According to SBA statistics, 627,000 businesses are opened each year.
I am always excited when someone new joins the business arena, this promises consumers better products.
The competition among businesses regulates the consumer market by eliminating monopoly which in turn increases employment rate and reduces product prices.
So you’ve finally gotten the momentum to get things going by deciding to launch your business and you’re here seeking advice on beginning your startup.
In this piece, I shall share the advice I have for you for your startup success.
Be motivated and inspired
I draw a lot of inspiration from the co-founder of Alibaba Group, Jack Ma. He was inspired by a vision he had about e-commerce, he talks about patience, and how it helped him grow his business.
What do you know that nobody else has or understands or how are you going to better what is already there?
Inspiration and determination to start is one factor that matters the most in your startup. Give it your whole, it will pay off someday. Find ways to keep yourself motivated.
Be a problem solver
The market is filled with thousands of businesses. Some are successful and some are not.
When you look at the successful ones, one thing is always for sure, they’ve been able to provide a solution to something.
Is your service/product any better than the ones currently on the market? Does your product offer any solution to the
It is hard to find grounding when the service/product you are offering is the same as another in the market and even when you do, the profit margin will be lower than if your product/service was uniquely different from others’.
To determine consumer problems that could be solved, look at your competitors’ reviews. Be on the watch for negative reviews regarding their products.
For example, if you’re in an e-commerce arena selling Leather bags. You should look at other companies making leather bags and through reading reviews you’ll identify problems faced by their consumers.
It might be on delay deliveries, then solve that problem by making your delivery time 10 times faster than theirs’. Leather bags customers are going to flock to your company.
That is being a problem solver.
Follow proper legal channels
Depending on where you come from or the base of your business, there are legal requirements that must be fulfilled.
In most countries, you’ll be required to register your business name, ensure that your business name is uniquely yours and not close in resemblance to another.
Taxation is another thing. Getting your business on the country’s tax roll is crucial, it’ll determine the tax returns you’re supposed to file and in the case where you have to deduct employees’ tax too.
Business permits and licenses matter. You can’t really operate a business without getting proper certifications from the government.
You should therefore ensure that you’ve adhered to these proper legal channels to give your business a startup. Operating a business illegally calls for serious repercussions.
To help you with the legal aspect of your business formation, there are many online firms where you can find online lawyers services. This will save you on the need to find services offline especially when your business is online centered.
Gather resources and setup
Capital is the main resource for starting a business. Whether you have been saving for a while or you’ve gone your way to secure a business loan, it does not matter.
Use the money obtained well, you’ll have to make a more financial conscience decision to keep your business afloat.
Be on the lookout for sales and discounts when doing your purchases, this will greatly save you money. Zuma Office Supply for instance gives free delivery for products above $75, therefore you can use your intended delivery fee to put it back on the business.
Don’t be in the rush to spend your first profits, learn to put it back on the business until that day when you can comfortably say it’s where you wanted it to be.
Learn as you go
Starting a business is just like writing a book or starting the first sentence in your thesis paper. As long as you have the idea, then go for it. A lot will be learned along the way.
It’s practically impossible to have everything planned out when we launch our business, you’ll need some external help.
The employees you’ll hire are valuable assets to your business. They are the key to the success and growth of your business.
Therefore, do good employment screening when looking for the person to employ. Their skills and expertise will determine if your business will grow.