Are you thinking of starting your own business? Here are the first 3 steps you need to take to ensure that your business succeeds:
1. Evaluate yourself.
Let’s start with the most basic question: Why do you want to start a business? Use this question to guide what kind of business you want to start. If you want extra money, maybe you should start a business on the side. If you want more freedom, maybe it’s time to leave your 9-to-5 job and start something new.
Once you have the reason for starting your own business, start asking yourself even more questions to help you figure out the type of business you should start, and if you have what it takes. These questions include: What skills do I have? Where does my passion lie? What is my area of expertise? How much capital do I need? Be brutally honest with your answers. This will create a foundation for everything you do moving forward, so it’s better to know the truth now than later.
2. Think of a business idea.
Do you already have a killer business idea? If so, congratulations! You can proceed to the next section. If not, there are a ton of ways to start brainstorming for a good idea. Ask yourself what technology or advancement is coming soon, and how will that change the business landscape as we know it? Can you get ahead of the curve? Also, if your business can fix a problem for your customers, they’ll thank you for it. Many businesses and industries do things one way because that’s the way they’ve always been done. In those cases, a fresh set of eyes from a new perspective can make all the difference. If you have a business idea that isn’t entirely new, think about the current offerings and focus on how you can create something better, cheaper, or faster.
3. Get feedback.
Ask yourself: Is anyone else already doing what you want to start doing? If not, is there a good reason why? Start researching your potential rivals or partners within the market. For example, you can conduct interviews by telephone or face to face. You can also offer surveys or questionnaires that ask questions like “What factors do you consider when purchasing this product or service?” and “What areas would you suggest for improvement?” Don’t only use secondary research, don’t use only online resources, and don’t only survey the people you know. Let people interact with your product or service and see what their take is on it. A fresh set of eyes can help point out a problem you might have missed. Plus, these people will become your first brand advocates, especially if you listen to their input and they like the product.
Just realize that some of that advice, solicited or not, will be good. Some of it won’t be. That’s why you should have a plan on how to receive feedback. By doing so, starting your own business becomes that much easier.
Coaches at Burkley Global have many years of proven experience in business and assisting non-native English speakers in achieving their best in the business environment. Click here to sign up for one of our English Business Coaching packages.
Do you want to give it a go? Then sign up here for your free, no-obligation trial session today!
Also read this interesting article on how to start a business: