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Starting a business is not a walk in the park. Many people always ask how I started my business. I notice that a lot of people are hesitant because they have no idea where or how to start. They’re too scared of making mistakes and losing money in the process.
Let me be honest with you; I started my business with zero knowledge of entrepreneurship. I learned the ropes on my own and had to go through countless trials and errors before learning about the most effective business methods. Don’t let having no business knowledge stop you from exploring starting your own business adventure. Here are 5 tried and tested tips to help you get started.
Have you always wanted to start a business but don’t know where to start because you have no experience in entrepreneurship? Here are a few things you need to know.
Starting a Business With Zero Experience
Develop a Business Idea
This is the first step towards building a business. Ask yourself what do you have that separates you from others? Can you use that special knowledge or skill to build on something that other people may need?
These questions will give you a picture of what you currently have that you can use to build on something special that you can sell to other people. Learning your competencies will help you develop your business idea.
Build your Competence
Now that you have an initial business idea in mind and you’ve determined your competency, the next thing you should do is to build yourself as a businessman or an entrepreneur. And the best way to do this is to do extensive market research.
In your research, find out if there’s a market for the service or product that you have in mind. If the answer is yes, you need to determine if there’s enough demand for those products or services. You should also know the main competitors you’ll be facing in the market, as well as your product or service’s strengths and weaknesses.
You need to plan before launching your business. How do you want to implement your business idea? How do you transform your business idea into a real company? What infrastructure or legal aspects do you need to deal with? Be sure you understand the restrictions or regulations that apply to the services or products you’re planning to market.
It’s also a good idea to come up with an exit strategy when compiling your business plan. This way, you’ll know what you need to do in case you’d like to stop. Don’t forget to choose your business name. Find a name that clearly represents what you do. It should be short but memorable and must be in line with your company’s vision and mission. It must be unique.
Evaluate Your Finances
You need to know how much you have to spend to start your business. Do you have the means to fund it or do you have to look for financing options? Are you planning to quit your job so you can focus on your business? If yes, do you have enough savings to support yourself until your business starts to make a profit?
If you need to look for a startup capital, have different options to choose from. If you need financial assistance, you can take out a business loan. Another option is a business grant. Unlike a business loan, grants don’t need to be repaid. However, they’re much harder to get approved of compared to business loans.
You may also consider bringing in an investor. An investor can provide you with the funds you need to launch your company. And in return, they may want to have a more active role in running your business. The last option you have is crowdfunding.
Develop Your Product or Service
After doing your legwork and understanding the financial aspect of your business, and you’re validating your business idea, it’s now time for you to develop your product or service. You have the option to create your own product or customize an existing one.
Once you’ve developed your plan, the next step is to test the market. But you have to start small. This will help you learn as much about your potential customers while building on your entrepreneurial competence. It’ll help you learn more about selling, marketing, and improving your products and services.
Thanks for staying with me in the end. As promised, here are 3 bonus tips you might find useful.
3 Bonus Reminders When Starting A Business
- You can start a business with zero business knowledge.
You can be an entrepreneur even if you don’t know what you’re doing at first. Don’t let your zero business knowledge stop you from becoming one. It’s not required to have an MBA. You can start a business whenever and wherever you like.
- You’ll make mistakes
Anyone can start a business. But managing and growing it is a whole different story. Given that it’s your first time running a business, you can expect to make a lot of mistakes and blunders as you go along. Not only that, there’s a possibility that your first business may fail because you’re still learning the ropes. But don’t let that stop you.
- Learn from your failures.
Failures are inevitable especially when you’re running a business. But that doesn’t mean you should stop. Learn from your failures and improve your methods and strategies, moving forward.
Hopefully, these tips have given you enough confidence to finally take the leap and start your own business. Don’t be scared. It’s better to try than not at all.
Feel free to leave comments, suggestions, or even additions to the list above. We’d love to hear from you. Don’t forget to click the like button and share this blog with your friends and family. Hit subscribe so you’re updated whenever we post new blogs on our channel.
Recommended for further reading:
- Business Secrets from the Bible – Daniel Lapin
- The Business Book: Big Ideas Simply Explained
- Keys to Success – Napoleon Hill
- The Lean Startup: How Constant Innovation Creates Radically Successful Businesses
- Crushing It!: How Great Entrepreneurs Build Their Business and Influence-and How You Can
Great tips for anyone who wants to start a business