Starting a business - tips for first-time entrepreneurs
To start a business there are many tasks to perform and many nuances to consider. We've created a guide to help you set up a thriving business.
Checking your personal resources
Can you keep your current job? If yes, how much time can you allocate to the business? If not, do you have a financial cushion, how much is enough?
Is your family ready to start a business? Will you have the support of family members, what could they do for your business project?
Your strengths and weaknesses
What are your skills and what is your skill gap for the business idea? How passionate are you about it? Once you've worked out what skills you lack, it's time to think about where to find an expert or partner for your business. Expand your networking, enter a community of entrepreneurs where you can get advice or support.
What problem does your business idea solve?
It is easy to understand, the problem is the reason why people will buy your product or service. The solution is the product or service. If you understand the problem and the solution, you can imagine your customer. Who are the people who will use the services of your business? Where do they live, what is their income level? Now you know your target audience. Now is the time to do market research, and find out who your competitors are.
Once you've completed the previous steps, it's time to do the numbers.
- Estimate your start-up costs.
- Make a list of your running costs.
Once you have an idea of how much money you'll need, think about sources of funding.
Where can I find investment for the business?
You may have your own funds. But, if you need to raise outside funding, you will need to prepare a presentation for an investor or business partner. Most investors will not finance just an idea. You need to convince them that potential customers are interested in your products or services, that your business is scalable, that you are really passionate about your business project and will do everything to make it a success.