Every new year many people aim to leave their 9-5 jobs in hope of being entrepreneurs. Most times this is a freeing brilliant idea. However, how do you begin a successful start-up business? Below are 10 ways to have a successful startup in 2020.
1.Research more on the product or service
It does not matter what kind of business one has in mind to start. Be it fruit vending or a car wash the market availability will always be similar. For one to identify an area to set up a business, extensive research is required. The research that should involve timeliness of the product or service, market demand and supplies will help you the entrepreneur identify what could be your stronghold. The market research could take you six or more months just to be sure on exactly what you hope to start.
2.Define the problem its solving
To make money you have to offer a solution. Therefore for an upcoming businessman, you need to identify a problem in the particular area you hope to start a business. If it is an area with water shortage come up with a product or service that partly or completely solves this problem. In this way, you get paid for the solution you are offering as part of your business.
3.Have a strong Why
Simon Sinek the writer of Start With Why clearly advises why a business person needs to have a strong why when starting up. Define why you are starting your business. Define why a client will need your service or product as opposed to your competitor. This way you understand why your business is in the market and why it needs to keep growing in the market.
4. Identify immediate competitors
The ability to know who you compete with is an important factor to consider. Knowing your competitors in the market enables entrepreneurs to identify their weakness and see how they can fill to it. Alternatively, identify their strengths and see how they can improve on it and make it a winning strategy for their start-up business.
5.Aim for success, not money
Making money should not be a basis or a lead guide to starting up a business. Success should be. Aim to start a business that will keep growing and create a difference in society. The difference it creates acts as a needed service to your target market and in this way the clients automatically pay for your services and become dependent therefore making you relevant in the market.
6. Start from somewhere
Capital to have a startup will always be a headache to many who hope to start a business. However, start from where you are with whatever you have. In the capital matters identify an easy way to make money and save up. These easy ways could include:
-Selling something that will bring you enough money.
-Getting commission jobs per day
-Not leaving your immediate job and allowing the salary to be part of the capital
-Cutting down on luxury living (starving a flush life).
As for the venue, your house or place you live can always act as an immediate office. Maximize on everything you have to put your business in its feet.
7.Create a workable business plan
A blind bat will always hit a tree. Lack of plan has more consequences compared to having a not-so-workable-plan. You may want to research ways to create a business plan. While at it be very realistic about your business and the plans you are putting down. If you hardly understand and cannot afford an expert feel free to read online, go to a library and familiarize yourself with business plans.
8. How strong is your Marketing strategy
How one presents a product or service to the markets determines the attitude the client will have. Marketing is a co-value every upcoming entrepreneur needs to understand. Marketing represents the kind of quality your services or product will present to the Client. Marketing is a language that remains with your client. Therefore it is important to identify marketing strategies that are realistic and of value to your client in regard to what you hope to bring to the market.
9. Identify its paying back capacity
As a businessman, you have to identify how your business brings in its paying capacity or profits. Some businesses bring in profits on a daily, others monthly or annually. In identifying this you will help you learn what to do in order to increase sales and add on to profit in regard to your business paying capacity.
Also, another pointer: Knowing a paying back capacity enables you an upcoming entrepreneur sure of what business to get into.
The true ideology of where you put in more time brings in a good result is a no-brainer. Time is something needed to be invested in an upcoming business. As an upcoming entrepreneur and as every entrepreneur advises you will need to wake up earlier than most sleep later than most. Time discipline will be essential therefore any sideliners that could be time wasters will have to be left out in your entrepreneurship journey.
Otherwise best of luck into being our own boss in 2020!