3 Essential Tips for Start-ups – Don’t Get Bogged Down, Get Started!
A question most frequently asked by new entrepreneurs is, ‘What do I need to do to start my business?”.
When you search the internet, you will find countless websites that have developed their own “Start-up Checklists”. Which may or may not be helpful.
As a new business owner, you are inundated by numerous tasks, do you really still have the time to go through varies checklists?
These checklists may be a good starting point and will help you make better decisions, however the hard reality is that at the end of the day you will be consumed by checklists and instead of them simply being helpful guidelines to move your business forward, they soon become debilitating obstacles when you become too reliant on them.
Statistics have shown that the average entrepreneur spends up to 68.1% of their time working on day-to-day operational tasks, while spending only 31.9% percent working on long-term goals. You should aim to be the entrepreneur that focuses more on the long-term goals!
Only a few entrepreneurs understand that there is so much more to starting a new business than meets the eye. Other than minimising your dependence on checklists, entrepreneurs also need to remember to do thorough market research and not ignorantly assume that there is a demand for their products or services.
Here are our top 3 tips for starting a business and making it succeed:
Identify the need and the target market
Did you know, one of the biggest rookie mistakes that new entrepreneurs make is assuming that there is a market and an intended audience for their offerings? They think their product or service has merit without doing appropriate research or analysis.
The best way to avoid that mistake is by engaging with your potential clients after the required research has been conducted. Gather more information from them that will help you decide whether or not it is feasible to begin your new venture. After all, you don’t want to invest blood, sweat, and tears into a new venture only to realise later that there is no market and all your hard work and effort has gone in vain.
Understand the operational requirements
After you have verified that there is a true demand for your product or service and have identified your target market, the next step is to have a solid understanding of what is required for your business to operate.
Factors such as staff, software, offices, etc., need to be carefully planned and executed to ensure your business runs successfully.
Procrastination is your enemy
Entrepreneurs have often put their new business on the back burner due to the advice they received from other entrepreneurs.
They were advised to first document every detail of their business, i.e. identifying prospects, detailing business processes, etc. Although this is important, delaying the start of your business to first complete these tasks will eventually lead to procrastination and potentially put your business venture on hold indefinitely.
Instead of trying to make sure everything is absolutely perfect before starting your business, rather first complete smaller tasks that will push your business forward. Do not overanalyse, overthink or be too critical of yourself or your approach as this will lead to self-doubt and will inevitably result in seeing your dreams fade away even before they have begun. Remember, Rome was not built in a day! Rather focus on a strategic approach and break your bigger goals into smaller pieces – in that way it will look less intimidating and you’ll be celebrating small victories along the way.