What you need to know when starting your own business

2024 Author: James Gerald | [email protected]. Last modified: 2023-12-17 14:00

Sooner or later, any conscientiously working from 8 to 19 office clerk comes up with the thought: “I don’t want to work for someone else’s uncle, I have to start my own business”. For some, such unspoken ideas remain ideas, and there is nothing wrong with that, since not all of us are created to become entrepreneurs, it is more convenient for someone to work in the “system”, and they do it much better. But there are also those who, from a sudden insight, without hesitation, go on to active actions. If you belong to the second type of people and are already seriously considering the prospect of starting your own business, then this article is for you.

Not only the loss of a good job or boring monotonous work under the strict control of the boss can push you to the idea of starting your own business. Some talented people who know how to do something truly professional, at some point realize that they have all the resources to work successfully outside the walls of their home office. Moreover, often "newcomers" in entrepreneurship radically change the field of activity: yesterday's accountants and clerks today suddenly decide to open a beauty salon or a small workshop for the production of handmade postcards. Internal aspirations, childhood dreams, the desire to be a boss, not a subordinate, the need for a free schedule, etc. - no matter what motive drives you, but if you still dare to become a businessman, you should know in advance about all the rakes and pitfalls that may and are likely to come your way.

You should not build castles in the air, believing that with the acquisition of the proud title of "entrepreneur" you will get rid of all the problems faced by ordinary employees of large and small firms. No, the headache will not decrease, but now the head will ache not for someone else's, but for their own business.

Strong place

If the idea of your own business originated in you so spontaneously that you did not even understand what exactly this business should be, then now is the time to ask yourself: "What can I do so well that it brings me profit?" If you don’t have “supernatural” abilities: you don’t paint pictures, don’t play the harp, don’t sew clothes, then perhaps it is worth remembering your hobbies. Surely something interests you much more than everything else. It can be fashion, cosmetics, interior design, floristry, fitness, yoga. Perhaps you generally live in a historical place and you don't even need to rack your brains over what business to do - open a souvenir shop or a mini-hotel for tourists. In general, base your business on what is familiar and interesting to you.

Demand creates supply

But not only your own interest is the guarantor of the success of your venture. First of all, the idea should be of interest to your potential consumers. Therefore, study the audience to understand what it wants, what it needs, and what is not in demand at all now. If you do not have sufficient knowledge and skills, you can use the services of special agencies that will conduct a full-fledged marketing research and bring you information, as they say, "on a silver platter." Of course, many novice entrepreneurs bypass this point for various reasons: some have already had their own clients, when the business was still called a "shabbat" and was combined with the main job, others rely on intuition, and still others simply do not want to spend money on marketing services and business consultants. But whatever decision you make, you must remember that the responsibility for future success or failure will rest with you.

Study the audience to understand what it wants, what it needs, and what is not in demand at all now.

Opportunity assessment

A budding entrepreneur should understand that there is no need to harbor illusions about good luck coming from nowhere: it almost never falls on your head just like that, and in order to become successful, you have to work hard. However, in addition to perseverance and a sober outlook on life, most of you will also need start-up capital. Only some types of entrepreneurial activity (for example, Internet journalism) do without investments, all others imply that you have a certain amount of money and are ready to spend it now, so that later, if the situation is right, you can skim the first cream. If you do not have savings, then you can solve the problem with a loan or loan. The main thing is to be sure that you will return every last ruble on time.

Self support and support

If, before starting your business, you worked in a large company, where several people besides you answered for one question, then you may not quite understand what it means to take responsibility for the success or failure of your own business. No, this does not mean that you will not be able to cope, but you should prepare yourself for the fact that now you will completely and completely devote yourself to a new brainchild, since no one else will do it for you. In fact, this is a rather serious psychological factor that makes the vast majority of people abandon the idea of becoming an entrepreneur. But if you are not afraid of the prospect of sleepless nights over accounting documents and the need to resolve work issues even while you are brushing your teeth, then feel free to go into battle - you will succeed!