10 Things You Need to Know Before Starting A Business
During a job in paid employment it is hard work, you make long hours, and you can experience high pressure. But it is nothing compared to starting a business yourself. These are 10 things you need to know before you register with your new company.
1. Do not invent new products, but solve problems
42% of all product launches do not make it because there is no need for the product. So instead of coming up with new products and developing them, you better start looking for problems. Because if there is a problem, there is a need for a solution.
2. Forget fast success
Even companies that are seen as rapid successes, such as Amazon and Yahoo, have done at least three years. The majority of companies often need years to become a success. So if your goal is to be the next to earn millions with a start-up, you have to have a long breath.
3. Focus on your firm, not your weak points
Your success is based on your strengths, so make sure you spend the majority of your time on it. Things you do not care about are consumed, or you hire someone who does it for you. If you focus on the things you are not good at, that is a waste of your time.
4. Find a good team
You can never do business alone; you need help with that. It is only necessary that this is the right kind of support. 29% of all start-ups fail because they did not collect the right team around them. So take the time to think about how your team should look and then take on the best people as possible.
5. If you are going to fail, do it quickly
Failure is part of it. You should not only expect it; you have to take it into account. The best way to fail is to do it quickly, make adjustments and try again. One of the worst things you can do is slowly failing, and then you desperately wonder if you can still save everything. If you want to supersede it is vital that you quickly know what works and what does not.
6. Understand your added value
If you do not understand your own added value, do not expect other people to do business with you. If you do not already know, they will not know. The more straightforward and more precise your message is, the easier it is for people to conclude whether they need your product or service.
7. Know your customer
Many entrepreneurs have difficulty defining who their ideal customer is. If you do not know the answer to this simple question, marketing is virtually impossible for your product or service. The more precisely the customer is defined, the more focused and successful your marketing will be. And that ultimately leads to more sales.
8. Not every customer is good for you
Do not be afraid to say goodbye to customers if they cause more concerns than sales. You will encounter customers who will give you sleepless nights. It is good to know that it is okay to say goodbye to them and to focus on finding customers who are happy with you.
9. Learn from the mistakes of others
You learn from mistakes, but that does not necessarily have to be your own mistakes. 80% of all start-ups do not make it, so study the reason for their failure and make sure you take the right steps not to make the same mistakes. It saves you a lot of time, money and stress.
10. No sales, no company
Purchases and sales are for your company as oxygen for humans. Without you die. It is so soft to lose yourself in product design, marketing, planning, recruitment, social media and so on. But you have a business to make money and to make money you have to sell. Good ideas, products or services are not enough. Sales are what ultimately makes your business grow.