Stay here; grab a cup of coffee, juice or green tea. Let’s talk about the things you must have before you start your own business. I know you’ve probably read enough books and watched enough YouTube videos talking about what you should be doing. But I’m going to make this as simple as possible so there’s less confusion and more absorption of information.
Streak of Self-Criticism
Talk to yourself. Channel your inner critic and put yourself in the spotlight. Before you even think about starting a business, you need to have the capacity to take criticism as constructive betterment for the future. It might sting a little in the beginning, but it’s the only way you get to grow your business and be better aware of what the customers like.
For starters, it’s best to condition yourself to accept your own behavioral flaws and find possible solutions to them. Try applying these solutions in real life. If you find yourself to be a flexible person in this regard, then the likelihood of you managing your business and customers smoothly will be high. A business requires constant tweaks and adjustments with the daily evolution of market and customers. You must be able to take criticism and accept problematic flaws that could be hindering the healthy growth of your business. The sooner you accept them, the faster you can find solutions.
You will reflect upon your business, so if you are open to self-improvement then business will probably grow overtime too.
Time Without Dime
This means that when you start a business; remember that ‘your’ time no longer belongs to ‘you’. You owe your time and convenience to your baby business. This little fella needs extra nourishment and attention in the start, and if you neglect it then you will fail in the market.
Let me tell you that you probably won’t have a relaxed weekend or holiday for a long time once you start a business. So make sure you can dedicate a lot of hours to your baby business. In the beginning you need to create brand awareness and presence in the market, if you don’t network and grab opportunities, other wolves in the industry might pounce at them.
Be ready to work without profit because you won’t be making millions in the first startup year of the business.
Money Makes the World Go ‘Round
Many businesses fail within the first year because they don’t have enough funds, and are ill-prepared for any financial setbacks. Do not make this mistake!
Starting a business means money. Make sure there’s lots of green paper in your bank, and anticipate any financial setbacks with a safe amount of savings. You have to be on your tiptoes and alert at all times when your business enters the market.
If your business is financially secure in the beginning years, then you can possibly sustain its growth and profits as it matures within the market. If you are approaching VC’s to fund your startup, here is a good initial guide for you.
Research Charisma for Customers and Competition
Yes! You need charisma, but not the kind where you swish your hips about on the stage or speak words that spill like honey. Be well-informed, stay on top of your research game. Know your competitors in the market like the back of your hand. Study your customers’ responses like it’s the only hobby left to pursue.
Thorough research could prevent financial setbacks, disastrous campaigns and crying customers. Make ‘research’ your best pal, somebody you hang out with at night when bored and wake up to in the morning for breakfast.
If you know about everything that’s happening, then your business will be one step ahead of everyone else.
Solutions
I never get tired of telling people how ‘solutions’ will put their business in the top three contestants for Hunger Games. Every business for itself, so there’s no denying that survival and growth are the two main objectives of any business.
If you really want to survive and stand out, then make sure your business is offering a solution to some problem, or a possible improvement to an existing hassle. As long as your business is serving the customers with something that’s helpful, they will not only convert but also become your brand advocates.
Online Presence
This might sound basic, but you MUST have an internet connection, a reliable hosting and a website so you can put your business out there.
Facebook, Twitter, LinkedIn and Instagram are great platforms for creating brand awareness and promoting your business. They draw in customers like bees to honey. Be consistent with your updates and reach out to the customers.
Share your ideas and thoughts about ‘must haves’ in business. Leave us suggestions to business necessities the comment section below.
Mike Agugliaro is owner of Gold Medal Service in New Jersey and service business coaching company CEO Warrior. He’s successfully mentored and created profitable business models and actionable processes for other service businesses, both small and large.