I assume that if you’re reading this, at this point in time, you’ve either found your passion, narrowed down your business idea or services you plan/want to implement – or you’re not quite sure exactly what sort of business you’re interested in kick-starting, so you’re doing your research first. Regardless of which part of the process you’re currently in, I will ensure to cover the significant aspects that you MUST consider when launching your business.
For starters, to all my unorganized individuals out there – that ain’t it. It is VITAL to secure top-notch organization skills and habits simply because the world of Entrepreneurship involves an abundance of preparation. Being in this industry for over 10 years, planning and organization has been one of the most useful, beneficial ways to stay on task, focused, and most of all – successful. If you’re someone who deeply focuses on the ‘now’ rather than the ‘later’ – you need to develop a healthy balance between the two. Your long-term business is just as important as your current business state, so you need to make sure that the choices and decisions you make today can positively impact the decisions you will need to make in the future. Now of course, one of the pieces of advice that Business Owners and Entrepreneurs relatively tend to share is the ability to take risks – which I completely agree with. However, being able to appropriately measure the risk, its advantages, and its disadvantages is a skill that is important to obtain as well, as you never want to jeopardize putting your business in danger. With this being said, let’s just jump right into the good stuff – These are the 4 most important things (in my opinion) to consider when launching a business.
Feasibility: In my opinion, this is one of the most important factors to consider – is your business idea/concept feasible? In order to determine if something is considered to be feasible, you must determine its probability or capabilities and whether or not you will reach completion, successfully or not. So, ask yourself – is your idea “do-able?” Can you achieve what you plan to through analyzing the necessary steps in order to lead to success? Will your finances permit you to launch? What about your location? What is the market potential like for your business idea? These are all important elements to consider before physically kick-starting your business. My professional advice would be dedicating an appropriate amount of time to conduct feasibility studies to understand and address where and how a business will operate. By doing this, you can also identify any obstacles you may face that can potentially impede its operations, as well as the amount of funding you will need to invest with.
Knowledge/Research: We all know how tedious, time-consuming, and redundant conducting research can be – however I believe it’s importance is essential. The more knowledge we endure, the more understanding we can do and the more problem solving we can make. Being in the industry for over a decade, there are still things that I’m constantly learning throughout my journey. This goes to show that there’s never too much information we can consume. Conducting research can provide you with answers to things that were once unknown, as well as filling the gaps in your knowledge to make sense of something greater. Business knowledge and research may include analyzing the demographics of your target audience or understanding whom your competitors are. An example of this can be conducting market research methods or product demands using information sources such as questionnaires, direct observations, discussing with others, or business websites. Just remember, the more you know, the higher your success rate will be – so don’t forget to do your research!
Finances: There is no such thing as launching a business without money. I highly recommend developing a financial plan beforehand to ensure that you break down your costs VISUALLY. Personally, I think that writing things out and seeing the numbers visually help to organize information in an effective manner. You can break up your financial information by weeks, months, or whatever works for you – as long as you make sure to plan your execution process. The first factor that is extremely important is determining your start-up costs. You will need to research and assess the amount of money that is required to efficiently kick-start and set up your business. Differentiating your intangible fixed assets and capital assets, your investment projects, your cash flow, and more is exceedingly important. Ensuring that you obtain the sufficient funds to launch your business will govern your success rate.
Passion: Now, you can identify your feasibility, your knowledge/research, and your financial plans, however I believe the most important aspect in launching your business is ensuring that you are passionate in what it is you’re intending to do. I am a firm believer in the idea that your passion is what drives you. One thing I will say is that, in order to overcome obstacles, challenges, and hardships you will face along the way, you must be committed and motivated to fight through any failure or rejection you may face. Doing what you love and doing something that you’re passionate about makes your Entrepreneurial journey that much more enjoyable. Allow your passions to drive you to achieve the big things you’ve always wanted to do – and nothing will ever get in your way to success.
Now, of course these are only some of the factors to consider when launching a business – so don’t be fooled because there is so much more to it. Owning your own business comes freedom and independence, financial rewards, personal satisfaction, and flexible hours, however also come a variety of management skills, long hours, commitment, risk-taking, failure and rejection. I’ll leave you all with this – understand your plan, process, and passion and you will experience success. And remember, “Opportunities don’t happen, you create them.”
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