4 tips to get you going with your new start-up venture
Think you're ready to take the plunge and start a business? If so make sure you do these four things to give your start-up the very best chance
Approximately 20% of the young adults aged 18 to 34 have had at least one business idea in their life.
Unfortunately, they’re also part of the age group that’s most likely to be unemployed. The economic crisis has hit all age categories hard, but it has hit the young the hardest. Without prior experience, it’s becoming increasingly hard to find a job in the same niche as your college major.
The bright side is that the economic crisis has driven up the number of freelancers and self-employed individuals.
With it, the amount of support available for them has also increased. Companies such as 1st Formations can provide extensive information for individuals looking to set up their new start-up. Moreover, government agencies are also providing support for start-ups, through funding, visas, and mentoring.
The available support doesn’t mean everyone will be successful overnight or even successful at all, but that’s no reason not to try if you think you have a great business idea. If you’ve already considered the possibilities, here are the top four tips to get you going with your new start-up.
Learn from mistakes
Notice how I didn’t mention “your mistakes” or “others’ mistakes”. That’s because you shouldn’t limit yourself to learning from just one of the categories. Avoiding other people’s mistakes is just as important as learning from your own. Hundreds of entrepreneurs have published entire books based on their mistakes and their journey from rock bottom to success.
Making mistakes is part of the process. Don’t set sail on the path of start-ups if you’re not ready to make some mistakes along the way. However, like all experiences, mistakes can strengthen our present and prepare us for the future.
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Research your clients
You already have your business idea. The first step towards creating a successful start-up is researching your clients. The products that you sell and the services you provide need to be tailored around the needs of your potential clients. Your main demographic should be your first priority. Either talk to people face-to-face or create an online form and post it on niche forums.
Knowing what your potential customers want before launching your business will help attract more people from the start. However, turn this research into a dynamic process and conduct it on a regular basis.
Study your competition
Competition is unavoidable, regardless of the niche you choose. Studying it is an important part of business. If you come to think about it, a lot of newer companies don’t come up with new or unheard of ideas.
They simply take an existing idea and improve upon it. If you already have a business idea, research your market and see if there’s already a company that’s putting it into practice. If you’re lucky, you’ll be the first one. If not, learn from what your competitor is doing and create a better service or product. This may sound like a hostile idea but competition is fierce in every niche and having the upper hand is always a plus.
Create a business plan
An interesting idea doesn’t always translate into a successful business. Do yourself a favour and create a business plan. You should write down your vision and your objectives first. Move on to location, staff, and expenses. Next, add your products or services. Opt for a marketing strategy that suits your needs. Devise a financial plan based on the expected needs. Finish off by writing down a summary of everything. You won’t be able to foresee every possible event or outcome, but you’ll be ready for a good portion of what’s coming.