If you are currently unemployed, underemployed or unhappy with your employment, then the idea of taking control and becoming the 'boss' of yourself may sound very appealing.
Maybe you've been thinking to yourself for a while.how to start a business' or considering someone else 'how to open a business‘.
Whatever your situation is now, the past decade has shown us that jobs are no longer as secure as we may have thought in the past.
In the same time, the success rate for new businesses remains quite low with most of them failing within a few years.
Meanwhile, nothing is ever 'completely safe' so if you are thinking of leaving your current job to start your own business, Meanwhile, nothing is ever 'completely safe' so if you are thinking of leaving your current job to start your own business,.
These are some tips to make sure you are prepared enough before you go start your own business, giving yourself the maximum chance of being successful. These steps are adapted from the author's book entitled 'The Entrepreneur Equation’.
1. Clarify and examine your true intentions
It's very difficult to find your way to somewhere if you don't know where you want to go first. Further, even if you have a precise goal, you need to find the most direct route that will get you where you want to go.
Stop to carefully consider the reasons why you said to yourself 'I want to start my own business'.
- Just want to get rich quick?
- Do you want to show your talent, idea for a product or service?
- Or are you just tired of your boss constantly taking credit for your work?
These types of reasons can lead you in the wrong direction. On the other hand, if you like the idea of running a business, if you like it
- create systems and procedures,
- do you love customer service or
- balancing many responsibilities,
then entrepreneurship may be the right path for you.
2. Legen Sie einen Sparfonds an
The costs of starting a new business in many industries have fallen significantly. However, this is only one part of the reality. Businesses often need them several years to stabilize, so you will need enough funds to start it, operate it until it stabilizes and also to live on its own.
If you do not have all the necessary funds yourself, then try to identify possible sources for the necessary financing.
The difficult times we are going through have made securing financing even more difficult.
At the same time, no one would want to start a business that for three or four months would have to face the dilemma of keeping the business open versus paying the rent or the loan - that would be a losing battle.
3. Accumulate the necessary experience
Managing a business is actually related to the ability to manage employees and suppliers, skills that must be acquired before opening your own business.
Also, you will have to know well the industry in which you will operate, including those aspects that you may not be familiar with or that you may not like, such as marketing, accounting, etc.
Do you lack the necessary experience?
Then maybe it's better to spend some time working for a similar business or find a way to work alongside a business owner in your sector or you can start working part-time eg. on weekends, near a similar enterprise. In other words, test the waters first before starting your business.
4. Increase your exposure/networking
In many cases, success in business does not simply depend on knowledge but on notice(known)! Consequently, if you don't have enough exposure or you don't have the time to invest in increasing your exposure, then this may be an opportune moment to further strengthen and expand your network.
In many cases business success depends not only on knowledge, but on hint(known)! So if you don't have enough engagement or don't have the time to invest in increasing your engagement, then this can be a opportune moment to further strengthen and grow your network.
At the same time, the advertisement is the best source of marketing and customer referrals, elements which are really critical for a new business.
5. Know yourself
Maybe you prefer things as they are (status quo) and constantly avoid unexpected things! Maybe you're not too keen on strong swings such as financial ones!
Maybe you lack the necessary savings to face unforeseen situations!
In many cases business success depends not only on knowledge, but on hint(known)! So if you don't have enough engagement or don't have the time to invest in increasing your engagement, then this can be an opportune moment to further strengthen and grow your network.
So, it's best to be honest with yourself before you go down this path.
6. Consult your lawyer
If you intend to open a business which competes (directly or indirectly) with that of your current employer or if you plan to make a phone call to your former clients and contacts, then you may find yourself in a difficult legal situation, especially if these elements have been part of the criteria of the contract that you may have signed with the current or past employer.
Therefore, consult in advance about these matters with your lawyer to make sure that you will not have problems or if you will need to take action to avoid these types of difficult legal situations.
7. Study the competition very carefully
Before embarking on the path of private enterprise carefully study the market and the competition. Is this market full of similar successful businesses? Or maybe your sector/industry is full of bad businesses that have given everyone a bad name?
The success of your business will be greatly affected by competition, be it good or bad.
Consequently, you will need to promote your business sufficiently to distinguish it from the competition or even to fix the reputation of the sector/industry in which you will operate.
8. Evaluate how your business idea can be expanded/grown
The most successful businesses rely on automation and delegation of work.
The question is, will the other employees be able to do the job you know how to do? If not, is it something you can teach others in a format/procedure they can easily follow?
If your business depends entirely on your skills and yours alone, then you may have a successful business but at the same time it may not be the type of business you are looking for in the future.
9. Sell from the start!
Many entrepreneurs spend time and money to build/create from the beginning the store (points of sale), or to produce products and services without first verifying the 'validity' and 'need' of the market for them.
Therefore, see if you can generate enough interest (in the form of purchase requests, advances, etc.) before investing large sums of money.
If you prove that there is enough interest in what you are going to offer, then this will also reduce the risk of opening a business or full-time commitment.
Otherwise, if you are not generating enough interest and buyers, then perhaps these are signs that you will need to reconsider your offer, prices or business model, before fully investing your time, finances and effort.
The time spent making sure things are really in your favor will help you avoid creating one of those businesses that are then categorized as failures!
Source: 9 Steps That Will Help Your Chances of Starting a Successful Business – https://www.entrepreneur.com/article/250252