7 key tips to do BEFORE you start your own business
All business owners have one thing in common… they had to start somewhere!
Starting your own business is an exciting and challenging endeavour that requires careful planning and preparation.
In this article I will share the top 6 tips to do BEFORE you start your own business to ensure that you create a business that is sustainable, scale-able and is set up for success!
- Define your business idea:
Before you dive into starting your own business, it is essential that you have a crystal-clear understanding on:
- What services or products will you offer.
- How are you going to offer them.
Having these clearly defined is crucial as this will serve as a foundation for the rest of your business planning.
- Market Research:
To ensure you product or service is going to viable, scale-able and sellable you need to understand your target market, their needs and preferences. This will enable you to tailor your offering to meet demands effectively.
Market research also enables you to identify 2 things:
- Your potential competitors.
- And most importantly, the gaps in the market that you can take advantage of.
- Create a Business Plan:
Your business plan is your road map. It guides your business growth and development.
It also helps you establish What you need to do first, what you can do on your own and what you may need help with.
In your business plan it is essential to establish what you need to actually START – this may be based on finance, products, and other resources.
- Assess your finances:
The financial aspect is a critical consideration when starting a business.
If you need financing, what are you option to secure the finance? These could be loans, grants, investors or personal savings.
- Make a decision – side hustle or “all in”:
Dependant on your time, financial situation and availability and accessibility of resources you can establish whether your business be started as a side hustle or something that requires you to take a leap of faith and go all in from the get go.
- Develop and implement your marketing strategy:
To attract and retain customers, you need a robust marketing strategy.
Once you have considered your target market and your budget availability:
- Develop a compelling brand message.
- Choose the marketing channels that will effectively reach your target audience.
- Ensure that your marketing strategy aligns with your business goals and values.
- Build connections and a support network:
Entrepreneurship can be a daunting and lonely journey. It is essential to connect with other high quality, likeminded business owners, mentors and advisors.
Network, connect and engage with others; Share ideas, be inspired and build your business with confidence.
If you are ready to start your own business, prepare, prepare, prepare. Understand your business, understand your market, and create a business plan, Asses your finances, develop a marketing strategy, and build your network!
Working with a business accountability mentor from the start will help you do all that, and more, with ease! Feel free to reach out to me for a chat – I would love to help you set yourself up for success!