For every business that succeeds, 9 others will fail. If you don’t want to be one of the 9 businesses that fail, you need to create a great business plan. The more aware you are of this great responsibility, the more chances of you creating a successful business. Here are the most important things you should know about a business.
Are you solving a problem?
Every business should be able to solve a problem. If your business is not solving a problem in the most cost-effective way possible, you should not start working on it. A bakery business solves a problem or addresses a need- like providing freshly baked breads and cakes. If a bakery shop is nearby, residents of a locality will not have to go too far to get baked goods.
The same goes for a grocery business or even a multinational corporation. All of them solve a problem or address an issue. Your business should also be able to do that. If your market research is solid, you will know what exactly your customers want and whether you are able to provide for their needs.
Are you passionate about your business?
Passion is a much overused word in startup businesses. However, it serves an important purpose. Passion doesn’t mean you are crazy or obsessed with an idea. It simply means that you believe in your business idea. This assumption should be matched with market data as well. Also, you should be able to stand through the thick and thin of the business to make it sustain adverse conditions.
Some entrepreneurs are more concerned with earning money. They want to be able to make quick profits in any given business. They hardly care about creating sustainable businesses that would stand the test of time. While it may sound lucrative, this isn’t the best business strategy you should adopt.
Get ready to experiment
Early experimentation is essential for the success of your business. During this ‘beta’ phase, you will find out whether a business idea is viable or not. You will also get to know the business strategies you must employ to get customers. If you believe that you will open a bakery shop at the street corner and get thousands of dollars in turnover in the first month, you are wrong. This is not how businesses work.
The initial experimentation will also give you a clear idea about your next career move. We always suggest new business owners to start working on their own ideas part time first. During this time, they can adequately experiment with their business ideas. If the business shows potential, they can quit their jobs and start working full time on their project. If not, they are still safe with a steady job in place.
Starting a business can be exciting and intimidating at the same time. However, your focus should be on executing plans. If you are spending too much time on the drawing board, your idea will not see the light of the day.