stressful process and go a long way towards ensuring the business you start lasts and thrives.
"What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed."--Dave Thomas, founder of Wendy's