The mere fact that you have found a brilliant idea and that you want to be successful is not enough to set up a sustainable business. In fact, statistics show that an overwhelming percentage of start-ups go bankrupt in the first year of operation.
How can you increase your chances of success?
- Do what you like
Once you make the decision to open your own business, you will have to invest extremely much time and energy in its development, so it is very important that you like what you do and that you can find satisfaction in the activity you carry out.
- Start your business while you are still employed
Given that you can’t live long without money and that your new business will not become profitable from the beginning, it is preferable to start a business while you still have a job and a stable source of income.
This will give you a form of comfort and help you focus on vital aspects of business development and not just ensuring money for your own survival.
Once the business starts to become profitable and takes up more and more time, you can resign.
- Don’t set off alone
The existence of a support system both during the start of the business and during its development is very important.
Try to find support among your family and consult with them when you want to make decisions and need advice.
Ideally, you should find a mentor who can offer you his experience.
- Start finding customers
Don’t wait until you launch your business to get customers or consumers, because they are the central element that determines the success or failure of your initiative.
Do as much networking as possible! Gather contacts! Offer samples with your product/service! It is never too early to start marketing your business.
- Write your business plan
The main motivation to write your business plan before starting the road is to save time and money later during the development of the business. In addition, the business plan helps you clarify your business concept and gives you a general map on which to invest in growing your business. There is no need to make a detailed and bushy business plan, focus on those essential elements of the plan that will help you during the development of the business.
- Do market research
To substantiate the business plan you will have to do market research, but this is just the beginning: to increase your chances of success in business you need to become an expert in the industry, products, or services you deliver if you are not already.
A starting solution would be to join professional associations.
An entrepreneur is not and should not be a man – orchestra: you have no way to be an expert in everything and you do not have to aim, so learn to work with professionals in those fields that you do not master: accounting, legal, marketing, business consulting, etc.
You risk wasting a lot of time and money if you try to learn to do all the things that a specialist should do, so don’t hesitate to turn to experts every time you have a problem.
- Make sure you have a minimum capital
Before you start a business, make sure you have some money: save money, borrow from family and friends, or approach potential investors. Make a financial backup plan.
Learn to make a budget for your business.
- Demonstrate professionalism from the beginning
You, as an entrepreneur, are the best marketing agency for your business, so everything you do and communicate must inspire professionalism. This means that everything from clothing and attitude to business cards and behavior must be impeccable and provide confidence to potential customers and collaborators.
- Develop your legal and fiscal aspects from the beginning
Perhaps the least interesting activity of an entrepreneur is the one related to the legal and taxation aspects, but these are essential both for the success of the business and for the peace of the entrepreneur.
In addition, it is much more difficult and expensive to try to fix mistakes like this later.
The 10 rules above will not automatically ensure your success but will help you get your business up and running in a healthy and less stressful way.