What are the things you should know before starting a business?
- The Problem to Be Solved
- Your Product, Competitor, and Customers
- Advantages of Starting Small
Starting a business can be exciting. However, it can also be intimidating as there are so many things that can go wrong. To help you, I listed down what to know before starting your own business. Keep on reading to learn more!
The Problem To Be Solved
Want to start a business but don’t know what to sell? Big things come from a small idea. Did you know that the internet came to be because of an idea to make a file-sharing system? The inventors back then didn’t know that the world wide web would become a part of the daily life and work of people nowadays.
Look at society and find a problem that needs a solution. It also helps when you find something that you are passionate about. For example, Bill Gates discovered the computer when he was young. Instead of pursuing law like his father, he dared to try his software business.
Be open-minded when you think of an idea. Sometimes when you don’t think too hard, it will come to you. A good example would be the invention of antibiotics. It all started because Alexander Fleming, a researcher, came back from a vacation and discovered a mold in a petri dish.
Your Product, Competitor, And Customers
Remember that data is key. Before you start a business, you should gather enough information about your products, competitors, and target market.
If there are already many businesses with the same concept as you, find your competitive standpoint, what makes you stand out from them, and focus on that.
This is where the idea of ‘value proposition’ comes in. What value can your customers get that will make them choose you?
Know your target audience. Research on their lifestyle, buying habits, and needs. If you know who needs your products and services and how you could reach them, it would make things easier for you.
You can also research more about trends in society. But be careful because these can come and go. Know when to take advantage of this. You should always have a strong foundation of products and services that is classic, timeless, and evergreen.
Advantages Of Starting Small
You are more likely to keep on going if you start small. Having many responsibilities that come with going big can only make you put too much pressure on your self. If you start small, your funding can also be small. As time goes by you will be more confident in placing your money to where it matters.
Starting small can also help you get used to the idea of being in the business. It helps you to learn slowly but surely by experience. If you make mistakes, you can easily rebound from it.
The first step in growing your business is starting small. You can take inspiration from successful entrepreneurs who grew with time. One example is Mark Zuckerberg, who started Facebook from his dorm room.
If you’re wondering what to know before starting your own business, I hope that the list above helped you. To summarize, you should first determine the problem you want to solve, do your research on your product or service, competitors, and target audience, and start small.
You can message me here if you have any additional questions and inquiries about growing your business. Have fun in opening your first business, future entrepreneur!