Everyone has thought of starting a business at some point in their life. We’ve all had random ideas where we go “this sounds like a good business idea” but never really pushed through for some reason or another. Just as the famous saying goes, however, you miss all the shots you don’t take. Is it really worth chasing your business idea? It might just be. The world we live in is filled with uncertainties, and this can be both good and bad depending on how we play our card rights.
The number of people who dreamt of becoming top-tier entrepreneurs or businesspeople is large. The actual amount of successful businesspeople compared to those who try is terribly askew. Why, you ask? Simply because of the scope of attempt: before aiming big, it’s better to cover the fundamentals and start small first. Whether your idea is big or small, the first step is to take the plunge. And taking the plunge properly prepared is necessary.
Solidify Your Idea
What is your business idea exactly? Who will buy your product or services? Too often, we think of vague ideas that might or might not work. Reality tends to be more specific however, as vagueness only results in half-baked attempts. Sit down and think of the product you’ll be selling. Is it a need or a want? This is not the time to think of branding, it’s the time to think whether your business will be solving an existing problem or offering a new service.
One good way to make a solid business idea is to look at what is looking now, and how you can address that lack. Providing solutions to existing troubles means a greater chance of people actually taking notice of your product. This also helps you narrow down who your target demographic is. Once you’ve formed your core idea and who will buy that idea, then you’re off to a good start.
Question: What will you sell, and who will buy it?
Layout the Logistics
Too often, the initial brainstorming phase results in grand and bombastic plans. While theory is interesting and all, it’s better to have a practical approach to how you go about things- especially in business. Let’s take a food cart business for example. The initial idea is to provide quick and easy-to-eat meals for on the go employees. Now that you have that idea, the next question on your checklist should be how to achieve that. Where will you source the ingredients? How will you make that food in your planned amount of time? How will your customers pay and receive your food?
These questions are often answerable by taking a look at what’s currently available. And there many options nowadays, thanks to the interconnected nature of businesses. Even small-to-medium enterprises have a fighting chance, as long as they know how to utilize the readily available resources. Looking back on the food cart business, perhaps you’ve realized that a food card business in a strategic location isn’t enough. You can look into food delivery services online to deliver your food from your kitchen to your customer. Perhaps you can skip the cart entirely and focus on an online food service—being that its trajectory is an upward angle. At this point, you’ve answered a crucial question that will help you lay the building blocks for your business.
Question: How will you get the materials for the product, and how will the product reach the consumer?
Get Your Papers Done
Many small businesses suffer from legal setbacks simply because they haven’t prepared the necessary paperwork to support their business. Don’t make the rookie mistake of focusing entirely on the business aspect of things and neglecting the legal part. Get a business litigation lawyer to help you layout everything needed. The last thing you want is to be stopped when you’re about to go flying.
There’s an inordinate amount of paperwork tied to running your own business, and while it might seem like a major hassle to deal with, it’s necessary. You have to know what licenses or permits you need to acquire before you can operate, and you also need to cover your employees’ (or potential employees) legal terms before proceeding. Accomplishing this step is crucial to finally achieve your full-fledged business goal.
Question: Am I legally able to do business?
While this might sound like a silly thing to say at this point, it still stands. Starting a business requires bravery and confidence. If you don’t trust yourself to holdout through struggles, or you feel you’re lacking confidence to even start, then it’s best to go back to square one. Think things through before committing to something as big as starting your own business. Everyone can think of a business idea, but you have to teach yourself how to do business.
Question: Am I ready to do business?