Most business ideas fail. That is a reality that must be taken into account. Once we know that, if our dream is to have our own business, we can not slow ourselves down because of the fear of failure. Failure in business is an option that is there, and success is another option. Enjoy the process and learning when we decide to start our own business, yes it is a choice.
If you have a business idea or want to start your own business, here are a number of tips to get you started before and during the business trip.
1. Research your business idea.
How would your business idea look in the real world? What other entrepreneurs are already competing in that sector or market? What sets you apart from them? Why would people buy your product instead? What strategy to make your product known and get sales are you going to use?
Remember that a profitable business consists of having a product, a market and the skill or strategy to introduce that product into the market. You should be able to answer all these questions even before you consider putting a single penny in your business.
It is true that there is nothing wrong with getting an incomplete product or service on the market, because we can always improve it, but it is also true that if we can avoid later making changes that make our initial investment not worth anything, much better for US.
Many business ideas sound very well in our head, due to our desire to undertake and an uncontrolled passion, but the truth is that many of these ideas are only viable in our head.
2. Will your idea satisfy a lawsuit or will you sue?
If you create a very innovative product that solves problems that people do not know or have, congratulations on being a visionary entrepreneur, but the failure rate is very high in this type of ideas. That is, if you create an incredible product and then go out and look for potential customers to sell it to you, it’s a bad strategy to start with.
Tim Ferris is clear about this. It is much more practical to look for a market with an existing need that is buying a particular product, and to create a product or service that satisfies that demand. You can imitate, copy or improve the product you are already buying. It is about creating a distinctive value for customers. In this way, you make sure that an open market already exists and it is a question of knowing how to introduce your product. The chances of success increase in this way.
3. Trace a route, not a business plan.
A business plan is okay to get financing, but it will not serve you in the real world of business, because that plan is outdated the second day you open your business.
You have to mark a route. That is, I want to get from point A to point B, and I will make as many plans as plans fail to reach point B. We must be in motion and in constant changes. Remember that if your business proves to be very profitable, it will soon appear a new competitor who copies, adapts and even improves what you have. Therefore, you forget the business plans.
4. The business plan you should use to get started.
Before you start to give everything for the business, and above all, before you leave your job to start your business, test your idea. Look for one customer, then another, then five more. If your product is sold online, create a test page and launch a small advertising campaign through Google Adwords or Facebook Ads. Let’s see how easily your product is sold. If you have quick visits / sales conversions, that’s a sign the business could work.
You can even sell by trial mode a product you do not have, simply to see if users would buy it. It’s a way to make sure we do not go blind.
5. Choose the name of the business.
The name of your business is going to be the first contact a customer has with your business, so something so simple has become a headache for some entrepreneurs. Also do the pertinent research to make sure that you have a URL available for the name you are going to use, that there is no Twitter account with that name, and begins to do the necessary paperwork (acquire the domain, reserve the Twitter account, etc…)
6. Start with passion, and do not let it go.
The advice to dedicate to your passion and start a business that you are passionate about, often has the days counted. That passion will disappear when you start in the daily struggle of entrepreneurial tasks that have nothing to do with what you are passionate about. When that time comes, try to remember why you started that business. And you better, at that time, you start with something more than to earn money, because as Richard Branson said, a business that only makes money, is a bad business.
Always have a clear mission at all times about the problems you solve with your product, the people you help and the work you do as an entrepreneur. Always keep in mind why you bring something to society.
7. Money is the boos.
It may sound contradictory to something we have said in the previous point. If you have a business that helps people, but your business does not generate money, sooner or later, you will be forced to stop helping people.
In business you should not only be an idealist, and you must keep in mind that we are to make money. If we do not make money with our company, we are failing in our mission. That is why we have to have a business model that generates benefits. And this model must be consistent and real. This brings us to the next point.
8. The customer is everything. Do not forget.
You will not sell what you want to sell, but what the customer will want to buy. Your mission in the business must be to forget for a moment of “selling, selling, selling” and “making money, making money” ….
Forget that for a moment and focus only on satisfying your customer to the greatest extent: a good product, good service, good after-sales service, good customer service, etc …
If you make sure that you are helping your customers and providing a valid and real service in addition to excellent value added, the money will come alone. In fact, the money you earn from your business idea is only an indicator of how well you are doing as an entrepreneur.
Money should not be a goal or a goal of your business, but the consequence of a job well done.
9. Hire smart and fire fast.
In the beginning of the business, we could probably save the hiring of people we had planned to hire. When we talk about hiring smartly, we talk about hiring the best possible in your area, although sometimes we should pay a little more. The cheap is expensive in the products, so imagine in a company.
And he fires off quickly. Do not have mercy on dismissing an incompetent, as it can do a lot of damage to our company in a short space of time. May you never shake your pulse to dismiss a person if you have already proven not to live up to what is asked.
10. Always high expectations, but be in the worst case scenario.
It is very typical to think about the reasons why we are going to control the vast majority of expenses and we are going to sell a lot, but the reality shows that the expenses end up being more than expected and the benefits end up being less than desired at the start.
You must have the mentality to eat the world as an entrepreneur, but you must imagine the worst scenario and prepare for it, because simply, it could happen. Try to minimize the impact in case of failure in your business so that even if it happens you could follow your life normally within what fits.
However, if you fail, that can not ruin our desire to start over.