While starting a business is a very exciting journey, it can be really daunting without proper planning and consideration. In this article, I would like to share 7 points of things you should pay attention to before starting a business.
- Market Research
I imagine you already know the kind of business to venture into at this point. Carry out extensive research on the industry of your choice. Thankfully, in this day and age, it’s easy to find most information and data online. Seek to understand the trends, demand and who your competitors are. While at it, understand who is your target audience, their needs and how your business will be of help.
- Unique Value Proposition (UVP)
It’s no secret that hundreds if not thousands of people across the world are into that same business you’re trying to set up. Some have been in that same industry for years and probably very dominant. The question is, why you? Why should someone trust a new business over one that has existed? What is different? You need to respond to this question and make sure you serve it to your customers.
- Business Plan
You need to come up with a solid business plan that addresses your goals, target market, marketing strategies, operational structure and financial projections. Make sure it is as detailed as possible as it will be your guide. It is also very important when you are seeking funding.
- Legal Structure and Compliance
Understand the local business laws, licences required, permits and taxes. It is also important to determine the type of business you want to start; sole proprietorship, Limited company and partnership.
- Financial Planning
Most businesses require money to start. You need to know the initial capital needed for starting your business, if you need to buy stock, furniture or machinery, all that should be planned for before you set up the business. You should also evaluate your funding options; if you seek to start the business with personal savings, loans, investors, or grants. Plan for operational expenses and ensure financial sustainability by using a cash flow forecast.
- Skills and Resources
Evaluate whether your skills and knowledge are adequate to run the business. This will help you determine whether you need to outsource and for what. It will also inform your decision on seeking training, mentorship or additional resources. A solid network of professionals such as lawyers, accountants, business consultants is also important for every business owner.
- Marketing and Branding
You can start the most life changing business, but without proper marketing, your products and services might only remain great on paper. You need to come up with a strategy on how you will build a strong brand identity; having a business logo and establishing your online presence. You need a proper strategy on how you will attract and retain customers.
Please let me know in the comment section what other things you considered before starting your business.
What other factors did you consider before starting your business? Share your thoughts in the comments below!
If you’re exploring topics like these or facing challenges in your business, I’m here to help. As a Business Navigator Coach, I specialize in guiding entrepreneurs to find solutions. Let’s connect and work together to achieve your business goals!
Did this blog help you? If it did, please share it with your business connections.
If you have any questions contact Helene HERE
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Anybody running a business knows it is not a walk in the park. It’s a roller coaster of highs and lows. When it’s low, which will keep you going? Understanding the difference between each one and when to apply them will help you overcome challenges and improve your relationship with your business.
Inspiration: The spark of creativity
Inspiration comes from within and is aligned with your values and aspirations. It leads to actions that have a long-term impact. It generates the highest level of energy and while happening spontaneously. Inspiration is associated with:
- Clarity of thoughts
- Innovation
- Excitement
- Unpredictability
However, by having a daily and conscious connection with their “why”, a business owner can tame inspiration and call upon it when needed the most.
Motivation: The long-term driver
Motivation arises from a connection made between an action plan and a positive outcome. It enables sustained activity with a moderate cost of energy. Motivation often arises when:
- The actions are perceived as easy, enjoyable or low-energy
- The connection with a positive outcome is obvious or instant
- Evidence of progress is experienced
- Positive feedback, external rewards, or recognition is received
Motivation is the engine for consistent behaviours that deliver results. It can be nurtured by developing a supportive environment by balancing out the energy cost of execution with the energy input from progress and positive outcomes.
Willpower: The mental strength
Willpower is a rational decision in the face of temptation or adversity. It has the highest energy costs and, as such, cannot be sustained over a long period. When over-used, it leads to poor decision-making.
Willpower is characterized by:
- Self-discipline
- Delayed gratification
- Rational response to unexpected setbacks
- Short-lived superpower
Willpower should be called upon for a sprint, not a marathon. It will get you out of trouble but cannot be relied upon as a strategy for success.
The recipe for long-term achievement is a careful mixture of all three.
- Inspiration provides the vision and innovative ideas
- Motivation is the source of sustained activity for predictable results
- Willpower is called upon when the going gets tough
To thrive, a business owner must cultivate each one by:
- Regularly reconnect with their "why" to boost inspiration
- Break large goals into milestones
- Create a supportive environment that minimizes willpower drains
- Celebrate small wins to maintain motivation
- Develop strategies to replenish each element when it’s depleted
Understanding and nurturing inspiration, motivation, and willpower can provide you with a powerful toolkit for navigating the challenges of entrepreneurship. By leveraging these distinct yet complementary forces, you'll be better equipped to turn your business vision into reality and sustain success over the long term.
Did this blog help you? If it did, please share it with your business connections.
If you have any questions contact Helene HERE
Are you tired of putting off important tasks and feeling overwhelmed by procrastination?
You're not alone!
But fear not! We have the ultimate solution for you.
Introducing "3 Easy Steps to Banish Procrastination" - a downloadable guide that will transform your productivity and help you achieve your goals faster than ever before. Say goodbye to endless frustration and hello to a focused and motivated you. Don't wait any longer, click the link below to unlock the secrets to defeating procrastination once and for all!
