Starting your own business is perhaps the most important dream of any worker, however putting it into practice can be much more difficult than just wishing for it. Today we will give you tips to start your business so that your dream does not turn into a nightmare.
For most entrepreneurs taking the first step to start their business is the most complicated, bringing an idea to reality can be a bit intimidating, luckily today there are several funders, incubators and even successful entrepreneurs who are willing to give you the tips that have worked for them. Today, we are dedicated to compile some of the 7 best tips for you to start your venture once and for all.
1.- Keep in mind the 4 pillars of your business
According to some statistics, 95% of new businesses fail during the first year. This alarming figure is due to many factors, undoubtedly one of the most common is that many entrepreneurs make the mistake of dedicating themselves and focus their attention only to work in what they are experts, leaving aside other areas of the company that require the same attention.
When you start with your venture you should see your company as a table that stands on four legs or four pillars: marketing, resources, finances and product or service. Neglecting any of these pillars or giving more importance to one can affect the stability of your venture. You don’t have to do the work in these areas yourself, but you do have to understand each one and plan for it.
- Marketing this area is more than just advertising, it is important because this area will be in charge of obtaining more sales. Today there are hundreds of marketing strategies, in your planning you will have to review which one best suits your business. In the blog you will find many tips on the subject, what is important to understand is that no matter what type of business you have in this era you must include digital marketing.
- Resources in this area you will need to plan the materials and resources both human and material to keep your business running. Answer the question: What does your business need to function?
- Finance: this area is important because in addition to obtaining financing for your venture. It is also the area where you will plan costs, taxes, sales prices and profits. The best advice you can follow in this area is to separate your personal finances from the company’s finances.
2.- Do what you love to do
Many entrepreneurs try to follow a list of tips as if it were a recipe. They start by looking for the most profitable business ideas to start with. However, many forget that the most important thing in your business is that it is something you are passionate about. Remember, at the end of the day you will be dedicating several hours, efforts and resources to this business, so if you do not find passion in it, it can become something tortuous for you and eventually this dream becomes a nightmare and you end up giving up before consolidating the business. So the passion for what you do is essential to achieve the success of your venture.
3.-Research your market
If you still don’t have a clear idea of what your business will be, this may be the most difficult decision to make. However, experts suggest doing market research to determine what needs to be covered or what you can do differently. According to the previous advice, it is best to choose a niche in which you have experience and that you are passionate about, this way you will better limit your options.
If you are still not sure what your business will be, you can review the lists of the most profitable businesses to find your inspiration.
4.- Always think of the customer
Many entrepreneurs focus on improving their product or achieving certain profits but leave aside a very important part: the customer.
Research has shown that businesses that put the customer at the center are more successful. So plan your business from a customer’s perspective. Think about how your product will solve their needs, what makes it different from similar products, how easy it is to access.
Sometimes we spend so much time designing and working on our product that it seems innovative, but it may be boring for our audience. In fact, the exact opposite can happen, a product that seems simple and without contributions, the audience can take it as something new. To avoid this you have to study your potential customers, the only way you will be able to design strategies that work and please them.
5.- Create a team of professionals
Starting a business is not an easy task and working correctly in all areas is impossible for one person, that’s why you should consider hiring professionals. Do not try to save the salary of a marketing team, finance or any other department, and do it on your own. In the long run this will bring you more problems and you will end up losing more than you saved.
Once you have integrated your team, adopt a democratic way of leading, remember that there are several types of leadership, but this way will help you to have all your professionals actively participate in the resolution of business problems.
6.-Transform your idea into reality
Putting into practice that business idea that you may have been planning for several months can be confusing, but the easiest way to do it is to put that idea on paper. This will help you realize the details you still need to fix and the areas in which you already have a more complete idea.
This paper work is often referred to as the business plan. This plan should contain an estimate of expenses, costs and a sales projection. Also, analyze what your business model will be and establish aspects such as location of your business, whether it will be physical, price of your product or service and ideal customer.
If you have already made a business plan and you have started to detail some aspects you have surely realized that there are many things you do not know and although it is best to hire experts to help you, it is always necessary to be aware by yourself of everything that will happen in your business, so training is a must for your business to work as you wish.
It doesn’t mean you have to go back to school or that you have to get formal education in any given area, but you do have to approach different courses. Luckily, today there are great options that can help you.
In this sense, take advantage of the training offered by government agencies such as the Ministry of Economy or courses and support from funders or incubators.
Now that you are starting a new adventure as an entrepreneur you don’t have to know everything, so the best thing you can do is to seek the help of experts. There are several ways to access them, one of them is to go to exhibitions or congresses because they are places where you will find people who are experts in different topics.
Going to these types of places will help you create support networks with other entrepreneurs who may become your partners in the future. You can also approach small business incubators that can help you fine-tune the details of your project or any stage of your business.
Starting your business does not have to be impossible, today you have access to different tips and support for entrepreneurs that can guide you to consolidate your venture and you can get out of that 95% that fail in the first year. Tell us, what do you think is the most important advice to start a business?