The thought of starting a business has probably come to many of us if not all of us at least once. The idea of being a business owner gets many people excited about starting a business. You imagine it as making your own money, working at your own time and generally being bauss and boasty.
However many forget to look at some critical things that I think one needs to calculate before starting a business. Especially artists and creatives, we struggle a whole lot turning our creative work into a business. This holiday season as you plan for 2020, I share with you my 3 tips to guide you as you start or consider starting a business.
- Timing is King.
Before starting a business, take a close look at your product or service and evaluate at what time of the year or even month would be best to unleash. Will there be need for the product? Who will need it and at what point?
It’s extremely important to have the right timing to start a business so that you make some footing in the market and make some initial money that can propel the business when things start to go slow. For example; if your product is ladies dresses or men’s shoes, you will need to analyze the market and find out when is your product needed most.
Need directly translates to a ready market.
- Valueover Money.
This might not settle well with many but when starting a business, it’s not majorly about the money. Here’s why:
Nobody knows you or your product and therefore have no reason to buy or even trust you. However if you focus on creating value in either your product or service, the quality will see the product. Put yourself in a client’s shoes, ask yourself how often do you try out a new product? When you do and find out it’s really good what do you do? You buy more and tell all your friends about it, right? Use the same principle in starting your business, focus on making your product of high value and it shall itself.
- Whatis your WHY.
This should have probably been #1. Why are you starting a business is a question you should sit and critically think about because it will basically guide you on what you will get into and for how long. Yes, your business doesn’t have to be long term, you could start a small business to last the 4 years you’re in University or high school. Being clear about your ‘why’ keeps you focused on your goal.
Purpose fuels passion.
Thoseare my top 3 tips on starting a business, feel free to add some more on thecomments section. The #YoungEntrepreneursPlaybook is for all of us, thereforeyour contribution is highly appreciated.