Things to Do Before Starting a Business
There’s nothing more rewarding than starting a business from scratch and seeing it soar high; and there’s nothing more depressing than hitching your high hopes to your business only to see it crumble into broken pieces.
Before we become eager beavers and start a business with nothing but our over-zealousness to back us up, we should come up with a feasibility study to see whether our business has the potential to reach great heights; or if we need to curb a few ideas and replace these with something new to give our business better chances of gaining ground.
Make A Check List
List down everything that you need to know about your business: competition, market, trending, funding, return of investments, production, distribution, raw materials, suppliers and advertising.
These are just the basics but you can tackle more as you go along and discover other things that you may want to include in your feasibility study.
Competition, market and trending can tell you where you stand in the market share. If there are already big names in your field, find out how you can compete with them. Your market’s behaviour towards your competition as well as to other consumer products or services can tell you whether you can capture this market with what you are offering and carve your own niche in the market.
Financial matters cover expenditures for production including purchases of raw materials and employment of manpower. Advertising and distribution should be able to tell you how you want to go about making your products available to your market and calling their attention towards them.
Take all these into account and calculate how long it will take before you can get a return on your investments.
Learn from Others
Since you are only in the beginning stages of your business, take into account the experiences of successful business owners who were once in the same boat as yours. What is their formula for success? Which roads should you avoid to decrease possibilities of going down?
In a word, learn from the masters. While this is not to say that you will follow their steps to the last detail, you can get some pretty good insights on how to start a business. Moreover, learning from successful businessman who likewise started from scratch and who have faced seemingly insurmountable obstacles, will act as a good motivating factor to keep you striving to achieve your goals.