5 Essentials before kick Starting Your Own Business
Updated: Jul 16, 2019
Starting a small business is no small feat. If you have already stepped into the realm of business, it is an easy aspect. However, for those who are taking the plunge, its a very different story. Nathan was a very happy employee who felt he had a lot more to offer and wanted to start his own business. The more he researched how to start his own business, the more he realised the complexity and intricacy on the same. Nathan came to the conclusion that certain preliminary steps need to be taken to start a company. Here are a few;
Know what you are doing: Many times, people start a business without thinking things through. When you start a business, you need to understand what your customers are willing to pay you for, otherwise known as the value proposition. If you cannot generate the income needed to sustain a business, then your business has only one way to go; Down. However, if you are able to get people to pay for your value proposition, then your business has an amazing chance of survival.
Be consumer/customer centric: You might have the best product or service in the world, but if you don’t tailor it for your customer, then you won’t get sales. You need to understand you know exactly who your customer is. What is his socio-economic status? What is his demographics? What is your customer's Gender? Without this kind of information, you will not know where and how to propagate information about your product/service on the market. If you market your service/product and understand their buying habits, then you can entice them to purchase from you. This is how you beat your competition.
Have a business plan: As a startup, your extremely cost sensitive and you are always looking to find cost-efficient solutions. However, being cost efficient does not mean not spending money. One needs to spend where it is required and hold back where it is not. Having a business plan helps you understand many aspects of your business. i.e. your profitability quotient, your potential for growth/scaling, the business model you are selling, etc. Remember, a business plan helps you follow a path to a goal you have set yourself so that you are not meandering like water down the path of least resistance.
Hiring against your weakness: Remember, you are not superman. You cannot do everything and in time, you will have to spend time to make a team to support you in what you need to accomplish. Remember, as your business grows, you will become more managerial in your roles and not hands on. It is a gradual process and not an overnight jump. Take time to understand what you are good at and what you need help with. The larger you grow, the more you are going to have to delegate. Having the right kind of support as you grow will be essential in your growth.
Be Passionate: Go back to basics every time you feel like giving up. Remember why you started what you did. To have a drive and stick on to engaging in what you are doing even when no one is there to support you is going to happen only if you have a passion for what you are doing. Never let that passion die. Be excited about what you want to do. Be driven by your passion to succeed. It takes some time to grow but it is well worth the wait to grow your business.
Remember that 84% of small business owners would take up the challenges and sacrifices again and again despite being unable to succeed the first time. If you are someone looking to start your startup in Qatar, then BBMS would be the best place to start. We offer no-obligation consultations for you so that you can make the best decisions with respect to your business. We also help you set up your legal entity in Qatar. Call us at +974 40 120 333 or email us at email@example.com