So, you
are thinking of starting a new business as young? That is fantastic.
A trilling, difficult, and maybe life-changing journey is about to begin. With so much advice available, it’s easy to feel overloaded. Let’s cut through the clutter and discuss what matters most for aspiring business owners.
01.It
all starts with a problem not with an idea,
Falling in
love with a fresh concept without first identifying an issue is the biggest
mistake made by new business owners.
·
Your
Concepts: “I’m
going to create a super-fancy coffee maker that also toast bread.” (A
characteristic)
·
The
Issue: “People in
small apartments want a single appliance that saves counter space” (A source of
discomfort)
Instead of
selling products, a great business offers a solution. Ask yourself, “Who has
this problem, and are they willing to pay to solve it?” before you spend a
single penny. Speak with prospective clients. Their suffering is your chance.
02. Learn
to be a Lean Startup, Don’t Overinvest.
Forget
about first day’s perfect website, the gleaming workplace, and the huge
business loan. Get lean first. That means,
·
Create
the simplest - Minimum Viable Product (MVP), most basic form of your product or service that may
be made available to the public. This is known as the minimum valuable product,
or MVP. Although it’s not perfect. It functions well enough to get input.
·
Launch
Quickly, Learn Quickly,
Present your MVP to real customers. Don’t wait for perfection. The idea is to
quickly figure out what works and what doesn’t, then either pivot (alter
course) or endure (Keep going).
Use Low-Cost, or free tools to save money. Often, all you need to begin selling and proving your business is basic landing sites and a social media account.
03. The
Influence of “Niche Down”
It’s easy
to stive to please everyone when you first start out. Don’t You will become
invisible if you try to sell vague product to a billion people.
·
Board: “I help small businesses with
marketing”
·
Niche: “I help independent coffee shops
in Chicago use Instagram Reels to increase foot traffic.”
You establish yourself as the go-to expert by focusing on a small, targeted group (your niche). You can customize your message, provide the ideal solution to their issues, and charge more. You can always grow the niche after you’ve established it.
04.
Keep Your Business Finance Separate (From Day One!)
This is
perhaps the most unglamorous but vital step. As soon as you decide you are
serious you need to establish clear financial boundaries:
·
Open
a Dedicate Business Bank Account:
Do not run business expenses or income through your personal checking account.
This makes tracking profits, paying taxes, and managing cash flow infinitely
easier.
· Tracking Everything: Use simple accounting software (like QuickBooks or even a detailed spreadsheet) to log every single penny that comes in and goes out. Knowing your Burn Rate (How fast you spend cash) and your Profit Margins is critical for making informed decisions.
05.
Mindset Matter More than Money.
Being an entrepreneur is a journey rather than a race. There will be days when
you want to give up, days when you question everything, and days when sales
don’t come in. A few important mindsets are possessed by the successful
entrepreneur,
·
Accept
Failure: Every
“failure” is simply data. Consider it a scientific experiment that demonstrates
the failure of a particular approach. Instead of avoiding failure, successful
people take advantage of it to improve and quickly modify their approach.
·
Embrace
Lifelong Learning:
The corporate environment is ever evolving. Set aside time each week to read
business news, listen to podcasts, enroll in classes, and establish
relationships with mentors. Your business is stagnating if you're not learning.
·
Consistency
Trumps Intensity:
A few hours of carefully concentrated effort each day is better to chaotic
one-time 16-hour session. Create good habits and be present every day, even if
you don’t feel like it.
Having a
perfect plan isn’t important when starting a business, what matters is having
the courage to get started and self-control grows and change. Research your
customer’s problem, create your own MPV, and share your concept with one person
today to take the first tiny step.
The
world needs your unique solution. Go build it!
Image Credit : https://www.dreamstime.com/illustration/entrepreneur.html