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These Are The 10 Things You Should Know Before Starting A Business. by missawele(f): 6:55pm On Jul 07, 2020
Starting a business can be a risky and tough venture. You are starting a journey without knowing if you will get to your destination or get stopped by the many obstacles you will meet. But you start anyway.

When starting a business, there are some factors you need to consider and things you need to put in place.

Today, I will be listing these factors and expatiating on them.

You can’t do everything alone: In the early days of your business, you might get tempted to do everything yourself for one reason or the other. But you have to know when to engage other people. Especially if you are not skilled in the area.

Know when to hire a website designer, an accountant, a legal practitioner and other professionals.

Additionally, you should learn to delegate.

Branding is important: As you are planning to start your small business, consider branding.

Branding is more than logos and company colours. It is one of the factors that determine how well your target market will perceive and accept your products.

Branding is so powerful that good branding can make a low-quality product do better in sales than good-quality products with bad or no branding.
Passion is not enough: Some times, people start a business because of the passion they have for that business, not considering other factors.

You indeed need to love what you are doing, but that is not enough to ensure the success and growth of the business.

In addition to passion, other factors such as funds and skills must be considered before starting.

Keep things simple and flexible: Keeping things simple will make it easy to accomplish your goals. From your business idea to your business and marketing plans, everything about your business should be kept simple and flexible for change.

There is power in simplicity.

Focus on the need of the people: Before you start your small business, ask yourself which needs of the people are you meeting?

The answer to this question goes a long way to determine how you position your brand, your message, story, e.t.c.

Test before you commit: Create a minimum viable product(MVP) to determine how your audience will accept your product and their objections.

Many small business owners assume that their target audience needs their products and go-ahead to develop the complete version.

The problem with this is that if your product isn’t exactly what your audience needs, you would have wasted funds.

Things are not always rosy: The journey is full of highs and lows. There are days when you will feel the highest of the highs and be happy.

And on some days, you will be faced with challenges.

Find a good mentor or coach: Starting a business is a difficult and lonely journey, and many businesses fail within the first five years.

Having a mentor and coach can make this occurrence less likely to happen for your business. A mentor and a coach are like a parent that guides you and hold you accountable for your actions.

While it looks like they both do the same thing, a mentor is different from a coach. A mentor-mentee relationship is long-term. While a coach-client relationship is short-term.

Whether you need both of them or one of them depends on what you are trying to achieve.

Business plans are subject to change: Most businesses deviate from their original business plan based on marketing and customer insight.

So, if after starting your business, you realize that your business plans might not work based on new findings, know that it’s okay to change.
This is where flexibility comes in.

Networking and community are important: No man is an island of knowledge. When starting your small business, it is good to network with entrepreneurs like yourself. Join masterminds and small business communities, attend seminars and events.

The communities you join can serve as a support for you when the going gets tough.

On a final note, starting a business is a learning process. You start with baby steps and learn as you go. So, don’t beat yourself up over if things are not going according to plan. Instead, find out the source of the problem and tackle it.

And if you have not started your business yet, ensure you do your homework by looking at these 10 things before starting.
Re: These Are The 10 Things You Should Know Before Starting A Business. by masterflowx(m): 7:23pm On Jul 07, 2020
R
Re: These Are The 10 Things You Should Know Before Starting A Business. by masterflowx(m): 7:24pm On Jul 07, 2020
This is cool... Kudos!

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