Everyone’s got their own way to success, whether it's through business, investing, trading, or whatever. I'm super keen on starting a business, either solo or with my family, but before jumping in, it's crucial to think about a few things that could really shape our venture's future. I’ve worked for others in the past and picked up knowledge in the area I’m interested in, which fueled my desire to start something of my own during my downtime after work.
So here’s some stuff I've gathered that’s worth considering.
1. Planning and Research.
- Business Idea or Interest.
This is all about our concepts, skills, and the market or trends around us. It helps to think of a business that fits what’s needed in the current landscape.
- Market and Competitor Analysis.
Get to know the target audience, the competition, and what’s trending.
- Business Plan.
Have clear goals for the business and a solid marketing plan.
- Location.
If you need a physical spot, pick a location that suits your business. For instance, if you’re opening a grocery store, it needs to be somewhere in the community.
2. Finances and Capital.
- Capital Requirements.
Figure out how much initial cash you’ll need for operating costs. If you’re confident, you can consider a bank loan, but it’s not always required.
- Financial Management.
You gotta be on top of your business finances, carefully tracking income and expenses, especially if you’re hiring staff.
3. Marketing and Technology.
- Marketing Strategy.
Not everyone’s a marketing whiz. Some folks bring in professionals to handle that part.
I think it's pretty obvious that we don't want to work or be a slave in the corporate world. So it's better to really start your own business and be a entrepreneur. But it's not going to be easy as you have laid down factors that we need to consider.
We can't stressed it enough, but for me the intangibles are the mindset. You really need to see yourself as already a successful business. Yeah, it might sound like something that is not right, but with a positive mindset and then you see yourself in 5 years down the line being one of the best and making money money and your business becoming huge. I have seen this from those who have started from nothing but they have one goal in mind and motivated to reach in whatever way they can. So as they say, "dream big".
Why is there no option to work for someone else for a while until we have the capital, experience and also ideas that are ready to start our own business? because for me personally starting a business without any experience, without sufficient financial support will be useless. In the midst of business competition now it will be difficult if you don't have a strong basic foundation to ensure long-term business.
For me I don't think having enough capital should be a limitation but for the experience I think it's very much needed. As for capital one can start with what they have and progressively grow their business into something big over time.
If I have enough capital and lack the experience for that very business I will rather employ someone who is experienced then learn from the person that way I am making more money and also acquiring the necessary skill to run the business when the employee decides to leave.
The number one is the most important thing among all. A business plan is necessary in all successful business. And if any business fall to get a successful business plan, that business will definitely fall. In the plan you will state the little amount you are using to start the business and the budgeting of the things to buy. And another thing is the marketing strategy. Is it online or offline. In either ways you will spend some amount of money. When the business has been established, and everything is set and you are making progress, you develop the business by expanding it.
Is a good thing we need to consider these factors before ever going into any businesses of our choice but then have we been able to consider or put into thought that anyone can really start up something from any means necessarily by partnering with someone or by oneself which is quite not an easy task cause capital is required and sometimes you can decide to request from help from one or two friends and all of this is basically characterized by a good planning system.
I would not recommend going into co-partnership with anyone unless they are hired help or mentors, otherwise dispute could ensue between both parties and that would tear the business down.
Another factor to consider about owning and starting a business is that there is little time to rest at the growing stage. One may always look unkempt or haggard on the worst days all in a bid to meet up and deliver and stay in business and that means no holidays many of the times all for the success of the business.
consider if the business that you are about to start is a business that you would have interest in tomorrow as you will after starting it today that is to say that you should consider your interest. often time people spend a lot of money and resources to start up a business, they lose interest in it after a couple of months and that affects their drive to put an effort into marketing and wanting to make sales.
Before starting any business, make sure you have an interest in it.
Any business u want to start in this life, I have just come to realize the best thing you should do is to be smart enough to work with the right people at the right time to achieve what you want to achieve but always try to make it mutual and not one-sided. I know some philosophers like the likes of Robert Greene would be like you should just try and become who you want to become by using anyone possible to achieve it, meaning even if it is going to be at the detriment of such person, just use them, but for me, I don't agree with such mentality, I'm more of the thoughts which says if you cannot help someone, don't take from them.
You missed the most important one for me, which is experience. Having practical knowledge about the business is very essential. There is a tribe in my country that is known for successful businesses. Many of them are not educated, so they dont understand business plans or technology. Apprenticeship is their major form of business education. They will learn under a successful businessmesn for some year acquiring the basic knowlwdge and experincee. Within these years they have mastered how to run a successeful business.
I've certainly thought about a business plan, and I think having a backup plan is also important. When we run a business and experience failure, this is where a backup plan is necessary, because giving up isn't the only solution to a failed business. It might present more challenges, but even so, it provides lessons and experiences, which I believe have a positive side.
I don't think everyone who wants to start a business doesn't think about a backup plan, so the only option when their business fails is to give up due to unforeseen circumstances.
Oh yes, thanks for reminding me. I forgot about that. But of the many Once jobs I've had, I certainly have my own experiences. I once worked at a fried chicken shop, where I learned how to prepare crispy, marketable fried chicken. And with other experiences, I've worked in several different fields. And actually, I feel confident enough to start a business with the knowledge and experience I've gained. I'm just thinking about marketing because I'm not very good at it myself. I've already considered other factors.
i hope you could consider the people you will be starting a business with because it is difficult to share familial relationships with professional ones
Yes, working for someone else first can be a very wise step before starting your own business, when taking this path, one can gain valuable experience and knowledge, this opportunity can also be used to build a strong network and connections, as well as test ideas and concepts before starting your own business. Always avoid starting a business without sufficient experience and capital as this action is very risky and increases the chances of failure. A strong basic foundation is essential to facilitate the development of a clearer and more realistic business concept to be better prepared to face challenges and competition.
Target customer is also important when planning to startup a business, that will help you have focus to stay outstanding from your competitors.
I don't like the aspect of taking a loan to start a business when you don't have a means to pay back the loan because what if the business fail. You have put yourself into a double mess. You can save money and start with the little you have so that, you will be able to manage and grow it at the initial stage.
Family relationships certainly shouldn't be involved in our business because they have many influences. One factor that shouldn't be discussed is that it might involve inappropriate discussions. If there's any family-related matter between us it will certainly reach our superiors making us feel uncomfortable in a business environment that's the center of public attention. However this was a part of our lives a few months ago so we're bold enough to share it in this forum as a lesson and experience for all of us, so we can choose and join more professional businesses in the future.
Courage and launch your business. New business people may doubt their business and feel unconfident. They lack confidence in themselves and think how if their business can't grow like others. Many of them delay the launch because they think that they are not ready yet.
They still need time to think and make sure everything is ready. But they are not confident to themselves so that makes them delay it. If everything is ready, you don't have to wait too long and launch it. Sounding your business by promoting it, best way is through social media. Spread it using that way and see the progress.
One thing I would add is risk management, a lot of new businesses fail not because the idea is bad, but because people underestimate how long it takes to be profitable, you need enough runway to survive slow months without panicking.
Business would always be superior to having a regular 5 to 9 because having a Business makes you self employed, you don't have spend hours working for someone, this allows you to utilise your time and also do other things to get more income. Before starting a business you must think or something to offer people that's of high demand and less supply, study the environment before you think of starting up
You're right there's supposed to be an option for that because it is nearly impossible for one to establish a business without having experience/ or idea about the business even though surely some people can decide to venture into a business with zero knowledge which I'm sure that the business won't last long so it is very important to work for someone maybe for a while to gain knowledge before starting our own business.
For me I'm only interested about having the experience forget about having sufficient support because most of the Business men you see today didn't seek for financial support from anyone they start with the little they have with time they start expanding it so getting started is the most important thing no matter how small the capital is.
You're absolutely right and we've experienced something similar to what you described earlier. Even with a lot of capital provided by our families as the starting point for our businesses things don't always go as we'd like. All of these things require the knowledge and experience we gain from others. Many businesses fail to thrive because they lack the necessary capital making it difficult for them to grow. For me personally knowledge and experience are an obligation in matters related to a business or enterprise that we will develop because it is the most valuable thing so that not everyone can have knowledge and experience regarding this matter and we only believe in all of that when the business we are developing is already running so that it is difficult for us to share basic experience with others and that will definitely happen.
The first thing that comes first is experience, which must be gained first. However, for people who have capital from their parents or family, there is certainly a sense of shame in seeking experience by working for someone else. They feel they don't need to work, even if they have plenty of capital. This kind of prestige can kill the mentality of seeking experience, which is actually necessary for us, with the goal of gaining experience only to open our own business without working somewhere for a long duration.