11 Things You Should Consider Before Starting a Business:

Many people believe that you’re not smart if you never went to college, but common sense rules over this myth, that’s what I believe and which is one important thing to run a successful business. You’ll learn to accept yourself through all this because in order to make a profit every day you’ve to adapt to those things.

Here are a few things which I wish you should know before starting a business, I hope it would save some of your quality time.

1. Running a business should be your own responsibility

Success will come to you in terms of financially by taking leaps and bounds if you’re dedicated to running your business on your own rather than expecting on someone.

Businesses grow more if you properly manage employees. Which includes listening to them, correcting problems and assigning duties according to their level.

2. Always begin with a detailed plan of your business

To have a business plan is the key element to attract investors and also helpful for the success of any organization. There are a few points you should include while writing a plan:

Summary: Which includes details of your business

Company Description: Describes what you do

Service or product: Describes what you’re going to offer

Marketing strategy: Shows how you’ll market your business

Marketing analysis: Find out your potential competitors

Management: Shows your business management structure

Funding: How much money you’ll need for upcoming years, investors want to make sure that your business is going to make them money

3. Running out of money is common

I know you don’t expect it, because you’ve prepared for the long run. You got few investors or have a loan or have years of savings and planned accordingly. But all of sudden, your business failed and you’ll start feeling demoralized, where you’ll have two choices: either to quite a business or work like hell to get going and build it.

There’s nothing as good as running out of money and realizing that you are doing your work because you’ve guts to push yourself through the worst conditions.

4. Build side hustle to make extra money

There’ll be a question arises, what will you do when you’ll be running out of money to fund your business? In such cases side, hustle plays a vital role. Always try to have more than one source of income which will make you pleasant and help you get out of financial stress.

5. Spend less on research, more on doing

Reading, studying and researching while starting a business is considered as one form of resistance. In order to get work, you must act on it. Success doesn’t come unless you put it into practice, just apply it no matter how are you doing. Keep in mind sometimes actions speak louder than words.

6. Try to minimize distraction

You waste more time when you try to regain focus when you switch back to your work than you do engage in the distraction. Also, multitasking with your work reduces the productivity of work.

7. Keep your organization legalized (Company name and license)

First things first, make sure that the company name you’re going to choose is available with a trademark and online as well if you fail to find, it doesn’t mean it’s available to be taken, what if someone closed business on that name.

Try to make research to know-how rules, licenses, and taxes work for you, and consult with a lawyer and accountant to confirm, and structure your business to be in with laws.

8. How are you going to market your business

Make sure you’re well equipped with selling and marketing strategy, developing and implementing a strong marketing plan for the company is another point of importance for business owners. Ask yourself; how are you going to sell your service? Where will you go to find your clients and how will you present your business to them? From where you’re going to get leads?

What kind of marketing strategy will you use? Social media, website, ads, sponsorship or events? How much are you willing to invest in marketing? Will you hire someone or will you do it by yourself?

These are a few questions for which you should have answers ready before leaping into the business no matter what kind of business you’re doing; either service or selling.

9. Possible location

For businesses who are providing services, this factor plays a crucial role in the growth of any business. Make sure you choose the proper location for your business. It must be seen by your targeted customers.

10. Fund requirements

It is the requirement that you need to put in the business to get started and operate. To find out, enlist all the possible spending you’d be required to start, such as, equipment purchase cost, lease payment, operating cost and so on.

11. Hire a mentor or assistant

Starting a business all alone would be an arduous task and it’s never going to be easy to handle, no matter the type of business you do. Hiring an accountant will alleviate the chances of financial problems.

While on the other hand, it’s also important to have a mentor who could ensure that whether you’re going on the right or wrong way.

As said; “prevention is better than cure”, it’s often too late if you call help after trapping yourself into trouble, so it’s better to have someone who can closely track your ups and downs before you get trouble.