Launching a business is a very exciting activity. Thousands of people around the world start businesses every day to sell their services or products. Many of them fail while a few of them succeed. Are you thinking of launching one? You can increase your chances of success by learning as much as possible. Here are 15 things you need to know before launching any business.
1. Turn a deaf ear to the statistics
One of the most well known statistics about launching businesses is that 95% of them fail. It is a negative statistic that you should ignore. This statistic is simply an excuse that people choose to believe so that they can justify giving up on their business ideas. Quite a number of businesses do indeed fail. They end up in failure because their owners don't commit 100% of their efforts to the business. They also fail due to bad money management. Therefore, don't listen to these statistics and simply focus on your enterprise.
2. Pick a business that you enjoy doing
As you launch your business, pick something that you will still enjoy doing in 5 years. If you enjoy doing it, you will provide quality services or products. Moreover, when your business is successful, you might perform this activity for the rest of your life. As such, pick something that you enjoy to do.
3. You will not know everything
In the early stages of your business, you will not know much about your market or how to attract customers. Despite the lack of knowledge, don't be afraid to start because you will learn as you go. You can shorten this learning curve by studying about your business. Knowledge is always a good investment to make.
4. Finish up everything that you start
Many entrepreneurs are really good at starting things and terrible at finishing them. This is because they are always coming up with new business ideas. Despite the many ideas in your mind, pick one and go with it. Leave it only if it dies naturally or you are finally successful.
5. Don't partner up as you begin your business
Many people start businesses together. They convince themselves that there is power in numbers. In the initial stages of launching a business, it is better to be on your own. You can focus completely on your business and ensure high quality of products and services. Only partner with someone if they make you or your business stronger.
6. You will find it challenging to manage people
If you require some employees as you start your business, then you will find that it is hard to manage them. Therefore, it is important to learn some management skills. One way to do this on the job is to hire a virtual assistant for a low cost. This is an affordable way to learn how to manage an employee.
7. Social media should not be the main focus of your marketing efforts
We all know that social media is an effective way to market your business. By leveraging this platform, you can reach thousands of people around you and tell them about your products and services. However, it should not be your only method of advertising. Use physical media such as posters and brochures to do this too.
8. Focus on strategic activities as you launch your business
Starting your business requires a variety of activities. Some of them are more important than others. As you begin, focus on creating and selling your products or services. Activities such as promotion, logo design, making business cards and other paperwork can come afterwards.
9. Ignore the line between obsession and dedication
People will approach you and tell you that you should be dedicated to your work but not obsessed. Ignore this and simply lose yourself in your business. Become as obsessed as possible. Nothing succeeds like excess. By staying obsessed, you learn more about your business and perfect your art too.
10. Don't begin by quitting your job
Sometimes the entrepreneurship bug bites while you are already employed. When you get a business idea while working for someone, take time to plan your exit from the job. You can use your free time to plan this exit so that you don't experience a financial shock when you quit. On the other hand, if you can afford to quit and focus on your business, by all means do it.
11. Categorize your business tasks according to the revenue they bring
When you are launching your business, you will find that some tasks bring in more money than others. Find the ones that pay you more and do these ones more often than the ones that pay you less. Maintain this strategy and boost the cash flow into your business.
12. Bet big to win big
As an entrepreneur, you will encounter ideas that can bring you decent money. You will also encounter the ones that will bring in millions. It takes the same amount of effort to create a small business as it takes to build a huge one. Bet big and go for the huge and productive idea.
13. Come up with a simple product or service
It is a proven fact that the best products and services are the ones that are most simple to use. Create products that require a very short or no learning process at all. Your customers will adopt them quickly and your business will grow in leaps and bounds.
14. Does your business suit you?
Does the business you are launching suit your personality? You can come up with many ideas that are interesting and attractive. However, you should pick the one that you are most comfortable doing. You should not change who you are to suit your business. Your business should be an extension of you.
15. Get legalized
Every business has a legal perspective to it. Once your business begins to grow, you should perform activities such as business registration, tax compliance, structuring your company and getting some insurance. These activities are best done with the assistance of a lawyer.
The Important Take Away
Entrepreneurship is an exciting and rewarding experience. To ensure that your business succeeds, learn from the tips indicated above. They will help you to be better prepared for your market and the world at large.