You might be one of the people who are so tired of being an employee, pleasing your boss, and working to make others wealthy. At times, you might find yourself daydreaming how it would be like to run your own business and manage your own team because you know you have the potential to do it better. An entrepreneur’s life may seem easy, but it will never be entirely comfortable and it is probably harder than you think, especially when you’re in the newborn stage. But when done right, the rewards are definitely fulfilling.
Here are some things you need to consider before starting your own business:
1. Do you have a Business Plan?
A Business Plan doesn’t necessarily need to be that complicated, but at least have a specific action plan for your Operations, Marketing Strategy and Budget Forecast that will focus on your vision. Your product or service also needs to be well-defined and well-thought-out. Does your business address a particular need in the current market? Does it have a big demand opportunity? All these need to be considered to make a strong business plan.
- Know the law.
You need to get familiar with the business law as it has requirements that vary depending on the business category you will be under (i.e. sole proprietorship, partnership, corporation). You can consult a legal office or a government office that processes business permits to guide you on this matter. It is always important to legalize your business to get the trust of your customers.
- Think about your Company Name, but most especially your Brand Name.
Registering your company name is important, though some may encounter issues due to restrictions or unavailability of your desired business name. Not to worry, because your business name can be different from your brand name. Just make sure that both are indicated on all your business permits. From a marketing point of view, you must focus more on having a creative brand name that will have a “recall” with your target market.
- Hire the right people, not just because they are your friends.
Yes. We know how excited your friends are and they would like to help you with this mission. Just remember that your friendship is different from your business. A friend to be your mentor is a good idea, but to hire friends as your employees can’t be as good an idea as you are thinking.
- Don’t discount “yet”.
Almost everyone will ask you for your “introductory rate” or “promo rate” on your product or service. The key is to make people feel that your product/service has value and it’s worth it.
You can have room for a discount, but it should be adequately thought with specific target sales and the right timing to launch.
- It’s okay to fail.
It’s okay to fail, but don’t take that as an excuse nor a reason to quit. You are reading this article right now because you know you are capable of doing this and we do believe in you, too! It will take time, but your commitment will always lead you to your success.