What do you wish you had known before you started your business?
It seems like a lot of people start businesses because they're passionate about something or they have a great idea, but they don't necessarily know the ins and outs of how to start or how to run a business. What do you wish you had known about starting or running a business that would have made things easier?
Three things pop into my mind...
1. You'll never take a vacation the same way you once did. You will always be attached to your business - "on-call" 24-7 whether you are vacationing with your family or just trying to chill out on the beach in the Bahamas. The smartphone is like a ball and chain. Just be aware of it...
2. During my first few endeavors in business and I managed to avoid focusing on a few key questions, which in my own defense, (at the time) seemed a bit irrelevant. What's your exit strategy or how to get out when you want? You may not know, but you better have thought about a few scenarios.
3. How can you scale this business and what will it look like? Is the business even scalable?
At present, so many entrepreneurs are emerging in this modern world. Everyone has a dream to achieve something in their life and, moreover, they want to be independent in what they do.
Before starting a business you have to be clear in your business idea, then what you will need to start a business. If you contribute your whole finally what will be the outcome?
Startups are booming right now, but we all know that starting a business is not a bed of roses to enjoy. Especially for those who have no experience before; they will be facing high difficulties.
A few things to consider before starting your business:
What Is your business idea?
You have to come up with a different idea that the customer will want.
Then you have to analyze whether the business is already existing or not.
Where to start your business?
Who are all your targeted audiences?
What are all the things need to be done in the future?
Do you have enough funds to launch your startup?
Starting a business is all about giving a perfect solution to the customer's needs. So, you don’t need any new ideas to start a business. Instead, you can start a business with an already existing business model. The point is how unique you are in your way of business.
With the help of clone scripts, it is possible to get success in the short term with low budgets. There are so many clone scripts available for every business solution. The main advantages of clone script are that here you don’t need to do any heavy research on the business idea.
Believe in your ideas, it may fail, but try another route to reach the same destination. Maybe the former was tough, the latter will be the easier route. Until you try and succeed, the formula is not derived. Every business is different, every business owner is different, therefore there is no formula, in my opinion.
Importance of building a team. I wish I had known that in the beginning so that I would've built a team instead of doing most business operations myself.
The one main thing that I wish is that if my business idea had been validated and if I had done proper research from a market research tool so that I knew what is the need in the market.
You must start with yourself knowing what you love doing, what is your purpose first then solve one unique problem around your purpose statement. Start with one and then build a system around it.
Check out this article 7 Business Killers — Thoughts Startups Ought to Consider: https://readwrite.com/2019/04/19/7-business-killers-thoughts-startups-ought-to-consider/
There are a lot of parameters that you have to ensure before you start your business. The first one is what is the problem and what is the solution you offer.
Is your audience looking for a product/service similar to yours?
Also get answers for the following: What is the market size, who are your customers, who are your competitors? Understand the market thoroughly.
Then comes whether you want a physical business, an office, which business location should you set up your company.
For example, in UAE the company registration process is very easy in free zones when compared with the mainland company registration.