Getting started with a small business is no small decision. Keeping in mind the countless sacrifices and challenges that small business owners face, an overwhelming 84 percent of small business owners say that they would do it all over again.
If you’re thinking about starting a business of your own, there are some steps you need to take first.
1. Develop a powerful message
Tell your clientele what customer problem are you solving that potential customers should be willing to pay for? This is called the value proposition.
Also, plan how and why will your business be financially and operationally successful?
2. Focus on the customer and understand the market
There are examples of companies that are not first to market and do not have the best product/service, yet are successful because they have mastered sales and online marketing and sales.
Research your potential customer base and their demographics to understand their buying habits.
3. Start small and grow
If possible, self-fund your business idea first and then go for funding after creating a growth story. This might cause you to break your product/service into smaller pieces so you can fund the early stages.
4. Understand your own strengths
When running a business, know when you will be needing to engage an accountant, lawyer, insurance agent, web page designer, marketing specialist, or other professional. This will initiate your management process as a business owner.
5. Surround yourself with advisors and mentors
Launching and growing a business is difficult. More than half will fail within five years.
No one person can have all the experience, knowledge, or even perspective to handle every business situation. You should gain from others’ skills and experiences.
6. Get a mentor
If you are not sure where to find a mentor, go for free workshops, templates, and webinars that are focused on helping entrepreneurs start and grow a business.