It is not an uncommon feeling in salaried people that they are not working to fulfill their dreams, rather they are working to fulfill someone else’s dreams! And to be honest, in a way it is indeed quite true! They’re helping someone build their own dreams with all that slogging and hours of hard work they put in and compromise their work-life balance.
Everybody has a goal of being their own boss so they don’t have to follow unnecessary work schedules or cut corners from personal time to keep up with work targets. However, most people going through this phase cannot really think about quitting the job to start off their own venture.
This is mainly because of two things that really hold most people back. How to replace the income from an existing job, and not knowing how to start off the new venture.
While these two things do stop some people, others jump right in. Here are six tips to successfully build a business:
Identify Strengths & The Suitable Target Industry/Sector
Before delving into the nitty-gritty of setting up a business, advisors often suggest asking some important questions. Some people know exactly what they want to do but others do not. One of the first questions to ask is what is the one thing that most interests you, and is it an good option to start your own business. Business advisors will often suggest capitalizing on personal strengths before trying to solve practical problems.
A good cook cannot create new accounting software but can start a new chain of bakeries offering some of the finest cakes. The idea of asking questions is to identify areas of strengths, expertise, and industry in which a person can best cater to.
Always work to strengths and capitalize on them. Starting a venture is a difficult task that requires a lot of effort. So, start something which is easy to pull off with skills and not much personal labor.
Identify the Gaps
Post figuring out the kind of business you can venture into, the industry it caters for, and the existing players in the industry, the next step is to analyze the gaps present in the market. These are the areas that can be potentially exploited.
In other words, these could be things currently missing in the market, which a venture can provide. Alternatively, they could be things that are not being done well by others. Uniqueness is the essence of a successful startup. A definite edge can lure people to try out new products or services and come back for more.
Research is the next important step. Study present and potential competitors, understand the market, figure out the gaps that persist, spend some time fool-proofing the idea and then take a leap. It is always a good idea to step into the business world prepared with facts and data in hand.
Have a clear vision of the goals that should be achieved over time and the means and ways to do so. Define everything as precisely as possible.
- Target Audience – like branding on instagram or other platforms
- Means to connect with the audience
- Marketing strategies
- Resource requirements, etc.
It may sound like a tedious and daunting task, but it’s one of the most important steps towards establishing a successful business. Listing goals, drafting an action plan and means and ways to accomplish them, helps understand everything in a better and more precise manner.
Without definitive goals and no clear path, people end up shooting an arrow in the dark. The goals defined here provide the motivation to go that extra mile, achieve things that were previously not achievable and upscale revenue.
Weigh All Opportunities
Narrowing down business goals and objectives along with clearly drafting a plan helps in moving forward with a potential business journey. Weigh all the opportunities coming up and decide which ones to accept and which ones to discard.
This is the stage to improve productivity, look at opportunities, analyze the areas you excel and/or lack, find the means and ways to improve, do experiments, calculate revenue, and draft an industry comparison. Look for opportunities which help to improve, grow, and learn new ways to do business.
No matter how sure and confident you are, seeking advice from people who’re already a part of that industry serves as an advance. Look for industry veterans, get in touch with them, discuss the idea, seek opinion, take notes and implement all the best ideas and strategies.
The key is to learn as much as possible from people who’ve already done their own experiments in the same field. They may be the best people to help sail through the sea and equip with everything necessary to survive.
Know When the Time is Right
Knowing when to kick start a venture can be a daunting task. It may always seem like the right time or the wrong time to dive into the sea of business. Some people say it is important to step in only when you’re well-equipped with all the necessary things needed to start. Others say “ready, fire, aim” in other words, just get started.
For working professionals planning to start their own business, it can be useful to start off by making it a part-time affair, keep working on the strategies, execute plans and wait for things to start taking shape. Some people like to have a fall-back option instead of quitting their paying job and then working with no access to regular finances.
Once a part-time venture starts making enough money to sustain them, it’s time to take it to the next level by working full time on it.