5 Things to Have in Mind Before Launching Your Small Business
Today’s article is dedicated to all aspiring entrepreneurs who have this dazzling business idea but have no idea where to start from
On a weekly basis, I communicate with entrepreneurs and like-minded individuals — as you may have already guessed correctly, we often discuss business while reminiscing on our own endeavors and professional journeys.
One of our favorite topics is to go down memory lane and remember how we all started off. Those stories often inspire us and help us take a look back and appreciate the road so far. But if there’s one reoccurring topic in each and every conversation, it’s the subject of our hardest times — we love remembering the times we were just stepping into the world of entrepreneurship and all the obstacles we had to face back then. Because the truth is that every start is challenging!
So today’s article is dedicated to every one of you who has decided to further develop their entrepreneurial potential, already has a dazzling business idea but still wonders how exactly to implement all the initial steps. I got you covered!
Remember that the road is not going to be a smooth one — especially at the beginning of your business establishment
Okay, so here is a rather frequent yet incredibly peculiar misconception: Many people think that owning a small business means that it would be fairly easier to maintain it. But the truth is that a business is a business, regardless of whether it is an SME or a corporation, especially in its early stages of development. It requires hard work, effort, investment, and attention to detail.
Plus, there is another side to this — even if you plan on launching a small business, you should skyrocket it as if it’s a big one. At least that’s what your dedication should be because people can tell the effort and the passion that stand behind every project.
So if you’ve come up with a great idea for a business, then you’ve come so far in your journey! Before we get down to discussing valuable and useful business advice, let me just stop here for a minute and offer a quick disclaimer.
*Having a good business idea is crucial but another important asset is to add uniqueness to your brand. Even though in today’s business climate that’s rather hard to achieve given the fact that there is a wide variety of companies and concepts, you can always think of a way to make your endeavor stand out. Be ready to step up your game when it comes to meeting the competitors — your main goal should be to be distinctive and unique in your own way. I can promise you your target will appreciate it.
So without any further ado, let’s jump straight to the advice section — here’s my take on useful tactics when it comes to establishing a business.
5 aspects of a business to consider before establishing one
- Come up with a business strategy right from the get-go
One thing that you certainly must not do is try to establish a business without a business strategy first. So upon taking action, make sure you pin down your business plan. If you're having a hard time establishing one, make sure you reach a professional in the field to get you covered. Having a business strategy from the get-go is actually quite crucial not only for the early stages but also for the work in progress.
A business strategy consists of proper business branding, coming up with a name, coming up with a great and distinctive logo, wrapping your head around administrative work, location if we're talking physical business, etcetera. I'm not saying that aspiring entrepreneurs cannot come up with a great business strategy by themselves but my recommendation is to always consult with an expert. You can hire one to conduct your whole business strategy from scratch or to consult you on an already existing one. By all means, do not attempt to establish a company before having a clear idea about its main mission, goals, plan, products and service distribution, etcetera.
2. Sit down and calculate your investments
Perhaps you won't be surprised to know that a business requires a lot of work. It would be rather naive for you to think that owning a business means having people working for you while you don't have to work at all. It's really important from the get-go for you to understand that owning a company requires great dedication and investment on your part. And when we talk about investing, we're used to thinking about money. Of course, owning a business does require money investments but it's not only that.
You'll also have to consider investing your time and energy in the project upon its release. You must prepare yourself that your business would need your undivided attention, especially in its early stages of existence. Another key aspect of owning a company is that you truly must love its main concept. Only then you'd be able to offer your best skills strengths and advantages. Your business should reflect your passion!
3. Consider hiring professionals only
I witness many entrepreneurs making the same mistake over and over again. Once they establish their business they are quick to hire just about anybody only for the company to count on having employees around. I cannot tell you enough how much of an issue that is.
Right from the get-go, you must hire professionals who are experts in their field. If you settle for mediocre employees you'd soon realize that your company would suffer from this poor decision-making. Especially in its early stages of development, your business needs the most qualified personnel. So instead of hiring just about anyone who sends their CV, focus on attracting experts. This will certainly pay off in the long term.
4. Failing sometimes doesn't mean failing forever
There is this misconception that anyone who establishes a business should make it work right from the start. But this couldn't be any further from the truth! In fact, the majority of entrepreneurs share that their very first attempts in establishing a business turned out to be a flop. So if you expect from your business to skyrocket in the first month, I would advise you to get a reality check.
Running a company is a hard thing to do and in order for you to do it successfully and correctly, you need experience. And sometimes experience comes from mistakes, obstacles, issues, and, ultimately, failure. So if you fail sometimes along the way don't be quick to discourage yourself or to be disappointed. Take it as a normal face, as a completely normal aspect of the whole process of owning a business. Then, instead of panicking, try to get the best out of your failed attempt and really try to gather knowledge so you can avoid failing the next time around.
5. Be consistent right from the start
See, in order for a business to be successful, we really need to have of vision. And what I mean by vision is to be consistent with the business's appearance and the core right from the start.
It wouldn't be the best idea if you frequently decide to change:
- how your business looks like,
- what your business's message to the audience is,
- to frequently change your logo,
- to frequently rebrand your whole website or business strategy or even business communication with your clients.
That's why in point #1 I stressed investing time and money in creating a business strategy. Really take the time to think about how your business would look like and what its main statement would be. This way you won't experience a change of heart and try to change your company's whole concept all of a sudden. Because what we achieve by doing so is we decrease our business's credibility in front of the customers. A business is the most successful the moment it doesn't need advertising anymore and a moment when people recognize it among all types of other businesses in the same business niche. But you won't really be able to achieve this if you constantly change your company's core.
In a nutshell
Owning a business is hard work. It's challenging and daring and oftentimes makes us think we won't be able to make it. But there is always a silver lining — owning a company is also this great adventure, this dazzling experience that I believe no one should deprive themselves of.
So instead of conducting all kinds of mistakes upon starting your professional journey, I'd recommend you take this list with you and try implementing my advice. I can promise you you'll soon be a step closer to fulfilling your professional dream.