There must have been a point when you told yourself, “That’s it. I’m done. I want to work for myself now.” You must have some business idea that you believe will help you get millions. Every office job at some point or the other is bound to get mundane and regular. The idea of working on your own business is tempting – there are no restrictions, no time-bound slavery, and things are done according to will.
As easy as it may sound, you cannot simply quit your job impulsively. 137,000 businesses are born every day, out of which 90% fail. Why? There are a number of reasons why startups fail. This is why, you need a plan.
So what should you do? Here’s what:
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Think of Your Financial Security
First things first, you need to secure your payment. Are you good to go for the next 1 year or so? Are all your predicted and unprecedented incomes covered for? Are your loans cleared and debts done and are you doing fine financially? If these conditions aren’t satisfied, your business can only be a side hobby for you, not your full-time profession. Quit only when your business gives you full-time money and helps you to get through your income, dues, and debts. That would be wise. Also learn about the ways in which you can raise capital for your startup.
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Learn From the Mistakes of Others
There may be many around you who have tried to bring forward a business. In fact, first-time entrepreneurs have a success rate of a mere 18%, while those who grow up from failures have a success rate of more than 20%. Maybe try asking them what mistakes they’ve made. They might have very valuable solutions to offer – maybe they have answers that you are looking for.
Ask them valid questions. What inspired them? What helped them make better decisions? What went wrong? How did they change their decision making? What methods did they implement? These will help you find potential answers to most of the questions whose answers you aren’t aware of. Or read about the most common mistakes every startup makes and make sure you don’t do them.
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Could You Give up on Me-Time?
If you start a business, understand that it comes with a lot of sacrifices. There must be a lot that you are going to have to give up. Maybe that watch you wanted to have has to go back to the wish list. Or that lipstick you were thinking of buying, you can’t purchase it anymore.
Ask yourself – are you willing to give up on a life of luxury? Finance isn’t the only thing. You will have to ask yourself if it’s okay to give up on family and relationship time as well. With your business shaping up, you will hardly have time for yourself. Ask yourself now, how eager are you to open your own business?
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Understand Your Target Audience
You might be good at what you sell, but you must be better at knowing your market first. Detailed and thorough market research are the most important aspects of any successful business. You need to know who your end-users are. They are the source of finance. Better not have a failed project; study the market circumstances better and then move into making your product better. This will ensure a better business strategy.
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Make Realistic Goals
Divide goals into small morsels. Do not have unrealistic aims for your business. You are not growing rich overnight. It will need a lot of planning and execution. Divide your goals into smaller, more easily achievable portions. Take small steps at a time and achieve whatever you have planned. Tiny goals push you to the finish line. If you are feeling rushed, take slower steps and breathe better
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Draft a Formal Business Plan
You might have it all chalked in your head, but that is definitely not enough. You should pen it down to propose it to prospective investors and partners.
When you start writing the details, you will step on loops that you find incomplete, and you will try to learn more about those aspects.
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Read and Cultivate the Businessman in You
It is not enough to suddenly have a business plan. It is better to be prepared for what lies ahead. It is recommended that you read a lot! Stories of Elon Musk, Gates, and whichever book you can find on entrepreneurship and startup life. Probably go out on a dinner with one of the successful businessmen you know and talk to him about the challenges. Prepare your mind for the risks and the benefits.
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Understand What You are Signing up For
This isn’t a change of jobs that you are simply going to adapt. This is one major leap and you need to know all the levers if you want to succeed. Acquaint yourself with all business strategies that you would need.
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Answer All the Whys
You need to answer some questions all by yourself. Ask yourself why you would quit your job and move to business. Ask yourself if it is worth it. Get answers and find the solutions to these questions. This might help you decide better.
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Acquaint Yourself with Resources
Self-evaluation and evaluation of the team you are working with are extremely important. Learn all you can about your team and then proceed with the idea of the business.
Final Thoughts
Starting your own business is difficult and needs a lot of thought and brainstorming. No wonder so many startups are turning towards various mobile app development companies to get an app made to promote their business and generate leads. You need to really think about what you want and then take the first step. It’s not easy. But if you take the initial steps, there’s no turning back. Stay tuned with AppMystery for more.