Factors to consider when starting a business

Advertisements

If you’ve conceived the idea of starting your own business you must have thought a lot about getting advice, getting things started, and also customers but know that there is a lot of stuff out there that can easily leave you confused. Let’s get started on tips to help you get started and also fast track your progress.

Getting started:

Do a self inventory: This is an assessment report in which a person fills out a survey or a personal assessment test with or without a supervisor in order to achieve a particular goal or most times to become a better person.

Develop an idea: This is the most important aspect of it all, as it is the beginning of every business and there are ways to developing an idea; Considering and analyzing relevant markets, notes, Sketching of mockups and testing, market survey and so on.

Plausibility Testing: This simply means testing or validating your idea under various conditions like looking for it and finding it also knowing that it already exist tells you that you can improve and do better, testing the idea among critics, building minimum products and also tweaking to suit your test market.

Business Plan: A business plan is a written description of your business’s future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you’ve written a plan, or at least the germ of one. steps to writing a business plan includes Research, identifying your purpose, company profile, documenting all aspects of your business and be objective.

Cost Evaluation: For planning and management purposes, it is important to define startup costs as expenses you incur and assets you need before you can launch the business.

Two essential lists:

Startup costs normally include startup expenses and startup assets:

  • Startup expenses: These are expenses that happen before you launch and start bringing in any revenue. For example, many new companies incur expenses for legal work, logo design, brochures, location site selection and improvements, and other expenses. Startup expenses also include expenses such as rent and payroll that start before launch and continue from then on.
  • Startup assets: Typical startup assets are cash (in the form of the money in the bank when the company starts), and in many cases, starting inventory. Other starting assets might be either current or long-term assets, such as equipment, office furniture, vehicles, and so on.

Ignore naysayers: This requires a high level of emotional intelligence as this is something you can never escape because people definitely come at you to discourage you and tell you why things won’t work out. It’s normal you just have to be stong what’s is success without discouragement and set backs.

Don’t accept all advice: This is a very common mistake among upcoming entrepreneurs as for me i would say the best way you can learn is by doing and learning from the mistakes then reapplying your experience and you get better that way.

Networking: Every successful business men or women greatly advice on this, as this is the process of establishing a mutually beneficial relationship with other business people and potential clients or customers. The primary purpose of business networking is to tell others about your business and hopefully turn them into customers.

Be Honest: Being honest makes you stand out and also makes your customers see you as a prestigious person, this can even help you get referrals.

Customer Service: Customer service is the act of taking care of the customer’s needs by providing and delivering professional, helpful, high quality service and assistance before, during, and after the customer’s requirements are met.

Author: Austine