07 Sep 6 Things to consider before starting your own business
If you have been thinking for a while now of starting your own business & start generate some income then you’re not alone. I know all of us have been thinking of generating income, sit back & relax while watching your income flows from your business, imagining the perfect work life balance. But the main problem lies in “What should I consider before starting?”.
Before we start it is also best to tell you that there are a few things that you need to keep in mind before scrolling further down. Starting a business is not an easy shortcut to success, you would still need to put in effort, maybe a lot more than your typical 9 – 6.
1. Challenge your comfort zone
You can’t achieve anything if you are always afraid of stepping outside. Get yourself out of the comfort zone and start to change your typical mindset about everything – work, culture, life & etc. When you are comfortable, make it uncomfortable again. Repeating this process will enable you to juice out more critical thinking from your brain and hence provide a different mindset.
2. Prepare for your financial shifts
The cause of everything, now when we are talking about financial issues I’m not talking about the fact that you need an enormous pool of gold to start a business. What we are talking about here is the ability to look at your financial status & taylor business cost according to your own needs. Learn to manage your way of spendings & limit your overspending if necessary. Even if you are starting out your business as a side income, it is still better for you to start learning how to manage your side income properly. Your main goal for now would be to transition from making your side income your primary income. Also be prepared to store some of your backup cashflow just in case.
3. Find your niche, stop copying other’s business
Now just because things work for other people, doesn’t means it will work 100% or more for yourself. You would need to find what is the perfect niche that you can grab hold of. We always ask our clients, what is the little enjoyment/satisfaction they are proud of themselves. We always saw stories of entrepreneurs who claims that they accidentally enter the business. You don’t need to put all your interest aside & focus on things that you are not good at. Some of you might be good at investment, others might be a tech savvy, there are endless possibilities for each individual. What couldn’t be more worse than setting up a business that you yourself isn’t fond to?
4. Research & validate the market
Research your market. I know it’s obvious but I’m always surprised how many people just start building products without thinking enough about the market. You need to do some analysis. Start by evaluating areas that you have domain expertise in. Make sure that you’ve identified a problem that you believe exists. Calculate how much time or money this is causing the people involved. Sketch out your solution. Find out what solutions they’re using today. Use all of this for the basis of a plan that defines your company strategy.
Validate that you can make money before starting. This means looking at what your buyer pays for similar products now, what the history of other people who have tried to monetize in this way have experienced, what your costs to acquire customers will be and what you believe you can make over the customers’ lifetimes.
5. Role Playing & Forecasting
One of the effective way we found is to allow ourself to think with different perspectives. What would a marketing person do with your business? How about your customers? Is A good enough than B or C? What are the key roles you need to fill up your empty spaces in your business? Run a few laps of test run everything together & you will get closer to the big picture. A couple of surveys from different people would also greatly boosts forecasting with more accuracy. Interview customers to better articulate their problems. Show them multiple solutions to their problems and find out which ones resonate.
6. Start small & snowball it
If you believe there is a market then build a prototype product that you can show customers, investors and potential employees. From there build the MVP (minimum viable product). I believe in launching with a small set of features and learning from the market before you spend too much money building out a feature rich product or before you put serious capital to work.