7 Things to Consider Before Starting Your Own Business

By | 30.08.2016

Starting your own business isn’t as difficult as it sounds. About half of all private sector workers are employed by smallbusiness owners, and all of these ventures started with one thing: agreat idea.
So if you’ve already come up with a great business idea, you’ve taken the first major step to starting your own business.
Of course, it’s not quite that simple. Here are a few additional things to consider before you get started:

7 Things to Consider Before Starting Your Own Business

 Also read: 7 Basic Steps To Writing A Business Plan

1. Pursue Expertise

The first thing any small business owner will tell you is that she’san expert in her field. You should be, too. If you want to start alandscaping business, for example, you’ll need to know how to operateall the necessary machinery. If you want to start an accountingpractice, you’ll need to be agile with a calculator.

Identify your talents and expertise, and make sure they align withwhat you want to do. If you’re having trouble with this, ask family andfriends for help. They might point out talents you’ve overlooked orunderestimated, or suggest industries your expertise may transfer wellto.

2. Do Proper Research

Once you have a business idea that you are personally suited for,research it. How much are startup costs? What are your financing options to gain small business capital? How and to whom do you plan to market your business? What can you project for sales and revenues?

Research is vital; however, too much research can be the death knellfor a great plan, since it can keep you from getting off the ground.Plan as best as you can, but expect to handle some things on the fly.

3. Create a Budget

Creating an effective budget will keep you accountable for initialexpenses, and will help you pay off those expenses as soon as possible.Typical items in an initial budget include startup costs and monthlymaintenance expenses, along with projected sales and revenues. Thoughsome of these numbers will only be estimates, it’s important to have aplan in place. This budget should be reviewed and adjusted on a regular(weekly or monthly) basis to make it more relevant.
Also read: 11 Secrets To Creating a Successful Budget

4. Save Money

Frugal money management is key to your success. To begin, think used. Computer equipment, office furniture and other supplies can bepurchased pre-owned at deep discounts compared to new ones.

Also, consider bartering your expertise with other professionals to get services like web design or maintenance at a discount. For example, if you’re a computer repairwhiz, offer to troubleshoot or optimize the computer systems of a webdesign specialist in exchange for the design of your site. Adopt afrugal mindset in your personal life as well—every dollar you save isone more to invest in your business.

5. Market

Begin your marketing efforts by taking advantage of free options.Give your business a presence on social media websites, such as Twitter, Facebook and LinkedIn. Chronicle your activities and offer advice onyour own blog. Otherwise, the type of marketing that will be mosteffective may depend on your business model.

Investigate methods like direct mail, email marketing, flyers,pay-per-click advertising and paid ads on social media sites to see what might work for your business. Always track your marketing campaigns togauge their effectiveness.
Also read: 20 Ways To Attract More Customers To My Business

6. Pre-Network

Networking can be a cornerstone to your long-term viability, but byno means do you have to wait until you launch to start. Connect withother professionals in your industry to generate sales leads, to combine marketing efforts and to get inside tips and industry information. Tolocate these professionals, check out the website Meetup.com or your local chamber of commerce.

7. Value Customer Service

Once your business gets going, plan on wearing a lot of hats. You’llbe the owner, the accountant, the marketing professional and more. Butnever let the customer service aspect of your business fall behind.Building a solid customer base in the beginning can accelerate yoursuccess and save you from failure. Set the bar high when it comes tocustomer service: Deliver your product or service in a fast and friendly manner, and never hesitate to offer a refund to anyone who is less than 100% satisfied.
Also Read: 25 Customer Service Skills Needs

If you’re willing to work hard in the beginning, your small businesscan expand to the point where you can walk away from your current dayjob and make a living doing what you love instead.

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