Starting a business? Know these 6 important factors to consider
Posted: 2021-Oct-13 16.07.35 UTC+0800
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When times get tough, people get entrepreneurial. The coronavirus pandemic has placed tremendous stress on the Philippine economy. Many have lost their jobs, filed for unemployment, and businesses have been permanently shuttered.
Though the news seems dire, these changing times could present an opportunity if you're a hopeful entrepreneur. Whether you've been planning to start a business for years, you've been laid off and are looking for new opportunities or you're moving your existing business in a new direction, now might be the time to figure out how to start a business.
Starting a business is a good decision; however, it can also be stressful, challenging and not as simple as it looks like. So if you want to start your business, you have to get all the things needed to start a business.
Here is a checklist that will give you a list of factors to consider before starting a business.
1. Turn your idea into a plan
Every entrepreneurial journey starts with an idea. But how can you bring your idea to life? Take some time to lay out a rough business plan, and anticipate the challenges you'll face. Try making a mind-map outlining the process of making your idea a reality. This exercise will not only help you create your formal business plan, but it will also prepare you for the obstacles that you'll find in the process.
2. Knowledge or Expertise
Once you know what business you want to start, you will have to start gaining the required knowledge and expertise to start that business. This might take a lot of researching and planning; but at the end all these efforts will ensure that you have everything in place to get your business idea off the ground. Having a business plan can be highly advantageous at this stage. It will tell you whether your business has a place in the market and if the idea is worth or profitable enough to go ahead with.
If you have the knowledge you can construct one, all by yourself. If not, you can always hire a professional business consultant to do it for you.
3. Target Customer
Having a service or product to sell will not make you profitable if you do not have customers who will buy it.
If you plan to start a business and you know what to sell, before you begin, study if there is a market for it. Identify who your customers are. Remember the saying, a product or service for everybody is a product or service for nobody.
One of the most important things needed to start a business is a good location. If yours is a retail business you will have to look for a well-populated area that is easily accessible.
Make sure you identify or look for the best location for your business. Your business must be seen by your target customer or at least near them.
No business in this world can run without money. Depending on the type of business you are starting and the initial costs that you will have to pay up for, you will know what kind of capital you would need to start your business.
Whatever steps you take, to finance your business, you will have to make sure you have the required funds to take you through the start up phase.
6. Have a strong mission
Standing out is no easy feat, and no one magic formula guarantees results. However, knowing your business's purpose is central to guiding these decisions. By recognizing your business's strengths, differences, and purpose, you can make informed choices to expand your services and markets down the line in a way that is harmonious. Knowing your purpose guides important decisions you'll make along the way, so be sure that your mission is clearly defined
Deciding to embark on an entrepreneurial journey is always daunting. There is no guarantee of success, and there's no way to be ready for all the obstacles you'll face along the way. In spite of the many challenges of being an entrepreneur, pursuing a career on this field can be hugely rewarding and in some case, life changing. (FCSC)