By HOMELAND BUSINESS DeSK!
Starting your own business is the dream for many, but actually, doing it and getting your idea off the ground can be an incredibly intimidating process.
Statistics which suggest 50% of small businesses fail after five years, could be enough to deter any potential entrepreneur fall before the five year mark due to lack of research and a lack of experience.
There’s wealth of great tips and advice out there that if you listen too carefully, you can avoid many of the pitfalls where people tend to get stuck.
Here are few tips to start your business from scratch:
Planning might not be one of the most exciting bits of advice, but it is one of the most crucial, as the famous Benjamin Franklin Quote goes,
“Failing to prepare is preparing to fail”, which holds very true in the world of stars ups, it can be all too easy when starting out to get carried away with your business idea and rush into the launch process.
Nonetheless, building a business plan will not only help you create a strategy for launch and the future of your business objectives, market research, detailed financial forecasts and opportunities for the businesses in the future, highlight direct competition to your business, a marketing strategy and a business management plan.
Taking time to create plan will give you direction and goals to use a benchmark for your success and enable you structure your business run independent and in a professional way.
2. Identify what you’re good at before launching your business.
It is important to know what you are good at and what you’re not good at and ac accordingly. Identify your skills, such as a management, bookkeeping or product, design along with your weakness such as marketing or public speaking those will give you a good foundation to start with.
If you are good a product design but bad at accounts, take the lead in the product development process, but find someone you can trust who can help you with the accounts side of things, working to your skills and that of those who can help you will set you up for a much better chance of success when your business really gets going.
- Be smart about your finances.
This might be sound incredibly obvious, but with so many things to consider as an entrepreneur, it can be easy to overlook the most important aspects of business, your finances are your lifeblood of the business so it is crucial to have someone who knows what they are doing. Keep your financial projections realistic and monitor how likely you are or aren’t to meet them.
If you are going off target, ask yourself why, what needs to change the how you’re going to change it? There is also a lot of help out there for startups in the form of loans, grants, and investments.
Think wisely if you are to go for loans or investments, do you really need it? What is the interest rate and will you be able to afford to pay it back? How much of your company are you willing to give away?
- Build a marketing list
Marketing is one of the most important elements of your business-if people do not know about you, you will have no business, along with your business plan.it is vital that you put a strong marketing strategy in place, when starting from scratch, it is important to build brand awareness and a list of warm leads.
Capturing potential customers emails with their consent via social media marketing or on your site via contact forms, will provide you with a great way to announce your company’s official launch using leads in email marketing often proves to be an effective and cheap way to not only get those first few orders, but also to get your customers coming back time and time again.
5. Find Mentors
Being an entrepreneur can be a lonely and stressful experience, however it doesn’t have to be because there are many business mentorship programs out there along with great networking events in a huge variety of industries at which you can meet potential mentors.
Finding someone who has experience in business in the same or similar industry to yours can prove to be priceless. A mentor is not only there a s a sounding board for your ideas or frustrations, but also to forecast issues in your business, which you may have overlooked, guide you in the right direction, help you to avoid the pitfalls they fell into and renew your overall business plan.
No two businesses are the same and no two entrepreneurs follow the same path to success, but few things can be done to turn the odds in your favor, planning properly, in advance, making realistic financial projections, doing your market research, building a marketing list and finding successful and relevant mentors will all set you up for a much better chance of success in the future.
“It is important to know what you’re good