20 things to consider before starting a business - FaqLabs

Friday, 2 March 2018

20 things to consider before starting a business

factors to consider before starting a business

1. Do proper Research
Doing research is the most important thing in starting any type of business. No matter how unique and extraordinary your idea may be but without good research you want be able to go much ahead. You need to analyse basic things about your targets area of business, existing competition, end customer habits etc. Unless and until you have basic idea about these parameters it is going to be tough to establish yourself. You should put in enough time in doing this research and this cannot be done overnight. You need to map the customer needs to your services and then go ahead. It is the most crucial thing most people fail to do and hence end up paying.

2. Make sure you have enough savings or funds before you dive in to start
Most people want to start the business but cannot because they don't have the initial own capital needed to start it. Banks do provide the loans to get started but it is always advisable to make sure you have enough of your savings that you can utilise to start the business. You also need to make sure that you are not putting every penny saved. You need to balance the savings and loan together to finance your business. Specially if you have salaried previously then make sure you saved enough money to finance the business and also make sure you have the back up plan.

3. Take proper advice, find a good mentor
Starting a business is not every body's cup of tea. This however does not mean you stay out of it completely. Everything is possible of done with proper research and advice. Every field will always have someone who has the proper experience. Business field too will have people with experience, people who have experienced both success and failure can be regarded as mentors or adviser. Figure pit people who can service as adviser to you, talk to them , take their help. Don't be afraid to share your plans with them may be they can give you tips that will be helpful. After all they must have had their hands on them previously. No matter what business field you are willing to dive in, you can always talk to people with similar or different field. You can always draw the analogy and apply similar strategies.

4. Focus on end customers and their needs
Keep in mind the end customer before you start any kind of business. Think about the end customer needs, how you can provide the services differently. How you can better the existing services from different vendors. Create a model that will solve the existing problems issues. Your business model should unique enough to attract the customers. Provide services that honest and reasonably priced. Remember a satisfied client or customer is much better than gaining a new client.

5. Have specific goals, work hard towards achieving them
Starting and maintaining a new business is a challenging thing and you need to have specific goal to survive in tough competition. You need to have goals that are specific, achievable and measurable. And you need to put in hard work to achieve the goals. Remember nothing comes easily and you need to constantly be on your toes to grab the opportunities. In fact business is one field that needs proper goals, plan and hard work synchronisation otherwise no matter how much efforts you make; you will not be able to progress.

6. Have a clear mind about the business plan you want to pursue
Having a clear mind about the business plan is the most important thing. You need to be absolutely clear in your thoughts. Pursue an idea, do proper research and stick to it. Have an idea that is worth it and trust the idea till you succeed. A mind doubtful will only bring you down, it will be s speed breaker in the success path. If in doubt take advice from mentor, revisit your plan, readjust if needed.

7. Take care of all legal aspects well in advance
When you start a fresh business make sure you take care of legalities in advance. Don't let legal things worry you later. Do things that are legal, do proper research to understand the legal things. Avoid things that seem illegal or where things are not clear. Take all no objection certificates wherever needed. Don't put yourself in paying bribe situations. Take advice from lawyers when needed.

8. Be prepared to fail in worst case
When starting a business, one big thing every owner things is the possibility of failure. It is one thing that stops many people from diving-in in this field. It is not a bad thing to think about failure, you however need to do all things to avoid failure. After doing all things right there could still be a possibility of failure which no one can explain with certainty hence be prepared to face failure with string heart. You should be able to digest any losses and should be able to stand stringer even after failure. Bets thing would be to have finances planned in the initial stage itself for such failures.

9. Keep business and personal relationship separate
When doing business make sure you keep business and personal relationships different. Don't mix business and friendships, else you may end up on wrong side of success failure path. This is a unwritten rule of doing business and you need to be really serous about this. As far as possible avoid partnering with friend or relatives.

10. Don't do business about things you are not passionate about
Before you start a business make sure you are enough passionate about it. Make sure you understand every bit of it. There is no point in starting about things you don't understand or like. You passion for things will drive you to do things that will ultimately make your business a success. If you don't understand the final product then you will end up taking up help from others and this will lead to transfer of control to others and will lead to downfall or you will never see the growth.

11. Take help from financial advisers if needed
Finances are the most difficult things in commerce industry that's why you see financial advisers being paid so much. It may seem an easy to do thing but you will always end up messing up. In such cases always take help from financial advisers. This will sort things out and you will be able to focus more on end products.

12. Don't be afraid of partnering with others
Partnering with other vendors, established players should always be considered if you want to grow. Don't be afraid in doing so as this will only help you grow and increase the customer reach. Do proper research before you partner with someone.

13. Manage people well, treat employees or partners with respect
A Business cannot be run by an individual, it needs contribution from many people or employees. Make sure you manage the people well. Treat your employees with respect. A business growth depends on how the individual employees is doing, so make sure every individual is treated and managed so well that he or she finally provides and output that counts towards the success of the business.

14. Have an annual budget and stick to it
A country runs on an annual budget so should a business. Have an annual or semi annual budget and try to stick to it. A well balanced budget will help you plan the finances well and contribute towards the over all growth.

15. Have a personal and business work life balance
A business will need your most time, but this does not mean you will be fully immersed in it. Make sure you have a personal life balance. A balanced life in fact will keep you happy and make you more productive.

16. Take time, read, analyse, observe a lot before you start the business
A proper research is needed before you start a business but make sure you also take enough time to think before you fully dive in and start. Taking time will help you think through different angles and will give you most perspective. A proper research is incomplete without giving enough time. Don't be in hurry in starting new business.

17. have a strict schedule and discipline
Having a schedule is necessary in anything you do. A business will not succeed if you yourself does not a proper discipline. Have strict schedule and follow it, this will on;y help and make your business successful.

18. Buy insurance where ever possible
Business field is full of risk and anything can happen without much explanation. In such scenarios it is always better to buy insurance in cases where applicable. This will reduce your worry and help focus on main things.

19. Don't worry much
Business will always have ups and down but you need to keep calm and stop worrying. In fact business if not for those who have worrying problems. So make sure you chill, and don't worry all the time.

20. Be prepared to handle growth
Last but not the least, make sure you are prepared to handle the growth. A business well started should sustain itself and be ready to grow upwards.

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