How To Start A Business

TheCheese By TheCheese, 17th Sep 2012 | Follow this author | RSS Feed
Posted in Wikinut>Business>Starting A Business

It can be all too easy to get sucked into the climate of pessimism in times of economic trouble. The truth is that even in times of crisis there is opportunity for those with the courage to seek it out.

Don’t be deterred by naysayers

As with just about any kind of endeavour when you tell some people what you are planning they will come back to you with a long list of reasons why they think you are stupid and you will fail. It is important not to be discouraged. Taking on-board criticism in a positive way is a very important skill to learn if you want to launch your own business, but you should never let yourself believe even for an instant that you are not capable of rising to the challenge.

Research carefully

Having an idea about a business that could work is a vital first step, but it is just the beginning of the planning journey. You need to make sure that you research all aspects of the business thoroughly – even if you already have experience in some aspect of it.

You need to understand your target market – what they want and how your proposition will fill a genuine need. If there is not a gap in the market where your product or service represents an attractive value proposition then you need to return to the drawing board.

Do the maths

As much as possible you need to get real numbers into your planning. Identify where the numbers in your calculations are based on guess work rather than hard facts. In these cases you should first of all seek to acquire better data, but where this is not possible you should try to estimate the most accurate ‘worst case’ scenario numbers that you can.

Return to the ‘costs’ column of your calculations often, there will be things that you have missed, and though they might seem small, little things all add up, and things that you assumed would not be a major issue could in fact turn out to be a disaster for the profitability of your business.

Get expert help

Where there is help available it is a good idea to take it. You will be requiring banking services, even if you are not looking for help to finance your business – some of these will offer advice to those with a new business.

To succeed at anything it is vital to learn from your failures. It is even better if you can find a way to learn from the failures of others. It is a harsh fact that most new businesses will fail. Learn all you can about why this has happened to others in both the geographical and business area and you will have a decent head start in making sure that a similar thing does not happen to you.

Tags

Business, New Business Tips, Startining A Business, Startups

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