Have you always wanted to quit that 9 to 5 job and start something on your own? It seems like a monumental task; it might be the case that you don’t even know what kind of business you want to get into. Don’t worry I have got you covered! No matter the niche you are interested in the overall pointers of starting your own business broadly stay the same.
You don’t want to just pick a random area of business and try to do something in it. There are a lot of things to consider. The first of which is the viability. You need to see if the idea can even be implemented in the area you are living in. For example, imagine starting a fishing business in a landlocked area, it just wouldn’t work.
The next part is to see if you are actually interested in it or not. You do not want to pick something just for the financial side of it, trust me, start something for which you will be excited each and every day.
Now comes the actual serious part, drawing up a business plan. This includes the product or commodities you want to be involved in within the niche and how you plan to advertise or plan to outreach to potential customers. This step would also involve thinking about the audience you wish to target.
Now we come to the actual setting up of the business. To do this you first have to think about the capital or funding you will need. Check your savings, if it matches the needed startup capital then you are good to go. Otherwise, and this is most probably going to be the situation here, you will have to think about seeking funding.
Raising The Capital
This is the part where most people lose hope, they don’t know how to raise enough capital to jump start their business. But before panicking you have to think about the problem logically.
Beginning with proper budgeting. Make a budget and check how much more money you will require, once you have a rough idea add about 10% to it. With experience I can tell you this that there will be some hidden costs you are not thinking of right now.
Once you know how much you need, the next step is to think about from where you can get it.
Your first option is to seek an installment loan from a bank. But this might not work out if you don’t have a solid enough business plan or good enough credit score. The second option is to ask from friends and family if the amount you are short of is not that high.
But if neither of these options work out do not lose hope. One of the more innovative ways is to try crowdsourcing the funds from the internet. There are a lot of websites on which you can discuss your startup ideas and seek funding from people who might be interested.
Your next option is to look for angel investors or venture capital firms to see if there is any interest from them to pump in some seed money.
As you can see there are a lot of options out there for people who are willing to look for them.
Estimate a time period within which you wish to get some profits. Any new venture will take a few weeks to a few months to start generating positive revenue. One of the pro tips especially in 2021 is to pay close attention to the data. There are a lot of services which can analyze the target consumers, the number of returning customers, average amount spent by customers, what is the cost of acquiring vs keeping existing consumers.
All of this data can end up saving you a lot of money and time and will help you mold your business strategy in a much more efficient way.
Make sure that the business is your first and only priority. New companies and ventures take a lot of time and you will face a lot of issues along the way but they are a part of the journey.
One more thing which very few people think about is the exit strategy. You should have a plan B, C and so on. In case the business doesn’t work out you don’t want to be stuck in it and keep losing money.