It’s interesting how, despite how cruel today’s economy is, there’s never been a better time to start a business than today. Plenty of resources are much more attainable, the concept of remote work has fast-tracked many industries, and the advent of new media has re-shaped how business leaders think about products.
If you’re on your thinking chair, currently finalizing your spectacle of a business plan, here are a few things you’d want to remember.
Keep your concept simple
It’s easy to be tempted to make your concept sound as unique as possible. But sometimes, a few business leaders overdo this stage. Businesses should merely be a solution or idea to an everyday problem. That’s not to say, you dumb down what you have to offer. It simply means to keep things as comprehensive as possible. Elaborate ideas can be expensive, and when you want something to click to your audience, you’d want them to understand what it’s about as quickly as possible.
Remember that overly complicated solutions can pose as a problem in both implementation and marketing. Don’t widen your focus just yet and start small.
Determine how you can deliver premium products and services and take it from there. Simplifying what you want to commodify helps in finding out what your minimum viable product is, on top of helping you cut back on finances.
Direct your attention to your market
It can be a lot more convenient to put such an irreversible premium on improving your product and service, and while that is noble and right, many business leaders forget, if not neglect altogether, to study their market segment and intended demographic. It’s nice to want to put out products you’re proud of, but unless you understand how your consumers think, you’ll never get their share of wallet, let alone empathy.
Never undermine the power of research and figures. Study their interests, problems, and lifestyles. Aside from focusing on the solution you’re bent on presenting them, make it clear that you’re out to create a brand that understands every single bit of them. This makes it easier to connect to the people you expect to make a purchase.
Again, that’s not to say you don’t think about quality and standards when it comes to your products. This only means you put equal efforts in finding out how your market thinks. That way, it’s easier for you to communicate with them and make sales. You can whip up the most revolutionary services, but you’re never going to make a dime if you can’t unearth who the right consumers are for your business.
Assumes costs are more expensive than they actually are
This one is pretty self-explanatory. Provide yourself ample leeway when approaching costs and fees. Be they labor or materials, overestimating how much these can cost you will be beneficial in the long run. You’d rather be surprised to have saved a few thousand than stressed to shell out a little more than expected. Know that you don’t have to be an entrepreneur to save up for rainy days.
Know who your go-to people are
Over are the days when businessmen take all the credit. It may take one person to storm a plethora of ideas, but it takes a village to start a business, let alone launch a brand. Find out who your core members and advisers are and run everything by them. Whether these be partners or experts you trust the most, having a credible team to fall back to is important, not just for peace of mind, but for a clearer business structure.
When you’re just starting out, you’re going to need a lot of moral support from people around you; be very wise with who to surround yourself with during times like these.
Never assume your business idea is always correct
We’re human. We’re bound to make mistakes, whether you like it or not. What’s more, failure can happen to anyone regardless of the size of your ego. You may as well learn to keep your feet on the ground to prevent further damage. Understanding that a distinct group of people exists for your product is but the initial stage only.
With people, you trust, learn to question your business promise now and then. Running market researches and studies also help. Never skip the opportunity to learn about your competitors and the specific market segments they cater to.
Find out what pleases and ticks the niche you’re trying to penetrate. Evaluate the strengths and weaknesses of your contemporaries, as well. If anything, joining talks, lectures, and group sessions such as the Business Credit Workshop give great insight into what you’re about to enter.
If you could only have one trait, make sure it is “commitment”
You could be smart, well-read, cultured, and a problem-solver. But if you’re one who easily gives up after a handful of storms and rainy days, you may as well keep away from starting a brand. No matter how small your product or service is, you’re definitely going to encounter a problem one way or another. Expect your normal routines to differ. Not only are you going to need a lot of money to begin a business, you’re also going to need to be mentally and emotionally prepared. Invest in your mental health and never shy away from resorting to valid solutions that quench what stresses you.
Know that you’re going to potentially lose a lot of sleep. You’re also going to be more stressed in the days leading to your launch. The more aware you are about all the aches that are bound to come your way, the softer the blow of these things.
Get a slice of your cake as soon as possible
When we say slice, we’re not exactly talking about enjoying the fruits of your labor just yet. That’s going to take a while. What we mean here is trying to generate revenue as quickly as possible. Cash-flow is crucially integral, especially for startups and smaller brands. Remember that it is income that sustains businesses, regardless of scale. There is a sea of ways to attain this. Whether deposits or pre-orders, try generating income as fast as possible.
Interesting related article: “What is a Startup?“