At some point during your life you have sat there with your friends discussing what you all believe to be a great idea. For the next few days you may talk about it, consult loved ones for their opinions, but then it stops. This is because ideas remain ideas, without proper planning, execution and commitment. In a world where we can find inspiration from great entrepreneurs such as Steve Jobs or Mark Zuckerberg, we have to find the will to succeed within ourselves. Winning attitudes, ideas and ultimately companies are not formed over night, they are a body of work comprised of countless hours of effort.
If you have a great idea and are serious about starting your own business then it is important you follow these 5 tips!
“Let us carefully observe those good qualities wherein our enemies excel us; and endeavor to excel them, by avoiding what is faulty, and imitating what is excellent in them.” – Plutarch
1.Research the Market – Know what competition is out there and if there is a place in the market for your business. Know what you need to do to become a viable competitor and how long it will take you. It is important to differentiate yourself from the competition and create a ‘brand’ that is unique. Branding yourself is key to success within an established market.
2.Have a Business Plan – Any potential investor will want to see your business plan before putting any of their own capital into your business. A business plan is a rough guideline for your company. It outlines the company’s target demographic, mission statement, budget, future earning assessments, and product overviews. It is important to put together a plan so when you experience growth you already have your next move plotted out. There are many templates all over the internet that act as great starting points for your plan. Find one here.
3. Know Your Strengths and Weaknesses – This is the part of the process where you really have to self-evaluate your own talents. By knowing your strength and weaknesses you will be able to find business partners, employees, etc. with skill sets that you may not necessarily have. Trying to do everything on your own is admirable, but highly unrealistic. If you are artistic, find someone who is organized and vice versa.
4.Legalities – Before you think about starting your business, do your homework to make sure that your rear end is covered. The first thing you will have to do is register your business, then set up a business account at your bank. You should also make you are not committing any copyright infringements (a lawyer will help you with this). Having yourself protected from civil suits is essential before you start selling your services.
5.Believe in Your Product – This may sound stupid, but it is true. If you do not believe in your product then no one else will. For your business to truly be successful you have to believe in everything you are doing. If you are not motivated to get up everyday and sell your product, then you are in your business for the wrong reasons. A simple read of the Steve Jobs biography will show you how strongly believing in your product can positively affect your business.