On Starting Your Own Business

The business offers limitless growth and the potential for earnings. Starting a business is suggested by almost every motivational speaker and management trainer. If you are thinking of starting your own business, you are not the only one. There is a long queue ahead of you, and don’t worry, many more are following the pursuit behind you. 

Covid-19 has boosted the desire as never before. Large-scale job cut-offs played a vital role in igniting the trend. About 4 million Americans left their jobs in August 2021. The same period witnessed an ever-increasing hype in filing for small businesses. The trend is on the rise everywhere in other parts of the world. Technological advancement in IT is helping fresh graduates to bring new business ideas. The business incubation facilities have helped reduce the cost of starting a business. The emerging startup ecosystem motivates, encourages, and supports the youth to share the thrill with all the enthusiasm and hope. 

The time is ripe for startups. Many Bills Gates, Steve Jobs, and Elon Musk are in the making. There is every reason to be eager to start your own business. But please hold for a minute. I have some questions that you need to ask yourself before stepping into the venture. It is like a self-check to ascertain your fitness for the adventure. 

Clarity of Mind

Being fair with yourself always helps in making the right decisions. Think for a while if you are stuff to start your own business. Can you do it? Are You ready enough to face the challenge of a new venture? Do you have a passion and a stern belief in yourself? You are the best fit if you possess all the above traits. 

Determination

A business is a serious matter and needs a very high level of determination. Business is a double edge sword. It can bring you fame in case of success. But it can spoil you too in case of failure. Business is always full of opportunities and uncertainties. It needs concentration and the best-found dedication and devotion.  Your ability to start the game from square one is your key to success in business.

Business Selection

Anyone can’t do everything. Work upon an idea that you can best realize into a reality. Everything that shines is not gold. The same is true with a business idea. What you like is perhaps is not the game that you can play. Be fair to ask yourself that:- 

  • What do you want to sell?
  • Why do you want to sell that?
  • Where do you want to sell that? 
  • Why do you want to sell that? 

There are still some other issues that need your attention. The nature and the volume of the proposed business. Are you selling products or Services? What is your selling circle? How can you urge your customers to come back? 

A Unique Idea

Many businesses are just repetitions like a grocery store, OR, a dry cleaning service, a medical store, etc. Bringing an entirely new idea has a good potential to click. The example of Uber is worth some. A unique idea brings steady results because of a lack of competition. On the other hand, it has a greater risk of failure. Working on a beaten idea can also succeed if you can attract buyers. Adding some unique features like quality, delivery, and service can work. 

The Business Niche

A new startup is never a big brand already known to everyone. Nobody knows your product. Be selective with the segment of society you target for your audience. Concentrating on a particular chunk is called niche marketing. You must carefully work out your niche. Every niche needs a different set of products and selling techniques and behaviors. 

Source of Funding

Money matters the most to starting a business. You need funds to register a business, rent a place, and hire the staff. Make all the estimates with a rationale approach. Over-spending in the start can play havoc with your finances. Only make the much-needed expenses. Are you able to fund from your pocket? Fine, nothing is like that. Other sources can be bringing in a partner, an investor, or a loan from the bank. Every funding source has its peculiar benefits and setbacks. Be careful to select your options. 

A Business Plan

A comprehensive business plan is a half success for a startup. Carefully write down what you want to do and why? Select an idea, the business name, the logo, the slogan, the size of a startup, potential cost, initial sales, and all that you can think of listing. Better to have a business plan template. Fill in the blanks and develop a whole picture. 

There is no substitute for professional consulting. Be in touch with a consultant. He can better guide you on setting product goals, growth and financial targets, insurance, funding, logistics, business management, website development, and functionalities. Make research on strategies of similar businesses. 

Marketing Plan

Why do people bye your products? Times have changed. People have more options to buy. You need to tell them about your products. It is only the start. Rest is convincing and emotionally compelling them to buy from you. The process is called marketing. There are many channels you can work out. 

A 360 approach is best to employ all channels like billboards, print, and digital media, social media, and personal selling. The website selling, newsletter, and selling through Facebook and Whatsapp groups are emerging marketing avenues. All the traditional and nontraditional marketing channels charge fees. You have to conduct thorough research before selecting an option that best matches your budget. A well-conceived marketing plan is a key to early success. 

Image by Gerd Altmann from Pixabay 

Umar Hayat
  • Umar Hayat
  • The author has rich management exposure in banking, textile, and teaching in business administration.