10 Things you must decide before starting your own business

Starting your own business

it is challenging. There are a lot of nitty-gritty pieces of information you need to know before you start selling online. Considering that the online eCommerce industry has increased over the past decade, starting with a bang is essential. Based on Statista, 1.92 billion people purchased goods or services online in 2019, and we believe this number has doubled if not tripled in 2020 during Covid lockdown.

With the increase of digital buyers, the need for a solid and successful plan becomes more important. You need to make the right decisions from the get-go, instead of regretting them in the future. Competition is also high, which is a significant factor in your business. You need to stand out amidst the sea of companies offering the same products. So, if you want to learn how to start your business, we have created ten tips to help you on your road to success. 

 

1- Determine Your Why

Before starting your business, you need to know the answers to these questions.

• What is your purpose? 
• Why are you starting your business? 
• What do you wish to achieve? 

Answering these questions helps in building your vision and mission. We all know how competitive the industry is. There are a lot of challenges and setbacks that can affect you and your business. However, when you know your purpose, it gives you the strength to push and continue. 

What you can do is to create a vision board for your dream. Print and cut-out photos of your dream house, car, or investments. Then put it in your room or office, so you are inspired to work each day towards attaining those dreams. 

2- Do Your Research

Research is an essential part of starting a business since it helps you in understanding the industry. You can’t jump into a warzone without a plan. Just like in battle, you need to learn about your enemy and plan your tactics. 

The same with business, you need to be aware of your competitors and determine what works with the industry you plan to enter. Ian Wright, the founder of British Business Energy, shared, “Just because you have a brilliant idea does not mean other people haven’t also had the same idea. If you can’t offer something better and/or cheaper than your competitors, you might want to rethink starting a business in that area.”

You see, there’s nothing wrong with a bit of competition. It’s an excellent opportunity for you to think outside of the box and create better products or services. However, it is essential to know your marketplace so you know how you are going to compete. 

 

3- Determine Your Target Market

After researching your industry and competitors, you should spend time to understand who your target market is. Your customers are the blood of your business. Without them, your business wouldn’t make a single cent.

 

Having a defined target market helps you tweak your products and services towards their needs. They’re the driving force in your decision making. Most of the market and business decisions you make are geared towards their needs. 

 

“It is crucial to make sure you are delivering what your customer wants, not what you want,” said Sonia Lakhany, attorney at Lakhany Law. “This will give you insight into your customer’s buying decision and save you lots of experimenting down the road.

4- Map Out Your Finances

Starting a business means you need money as capital. Most likely, your capital will come from your own pocket. Hence, you need to settle your debts and get your credit scores as high as possible. You also need to look for ways to secure funds. 

To map out your finances, create a business bank account. It’s essential to separate your account from your business account. Set up an emergency saving account for your household too. By planning your finances, it will help you avoid debts and loss.

 

5- Create a Business Plan

A business plan outlines the steps you need for a successful business launch. The information inside the document ensures that whatever decision you make is for the best of the business. It helps you put your best foot forward, so you can attain your business goals. 

 

The business plan includes the following:

• Mission statement
• Nature of your business
• Your products or services
• Business structure
• Financial statements 
• Marketing strategies

Even if you don’t think you need it, a business plan can make or break your business, some funders will require a business plan to even consider you.

Want to know how to market your startup business? check this article.

6- Pick a Business Name and Look into Any Needed Licenses

Of course, you need to secure the various business permits and licenses. You can have someone assist you in securing a business name, filing the paperwork, and getting a tax number. It’s essential to secure these documents for safe and smooth operations of your business.  

7- Determine the Value Proposition

You can’t sell a product/service that your target market wouldn’t like. It defeats the purpose of starting your business. Conduct product research before jumping ship, make sure you find a gap in the market and fill it, to offer a unique value proposition for your target audience.

 

8- Seek Help From a Mentor (a business consultant)

Starting your business can be scary, especially for a newbie. To ease your fears, you can seek help from a professional, like asking someone to be your mentor. Since they have experienced success and gained a lot of knowledge, they help others, especially new business owners, to succeed in their own business. 

You can also hire someone to do the work you’re not familiar with, like marketing or finances. Which can be for the best, esp when your business depends on it. 

Want a free business or marketing consultation? Contact us today.

 

9- Set up Your Brand, Website, and Social Media Accounts

Your website and social media accounts are your number one marketing tools. Hire a professional to create your branding, website, and put a strategy for your social media accounts to make sure you drive the right traffic to your website. 

 

10- Review Everything

Last but not least, review everything. It’s an excellent way to familiarize yourself with your business. But it’s also a good way to tweak and revise some parts of your business. Perhaps you can have your mentor look at it, too, because the second set of eyes is always preferable. By investing heavily in the planning phase of your new business, it will help secure your success in your business. 

 

Starting your own business might be hard, but if you carefully plan it, it will help you succeed. Follow these tips we provided to help you out in your journey. Also, it doesn’t mean that you’re starting if you need to figure everything on your own. You can use several marketing tools online to make your job easier. Consult with professionals too, and keep your goal close to your heart because the road ahead may be bumpy, but you can ride past it and succeed.