Starting your own business is most challenging, but a powerful way to take control of your life and future. If you think, it’s worth leaving your job, in favor of work that you are in control of, well it is true.
With advancement in technology, there has been a significant increase in the number of small and medium size businesses. A number of entrepreneurs have founded, launched and grown their startups into booming billion dollar companies.
If you want to build a business and don’t know where to start, here are the steps to make it happen.
1.Identify the opportunities – You need to identify the right business that you are passionate about. It can be the expertise you have gained over the years at a workplace. Our late Michigan Ross Business School Professor Dr.C.K Prahlad coined the word in 1990 as “Core Competence”. Identify your core competence and how best you can package your expertise and skills to offer clients.
2.Do a little research – See if the product or service that you want to bring to the market has a client base? Gain enough knowledge about the business you want to start, beforehand.
3.Build a business plan – A well-written business plan helps you identify:
- Where your company is going?
- What bottlenecks you will encounter?
- What is the purpose of your business?
- Who is your target customer?
- What are your goals?
- How will you source finance for your business?
4. Identify target audience – You need to know:
- What is the market size of your target customers?
- Who are your customers?
- Why do they need your services or product?
There is a lot of research material available for free that you can use. You can do your own market study via the social media.
5. Know your finances – Every business requires a certain amount of investment. You need to assess your financial worth and see how much you are ready to invest, to begin with. Once your business shows some promise you can source funds through angel investors. But the key first step is to teach your brain that your salary is $1 for 2 years. If you can live with that, then you don’t have fear of failure. This is hard to do but this is what I did when I left very lucrative professional career at Siemens.
6. Build a team – Build a team that can scale without compromising on the growth. The key here is to hire people who fit the bill and who are willing to commit to your business. Offer them the right tools for success and you are on your way up. At PROLIM, our colleagues, teams are the one who run the company.
7. Create a buzz around your business – Build your brand and get a following of people before you launch your product or service in the market. This can be done through social media profiles, word-of-mouth, promotional discounts and more.
8. Build a network – Networking is the key to success. Build a network of people relevant to your business. Become a member of business groups via social media (Twitter, Facebook, YouTube, and LinkedIn). Connect well and be open to suggestions and feedback
Starting a business can be risky and challenging. Set realistic expectations and work towards them. Armed with the proper tools, information, focus, and persistence, you can put yourself on the path to success. What do you think? Share your views