Making the decision of whether to start a business is a big leap, it’s also a very exciting one. However, there are some things you’re going to want to know before making that leap. Here are 5 important things every startup should know before starting a business.
Have a clear vision
Facebook or Airbnb would not get to where they are without having a clear vision. You need to have a clear vision before taking that big leap in starting your own business. Having a defined vision helps to push you through obstacles and keeps you focused on the bigger picture which is ultimately what you are striving for. Many would come up with their mission along with their vision. The mission may be tweaked along the way but not the vision. Once you have identified it, you need to set milestones and work towards it with alterations along the way.
Importance of market research
It is important to find out if your product or service is in demand. Conduct market research within your industry and identify any gaps or pain points people are experiencing within your niche. Then, create a solution for that problem. Look for existing solutions, how can your solution be better than theirs? You need to be able to explain your solution to people to get them to purchase. You should also identify a market big enough where your startup can make a profit
Planning Before Action
Launching a business requires a lot of small steps and details to be accomplished. Although it will be tedious, you should write down your business plans and set goals. Planning a good strategy is halfway through your success. You could use Google and Microsoft to quickly create a business plan using their free templates. Word and Powerpoint are easy to use and will allow anyone on your team to work on it with you.
You Can’t Have All the Expertise
Don’t be afraid to ask for help. Most likely, you are not an expert in finance, marketing and logistics all at once. Outsourcing an accountant to mitigate financial risks could be a smarter and more affordable decision. Engaging in a FAQ answering service could be a way to mitigate tasks that takes up a lot of your time. By doing a cost-analysis of how much time will be saved by hiring a specialist and calculating how much you would earn with the time that has been saved to determine if it is worth the outsourcing.
Online marketing/ presence
Regardless of what industry you are in, it is crucial for all businesses to have an online presence. Setting up a website and social media accounts may take time, but it will be worth the effort. Having an attractive website is a good way to build credibility and tell your audience all about your company. Social media accounts are great for customers to find you and get feedback on your products. Popular social media platforms include Facebook, Instagram, LinkedIn, Twitter, Pinterest, Tumblr, and Youtube.
Starting your own company takes a lot of commitment and hard work. If you prepare yourself and work hard, it can be quite rewarding. We hope that these 5 pointers will help you through the planning stage of your start-up. And in the end, remember to stay focused on delivering your best!