After college, I hunted for work and my efforts paid off. I managed to secure a job slot at a top bank in the country. Although the job was good, I felt something amiss during my day to day work. So
I decided I was going to be my own boss and start my own business.
However, it isn’t as easy as it sounds. If you have plans to start your own business as well, allow me to share these tips with you. Here are 10 things I wish I knew before I launched my startup:
- Develop a business plan – Develop a plan with goals, objectives and reasonable strategies. Companies like Clydesdale Bank encourages anyone starting a business to take the time to consider all business aspects and factors that will help you reach your goals and maximizing profits. What products/services are you selling? Who is your target market? How are you going to reach out to them?
- Take a business idea that requires a reasonable amount of funding– You don’t have to start big. Make sure to build on a business idea based on the amount of funding that is available to you. It makes no sense to start a business that requires millions when you don’t have that amount to start with.
- Choose a business entity – You probably want to run the business on your own rendering it a sole proprietorship. Or if you have someone interested to join you, then you would want a partnership entity. You may need professional aid when it comes to classifying your business.
- Obtain an operation license– In order to have a smooth startup, it is advisable that you register your business and obtain a license to avoid being caught on the wrong side of the law which might cause delay on the business operation or worse, a closure.
- Bookkeeping– Maintaining records and account of every expense and revenue in your business will keep you updated on the financial status of your business. Consider having an accountant to assist you with that.
- Always separate the business’ expenses from personal expenses– This will help you figure out where mistakes are catching up with your business. It will aid in rectifying the mistakes you are doing, and encourage improvements to happen in order to realize profits.
- Attend business seminars– Listening to others’ experiences might help a lot since they will always give tips on how to run a business successfully and what kind of mistakes you should be cautious about.
- Create a marketing plan– Remember the aim of every business is to gather customers and serve them best. Work on a strategy that will make your products sell at the highest possible rate.
- Research– You need to do ample research on the current market trends or what your competitors are doing right (or wrong) so you will know what to focus on when starting your business.
- Always have a backup plan– Business is all about risk. If you fail, don’t give up. Find a way to get back up and learn from your mistakes.