When you decide to make your entrepreneurial debut, it’s hard not to get carried away at times. But for every entrepreneur who makes it big, there is another who fails. So here’s a list of the 10 Most Important things you should consider before taking the plunge, for your best chance at success.
Be clear about – why?
Being in business may give you the feeling of being in charge of your destiny and the chance to make more money, but given the challenges, hard work and uncertainties involved – it’s not for everyone. Therefore be clear about why you want to start your own venture.
Know your customers
Be aware of who is going to buy your products/services, your niche market, target customers. The clearer you are about who you are going to be selling to the clearer you can be about your branding, your location, your marketing, your pricing — everything.
Know your competition
See what you could better and figure out how your venture is going to be different and better than the competition. Make it your USP and it make just become the key to your success.
Be aware of the rules and regulations
There are always going to be rules and regulations that need to be considered when starting a business – make sure you know them well.
Have the funds in place
Starting a business often translates to over estimating income and under-estimating costs. Hiring an accountant who understands budgets and small business, to help you determine a budget is a very good idea.
Get your pricing right
Being the cheapest is not always the best marketing strategy to woo more customers. The problem is that it is very hard to raises prices once you develop a reputation for being cheap. It is far better to sell on quality not price.
Hire the right team
Source your advisers early and get them involved in the set up of the business. Ensure you have the right personnel in key areas like finance, legal, marketing, administration, IT and so on. Investing in the right people is half the battle won.
Have a marketing strategy in place
Too many start ups invest a fortune, set everything up and then open the doors, expecting hordes of customers to come barging in. This never happens. You need to have a very good plan developed in advance that clearly identifies how you will attract customers.
Look for a mentor
Having someone who you can talk to and ask for business advice in the form of a mentor is very advantageous to help avoid making all of the common start up mistakes.
Lastly, Get Insured
Make sure your insurance is firmly in place before you open your doors to the public. If it isn’t, you run a very real risk of being sued. As a minimum you will need Public Liability insurance — which protects you from people being injured on your premises.
Theflexiport.com is a unique online platform that enables start ups to market their products/services, attract new clients and source skilled professionals to help grow their business.
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