First things first, entrepreneurship is not for everyone and 9-5’s are also not for everyone and that’s okay. Starting a new business can be stressful, challenging and not as simple as it looks like but that does not necessarily mean that you have to quit your current job if you have one; Then again there’s the age-old saying, if you want something done right, do it yourself. With that said, if you’re intending on starting a business either as a main or side hustle, here are some things you should consider.
1. The Idea
How viable is your idea? What do you plan on selling or offering? Is it a basic need or a luxury? What exactly is your target market? Personally, I have observed that investing in a luxury product or service always has a higher profit margin as compared to basic need commodities. Let me explain. Investing in basic needs like a shop, for example, means you have clients daily who buy in small quantities. Investing in a luxury item like designer items, high-end electronics means a slower client flow, maybe not daily but the profit margins are crazy and the clientele is easy to sway since they have the cash to spare.
We are living in an age where the world is a global village, connected by the internet and countless apps. The first thing you need to ask yourself is, do you really need a physical location or can you operate purely online? In a lot of business seminars you attend, you will probably hear this, Location is everything. All I have to say is, ensure your business is either seen by your target customer or at least near them.
Capital is the amount of money or you need to invest in the business to ensure it can get started and is running smoothly. It is important to note that capital is not only the amount you need to buy your first stock. Capital includes the stock, renovations, licensing, lease payments, operating expenses, salaries( if you have staff). Note that you can reduce capital if you start off your business online and build up to traditional business with a physical location.
Your marketing plan will either make or break your business. It is as simple as that. Rarely will a new business take off in the right direction without a good plan. I like to think of a good marketing strategy as boarding a plane with a competent pilot. Things to consider here include: how will you get the word out? How will you create a buzz? If people don’t know about your existence, how will they even buy your products or services? You have to ensure you choose the right marketing partners that will launch you into the market with confidence that your business is ready for business!
5. Self Discipline
Whether you are a first-time business owner or a seasoned entrepreneur, I think we can all agree that you can have all the above in order but without self-discipline, your business doesn’t stand the test of time. Being at the heart of your business means you are accountable to yourself.
You have to stick to your business plan, make and respect your budgets, meet goals you have set for yourself, change the means where necessary but never the goal. Most importantly you have to always find the driving force to keep you going when everything doesn’t go according to plan, which surprisingly is a lot of times. When that happens, always remember why you started.