STARTING YOUR BUSINESS
We’ve all had the classic “lightbulb” moment at some point. Whether it’s a crazy invention that pops into your head or a new product for the industry you’re in, most of us have thought of a new business at some point in our lives.Here are the key steps to help you get started:
- Look for a Gap in the market that is not filled by existing products: Sometimes you may spot the gap as a matter of chance. In other cases you may have to do a bit of market research and listen to customer feedback. But don’t get excited too early. Your inability to monetize, lack of mature technology, inadequate customer base, poor execution and inability to maintain and expand a market position may stop you from scaling up.
- Let the customer hold centre stage: Build a customer focused culture right from the start and ensure that everything you do is in the best interest of the customer. Take a holistic view of customer needs, get them to participate in the creation of the offering and incorporate any feedback received to improve the product. Empower employees at the front line to interact with customers and listen to what they have to say.
- Monitor capital employed: Use the right methods for fundraising and conserve cash by trimming start-up costs, standardization of delivery, use of appropriate technologies and generation of ancillary revenue to feed into the core operations. Frugality is an important virtue and a cost conscious approach can aid the process of scaling up and help the scarce capital to last longer.
- Drive a culture of innovation: It is the driving force for profitability and growth. It enhances your competitiveness and is a key contributor to higher productivity, better business processes and long-term scalability in a fast changing environment. It should permeate down to the entire organization with teams permitted the space and freedom to experiment. Diversity of ideas, opinions, talents and temperaments are encouraged and harnessed.
- Have a solid business plan: Planning plays a crucial role in any business success. A business plan is a good place to start – defining your skills and weaknesses, what you offer, how it’s unique and how you plan on growing your offering. What’s more, try to prepare yourself mentally and practically for anything that could go wrong and how you would deal with it. For example, What if clients pay you a month late? What if a weather disaster affects you? Or a trusted supplier goes bankrupt?
- Put your faith in a trusted mentor: It can be a family member, former boss or colleague or even a trusted online source or blog. A mentor is an invaluable sounding board – someone who’s been where you are; someone with whom you can have regular, non-judgmental check-ins. A good mentor will push you beyond your biggest fears and will nurture and help you without assuming total control over what you do.
- Have a budget for marketing activities: This is extremely important but doesn’t have to cost the earth. Social media is your friend – creating your business page on Facebook is free and will help your online search ranking. Submit your website URL to search engines like Google and Bing. Watch out for community Facebook groups – some will require a small advertising fee. Try out a few things - You won’t know what will work for you until you try it.
- Build a team that shares your vision: Great people make a great company. As your business grows, you might need to hire staff. Firstly, take the time to interview people thoroughly to ensure that they fit your culture and share your values. Secondly, it can be hard to let go but it’s important to learn how to delegate tasks. Finally, don’t expect people to be your clones. Be open to new opinions and suggestions. It’s always good to get fresh perspectives on old ways of working.
- Never stop learning: Starting your own business is a constant process of growth and learning. It’s important to enrich yourself with both practical and emotional skills. Take a look at free or low-cost e-learning resources such as the coursera, Khan Academy, Udemy, etc. Sharpen your project or time management skills and work on your management, presentation and motivational skills. If you travel a lot, podcasts and things like TED talks are great ways to inspire and educate yourself.
- Safeguard your venture: Seek to mitigate risk. Small business insurance is more affordable than you think. Ensure that your precious stock and premises are covered in an emergency such as a fire or theft. Also see that you don’t work yourself into the ground. Exercise regularly, eat healthily and find the time to relax with your friends and family to keep your productivity levels high.
