5 Things to Remember When Starting a Business
It takes a lot to become a successful entrepreneur and you’ve got a lot on your plate if you’re looking to go down that path.
It’s a path of uncertainty, plenty of ups and downs, late nights, and failure. But through that can come success after your investment of hard work and dedication.
While you can look at other places for exact tips and insights, we wanted to go over some of the more bare-bones tips that can sometimes be glossed over when you’re starting a business. Many times, these things aren’t as “fun” as making a business logo or coming up with a slogan but are nonetheless important.
Let’s go ahead and get started!
5 Things to Remember When Starting a Business
By Sarah Saker
It’s More than a One-Man Show
For those who have read about some business’ humble beginnings, like Steve Jobs starting out of a garage or Bill Gates dropping out of college, that doesn’t mean that these people went all alone.
No matter what your business idea is, you’re going to need help to get it up and running. Even though you may have a solid background in accounting, you might not have the slightest clue about website development when you launch your website
There are tons of tools and platforms out there to help you get started, but when it comes to the nitty-gritty you might need to outsource to someone who can help you with SEO or page speed optimization.
There’s no shame in asking for help.
Related Post: Do You Need a Degree to Run a Business?
The Bureaucratic Side
Raise your hand if you love bureaucracy! That’s right, no one is raising their hands.
Going through paperwork and local laws can be exhausting and confusing at times. It’s almost as if they’re trying to stifle business growth!
When it comes to laws, they are likely going to vary from area to area. In the United States, for example, LLCs are permitted but not all types of LLCs in all states. Series LLCs are only available in nine different states and the laws to set an LLC up vary from state to state.
There are also certain requirements like having business insurance that may vary from city to city. Business insurance not only covers your business but may also be a legal requirement to be fully recognized.
Dive Into Market Research
Wouldn’t it be great if every man, woman, and child on the planet wanted to buy your products or use your services? Unless you’re giving away free lottery tickets, that likely isn’t the case.
Market research is incredibly important for any business as it’s going to help you become a more efficient business by targeting and marketing your products to the right people.
Thanks to the internet, this is much easier now than it was a decade ago. Google has plenty of free analytics tools to check out a market and the social media giant Facebook also has the ability to create a market profile where you can research your targeted customer base.
Underspending Can be Dangerous
Laying out a budget is key for any business and can be both exciting and a bit nerve-wracking. Looking at your numbers really puts everything into perspective.
While most people will warn you about not going over your budget, we’re here to warn you about not going too far under your budget. While you’re likely looking for ways to save on the bottom line and cut back costs, underspending is a dangerous trap.
Underspending can show a lack of planning and organization just like overspending can and they may not be mistakes that you can correct.
You can allocate those leftover funds to more crucial parts of your business, such as your marketing plan or more IT support.
Researching your competitors can be seen as a branch of market research, as you want to make sure you’re entering a market that’s competitive but not too competitive.
If you find there’s no competition for your business idea, that’s because they’re likely isn’t a market. Chances are you’re not going to reinvent the wheel with your business idea.
But researching your competitors is a way to find out what they’re not doing and how you can fill the gaps. It’s also a way where you can maybe find out how a competitor can turn into a partnership, where you both can build off on each other’s success.
About Sarah Saker: Sarah is a freelance writer and small business coach living in Hattiesburg, Mississippi.
She loves writing and helping small businesses set up processes for customer support and growth, and working on creative marketing messaging.
Featured Image Source: Inc.
Author: Tanmoy Ray
I am a Career Adviser & MS Admission Consultant. Additionally, I also manage online marketing at Stoodnt. I did my Masters from the UK (Aston University) and have worked at the University of Oxford (UK), Utrecht University (Netherlands), University of New South Wales (Australia) and MeetUniversity (India).
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