Personal development

5 basic things you need to start your own business

5 basic things you need to start your own business

More and more people are turning to the world of business these days, and it is not hard to appreciate why. After all, when you start your own business and run it successfully, good things are in store. Not least of which is the fact that you can expect to make some serious money if you get it right – but of course that’s not all.

A successful business will also boost your confidence, give you solid experience in a number of fields, and ensure that you build a wider network of professional friends as you grow, with the satisfaction of being your own boss.

But the first question you are going to have to ask yourself is this: do you really have what it takes? Are you prepared? It is true what is said—when you fail to plan, you plan to fail.

The truth is, running a business is challenging—that much is clear to anyone, and you need to be aware of this from the very start so that you don’t find yourself overwhelmed too early on. It is a good idea to look into what you will need to work on first in order to make your business a success. With that in mind, let’s look at some of the things that you will have to take care of to ensure that you can can start your own business and run it successfully.

Here’s a checklist of 5 things you need to start your own business

Checklist of 5 basic things you need to start your own business

1. Confidence

When you decide to start your own business, It is not unusual to have moments of doubt. I remember when I decided to work from home offering my writing skills as services, I was pretty nervous about whether I’d actually make an income and struggled to make the bold decision.

Perhaps you are wondering if you have the ability to invest the time your business needs and balance family simultaneously. Maybe you are wondering if you will be able to get the financing you need.

Whatever you are worried about, you must find ways to build your confidence. Sometimes, even faking it works, because people generally tend to react to the way you present yourself to them. And when they respond the way you expect them to, your confidence will grow. Think about this: how will your customer believe in you if you don’t believe in yourself?

So, while running your business has a way of giving you confidence, you are also going to need a good dose of it early on to make sure that you can manage your business like a boss and take it in the direction you’re aiming at. Owning a business can be stressful and time-consuming but it is also rewarding.

Confidence is something we all have in us, so if you feel that you are lacking in it, you need to work on it. Without confidence you can’t readily hope to run your business with any real kind of success.  To do this, approach business situations bearing in mind that you are an intelligent, savvy entrepreneur who has an amazing product or service and deserve to be taken seriously. Learn to be assertive.

2. Knowing your market, your customer, your competition

Once you’ve made the decision to start a business, and even before you plan your funding options, you need to study your market, your customer, your competition. Think about the following:

Where is your market? Consider geographical aspects. Will it be global? Will it be local? Will you be online? Think about it.

What products or service will you offer? Will you design your own or will you be a reseller?

Who are your competitors?

Who are your customers? You will need to create a broad customer profile, to start with.

How will you stand out in the market? What will be your USP or unique selling proposition?

3. Source of funds

Probably should be first on your list when you are planning to start your own business. Very few businesses can be set up without a real fund to dip into, so you are going to have to make sure that you are prepared. There are plenty of options available to consider, such as the traditional route of asking your bank for a loan, or you could use a more contemporary service such as trying to crowdsource the funding. Whichever option you choose, make sure you start with a detailed business plan.

4. A Good Location

One of the most important practical considerations if you want to start your own business is having somewhere to run it from. That means you need an address, a location. This will naturally depend on the nature and size of your business. Maybe you are planning to work from home—but even so, you’ll need to designate a work area to keep it professional. It could be your dining table that doubles up as your work desk or revamping your guest room into an office. You’ll need work space to conduct your business without distraction.

If you are planning a brick and mortar business like, for example, a showroom, you may need to find space in a central location. But if you just need a good location to show your business in a good light, you can always use a physical address service and appear impressive.  So think about what suits you based on the kind of business you plan to start

5. Staffing

You will need to decide very early on whether you are going to need to hire people, and if you are, then you are going to have to look into what kind of people you want on your team. The recruitment process is an important way of keeping on top of all this, and ensuring that you end up with someone who is going to be an asset for the business.

And of course, it goes without saying that if you want to run your business successfully, you must be organized and manage your time well.

Most of all, it is important to enjoy what you do. There will be moments when you feel frustrated, stressed. But few things bring more joy than running your own business—the personal and professional satisfaction can be tremendous. Truly, when you do what you love, you do not have to work a single day in your life. So, enjoy the flexibility of being an entrepreneur even as you build your empire.

4 Comments

  • Reply
    Shilpa Garg
    October 23, 2019 at 10:24 pm

    True, more and more people are moving towards starting their own business ventures. Howsoever, big or small the business may be, getting it right from the start is the key! These pointers that you have shared should be be absolutely ticked off, before one takes a plunge into his/her entrepreneurial journey.
    Shilpa Garg recently posted…15 Things To Do While On Bed Rest

  • Reply
    Leana Lourens
    October 25, 2019 at 11:10 am

    Good morning Vidya. I like your points you mentioned. Before I started blogging I didn’t quite know what to do. Luckily I had the confidence and reached out to Lynne and she helped me into the right direction. I’m really thankful for that😊

  • Reply
    Nicole Steyn
    October 25, 2019 at 3:40 pm

    Some great advice here! I especially love point number 1 about confidence. I went through similar feelings to you when I started my own business. It was so scary! But now it’s all worth it and I’ve built up my confidence in my skills and entrepreneurial skills.

  • Reply
    Riley Connor
    November 12, 2019 at 1:44 pm

    Hi Vidya,

    Thank you for sharing these incredible insights! In this time and age, more and more people are getting into business ventures. As such, people could make use of the tips and pieces of advice you mentioned here. As an entrepreneur, I couldn’t agree more with what you mentioned about confidence. Indeed, it’s one of the keys to success. Cheers!

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