Everyone who has been fed up with the 9 to 5 grind has thought of starting their own business at least once in their lifetime. But at the same time, the question arises “How?”. Although there are many budding and aspiring entrepreneurs in the world, a good business idea is not common among these people. Airbnb Co-founder Brian Chesky once said, “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution to a problem in your own life.” Hence for the people who have got that fire but need a start.
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9 Tips on How to Start a Business:
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1) Overcome the barrier of excuses:
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Every great decision starts with winning over excuses. For starting an own small business it could be time, finances, passiveness or habits like lazing or procrastinating. Many people just think of becoming an entrepreneur but only a few make it because of the little extra effort they put. The beginning of this effort starts with overcoming all the excuses and starting well-planned and well-motivated.
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Must Read- Best Strategies for the marketing plan.
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2) Be a solution:
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Rather than making a market for a product, make a product that is compatible with the market. Most of the aspiring entrepreneurs think that their product will be desired by many people, but in reality, it doesn’t create significant value. To minimize this risk find a problem which needs to be solved and become a problem solver. This can be achieved by collecting first-hand data from potential buyers, analyzing data from various focus group discussion etc. Also, find what type of problems they face in their life based on which considerate amount of alternative solutions can be found out.
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3) Keep it simple:
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There is a common belief that entrepreneurs have exceptional personalities, they are rebellions and are risk-takers. But in reality, they take calculated moves and avoid complexity. Hence the key is to take the idea on a small scale, conduct lots of trials and errors and then make it big. Start of small scale business initiates with simple business models, expanding by winning over opportunities and then reaching greater heights. Keeping it simple helps in the smooth flow of resources, information, and manpower.
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4) Count the cost:
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Budgeting is the most important aspect of any business, be it big or small. At every step, there will be loads of money which an entrepreneur needs to put in before the business actually starts to make some in return. Initial set up cost, manpower, electricity and other office expenses, machinery, transport, and other hidden expenses need to be anticipated in advance to know if the business is financially sound to conduct the operation. There will also be lots of cost-cutting to save the finances for something which has been prioritized over something which is less important. Costing will also depend upon the amount of investment the company has received.
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5) Imagine yourself with zero money:
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While starting a business one should always imagine himself with zero money. Meaning there should be a partition between personal income and business income. The capital which one owns is not owned by the business but the person. Keeping a track of income and expenses helps in this scenario. Also when one imagines oneself with no money there are many things which take place like the concentration on essentials, wise investment, cheaper version of tools are bought, most of the time is dedicated to things which can make money, etc. hence as an entrepreneur, it helps in strategically planning everything related to business. Ultimately it increases the revenue.
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6) Earn while you build:
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When the business is at an initial stage it is necessary to keep the motivation high and nothing works better as motivation than paying off of efforts in the form of money. Hence while the entrepreneur is building a business if he is also earning through it or from any other resources, it helps the entrepreneur to be encouraged to do more. A new business can be money-draining in the beginning. Therefore, if one has a source of earning it facilitates a money flow in the business even if it has not started earning yet.
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7) Speak up about your Business:
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Customers buy stories rather than a product itself. It helps to provide a sense of credibility and connection which they crave. Speaking up helps in creating value for the company. Not only it creates confidence within you to speak about your business, but it also clarifies and amplifies the given message while generating recognition of one’s expertise among the potential buyers or the people who matter to the business. Along with it, there will be some amount of publicity for a start it helps how to start a small business.
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8) Know the legal requirements for starting a business:
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There are always some legal requirements in every field. In business, it includes procedures like name registration, logo registration, tax filling, permits & licensing, business bank account etc. Every business will have to follow these regulations and hence an entrepreneur must keep a check on all the legal requirements while conducting the business.
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9) Balance passion with wisdom:
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People will always be passionate about business but what matters is if that passion is accompanied with wisdom too. Along with passion business must have relevance to the current environment, upgradations, and timely changes. While starting a new business it is significant to have a considerate amount of balance so as to smooth conduct of business. Passion will give fuel to the business on the other hand wisdom fill facilitate expertise and effective decision making.
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Must Read- Product Positioning: It’s more important than you think!
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