Venturing your way to start your own business needs a lot of preparations, time, and even money. To start your business venture, you need to learn these 10 best tips to avoid any future failures and plan ahead of time. Many from the young entrepreneurs started their small business without prior knowledge and information about their target customer. This leads to failure and waste of time and effort. Some even waste some cash for being unprepared in their venture.
This article is for newly born business-minded individuals and young entrepreneur who wish to venture in the business world without prior knowledge and skills to run a business. If you knew someone who wishes to dive in the business venture without prior knowledge, feel free to share this article.
Here are the 10 Best Tips on How to start your Business
1. Do what you Love
If you’re one of the million individuals and wish to start your own business from scratch, make sure you love what you are doing. Starting your own business is a long and continuous process. If you want to start your own business because you want to earn money, then think again. If you don’t love your work, you will end up very soon. So better ask yourself in the mirror if you love those things that you will work and spend time and money with. If not, go and look for another venture that you surely love to work on with.
2. Market Research
If you are sure with the first tip, then let’s start digging out information on your target niche. Market research will help you understand the flow of your business. It is always an advantage if you know your strengths and weaknesses. Your opportunities and threats. A simple SWOT analysis will help you prepare and focus on your weaknesses and removing threats in your way.
3. Create a Catchy Business Name
A catchy business name will help you stand out from your competitors. Make sure it is original and unique that your target customer will immediately recognize your brand. Strong brand identity will always an edge in your business.
4. Talk to a Professional
Considering that you are a newbie in this venture, make sure you have a coach or an expert that will guide you as you move forward in your business. Coaches and business experts will teach you strategies and techniques in building a startup business. Their guidance and expertise will help you prepare your plans and start your planning in Step 5.
5. Create a Business Plan
Creating your business plan will help you set your goals and objectives and drive you on your targets. It is crucial in your business to have your set goals and objectives as they will be your business steering wheel as to where are you in a month, after six months, after a year, and so on. Tips number 4 and number 5 needs to hand in hand as an expert will guide you on how to set your goals and objectives and how to achieve that within a week, a month, or a year.
Make sure that part of your business plan is how you market your service or your product. Business nowadays used social media to grow to establish their brand identity. This will be discussed in tips number 6. Another way to improve your marketing is to create a valuable and informative content that will help you introduce your service or product. Other use email marketing to grow their potential customer and build a community that supports their products and/or services. If you run an eCommerce business, make sure to optimize every product description to boost your eCommerce sales.
6. Establish your Social Identity
You now have your market research, your brand name, and your business plan and marketing next is to establish your social identity. Create your business social media account, write informative content, and build a strong community. Social Media will help you expand your business online. This will improve your trust level and create a white-labeled image of your business online. Social Media will also help you advertise your business through the word of mouth of your audience.
7. Engage with your Customer
Once you have your social identity, don’t forget to engage with your audience. Customer engagement will help you build a strong connection between your product/service and your customer. Always prioritize their questions. Emphasize their presence in your community. Voice of the customer matters a lot to your business.
8. Manage your Hectic Schedule
As you move forward in your business, you will find yourself busy that you will miss some of your priorities. If you are in this momentum, make a sure plan for your working hours and manage your hectic schedule effectively. Because if you don’t, you will lose all your effort from tips number 1 to 7. If you have extra cash and want to outsource some of the tasks needed, you can always hire a full-time freelancer to work on that. Or if you have a group of friends or you have colleagues in your working station who would like to join you as your partner, you can always create an ideal startup team and work with them.
9. Assessment
After doing the above tips, assessing your current status is will help you focus on the goals and objectives that you set on tips number 5. Did you achieve any goals? Did you meet your objectives after a month? Are you still on the right path in achieving your goals? Did you manage to eliminate your weakness and remove all the threats in your business? All these questions will help you improve your business and focus on the things you need to achieve. If you think you need to change something, tips number 10 is our final tips.
10. Change
Most of the startup business failed to change all their bad habits and keeps on pushing on things that are not working. Once you have all the assessment, implement the change immediately or you will suffer the same. You will lose all your effort from day 1 up to the present.
Summary
These tips will help you start your business from scratch just like Barjunaid Cadir did. He’s a student who made his way to establish a small agency that helps business in their day-to-day business. By profession, Barjunaid Cadir is a Public-School Teacher in the Philippines from 2012 to 2015. He left his teaching career last 2015 and pursue his post-graduate course abroad. Since Barjunaid Cadir struggles financially, he took the time to learn the idea of working remotely and learn freelancing skills that he can use in his venture. To cut the story short, the number of his clients grew over time that he needs a small team to run his business. So, he started to hire 2 members to join his venture. Currently, he is managing 5 head in his team. He’s the Editor-in-Chief of The Weekly Trends Magazine that features news and other trending stories. He is making his way of building a small VA online university (theVAsity) for aspiring individuals who wish to learn how to start their venture as a Freelancer.