So, what does it take to be King of the Kingdom!
If the economy has you stressed out and confused, you are not alone. When starting up a new business, weathering the unpredictable is the hardest challenge young entrepreneurs are faced with. Unfortunately, more often than not, many young and aspiring entrepreneurs get it wrong, which becomes the main reason for their demise, that is, the demise of their startup business.
For aspiring entrepreneurs collecting funds for their businesses will not be that easy, especially when latest statistics show that startup investments have fallen dramatically within the past few years. Despite that, starting up one’s own business remains tempting for young entrepreneurs. So, for those who are thinking of hatching up their own business without having a proper plan to action can be compared to going bungee jumping without bringing along the right equipment.
A business plan doesn’t have to be similar to a business school like document, but rather, a to-do list with simple steps that will lead you to success, like these perhaps,
It is important for entrepreneurs and first time businessmen to take their time when selecting a type of business they would like to start. It is important for entrepreneurs to pick something which they like doing, start off simple and don’t take on more than you can handle. If you are good at something, but don’t have the time to put into it, then nobody wins and you will lose out on having a business that could actually be successful. The best way of starting up is to always under commit and over deliver.
Know Who You Are
“Self knowledge is vital on the path towards enlightenment” this is a quote from the Dalai Lama. Since whatever you project through your business will be received by your clients, it is important to find out who you are. Make sure that you are the model of excellence, which you want your company to project.
Location, Location, Location
Location is very important, even if you’re starting a new business. Will you be having a storefront or will you prefer a home based approach. Then again, it all depends on the business which you choose.
Having a Good Idea isn’t the Same as Having a Successful Business
This is something which many entrepreneurs fail to understand. By simply having a kick-ass idea, it does not mean that you will be able to build a successful business around it. The most important question here is, will other people actually buy what I have to offer? Taking a quick example of the iPhone, the main reason why it sold millions off the shelf is because it fitted a basic need. By occupying the space between the Smartphone and the computer the iPhone became a household name in no time. That’s why it is so important to find a gap in the market and provide a product that is simple, but yet fulfills a basic need.
Get a Good Lawyer
If you know the difference between a LLC, LLP and PLLC, you’ll be alright, but if not, you need to hire a lawyer. While these terms might seem like simple codes, using the wrong ones will cost you some serious cash in the long run. So, hiring a lawyer early on in your business can protect you, both from a tax and liability point of view.
Choosing the Right Insurance
When starting up a new business, the insurance needs can range from property, medical professional liability and so on. While many entrepreneurs try to cut corners when it comes to getting their business insured, getting a basic medical insurance can keep you from getting sued and will protect you from the after effects of natural disasters and through any ups and downs while running your business.
Connect with Your Customers
Starting out a new business means connecting with your customers by any means necessary, using social media outlets is the best way of doing just that. The first thing you will need to do is set up an online account of your business which is completely separate from your personal social media ID. This is necessary because as an entrepreneur, you would want a way for your customers to connect to you. To keep your customers more engaged, you can offer them cool discounts, and tweet what’s happening behind the scenes at your business meetings and other company events. The goal here is to connect with and engage your customers as much as you can.
Network, Network, Network
Networking is very important, especially for newly established businesses, but this does not mean you need to go out and hand over your business cards to every Tom, Dick and Harry you meet. One of the best ways of building a network of contacts is by starting up your own support group, whose members will include other business owners as well.
Building and developing relationships on a personal level makes referrals more meaningful and stronger than just being part of someone’s rolodex. Apart from that, running a business all on your own can get a bit lonely and frustrating sometimes, so it wouldn’t hurt to meet other loke-minded people who you can talk to and who will support your business endeavors and maybe even offer you some advice.
Using Social Media
Most entrepreneurs are actually afraid more of success than of failure. This might seem odd, but some to think of it, the only reason why business owners spend their spare time on social media outlets, forums or watching TV shows is because they want to find a way to escape from the responsibility of their everyday mundane lives. Dont get me wrong, using FaceBook and other social media outlets is not only fun but necessary if you have your own business. It helps in keeping in touch with friends and customers,all in one place. But spending all of your free time using social media outlets will do more harm than good and will be equivalent to sticking one’s head in the sand, especailly in cases where having a face-to-face canversation is possible.
And Finally…Connect with Your Employees
This is one area which is often criminally neglected by employeers and sometimes even many startup companies. Through monthy coaching, meetings and business retreats, an entrepreneur can create a strong support network within thire team and in addition to that, you will create an environment in which every member of the team feels like a part owner and will be willing to take on more responsibility in the long run.
Seeking Out Help
Starting up and new business can turn out to be a stressful and daunting task, but you will need to be up for the shallenge. Apart from keeing the tpis mentioned above in mind while starting up a business, there will also be a number of other things which one would need to consider before taking the plunge, so to speak. By far, the hardest task and most crucial task for the success of your business will be to develop its business structure. If you are unclear of the path you want to take, there are lots of resources which one can use to make the most informed decision about the type of business you would like to form.