Nothing can fully prepare you to start your own business. There are too many tips to take into account without even mentioning those specific to your market sector.
But, you can learn from other entrepreneurs who have already done it and the obstacles they have overcome.
Not sure who to turn to? Take these five tips into account before starting a business.
1. Starting a business is a marathon
Many entrepreneurs focus on building their business in the short term, in a few years. But what happens next? They do not work, they collapse and must close it with only a few years of operation.
Take into account that the market is constantly changing and that you must have contingency plans or measures. In addition, without a good market analysis you will not be able to know if your business will be profitable.
Focus on building a long-term business, with a strong structured foundation and with strategies designed to overcome constant changes.
2. The first time won’t work out
Do not get involved in making quick money and generating a lot of sales from the start. The only way to progress is to work calmly and in a planned way. Yes, you will fall but you will get up and keep marching until you achieve success.
Always invest in yourself, in your project and trust your process; the results will come when they have to. Remember: they are not “failures”, they are learnings.
3. Is there a demand for your product or service?
The most successful companies are those that focus on being profitable in the long run. How? Doing an analysis of the market to which they are going to enter and making sure that there is sufficient demand for what they offer.
4. Be patient and make sure you have financing
For those who decide to start a business, it is important to take into account that generating substantial sales (more than they would like) will take time. In addition, it is advisable to plan financing that lasts for a set time.
Another way to prepare for unforeseen situations is by conducting a market analysis. With these results you can see how you could fare compared to the competition.
5. Pay attention to instinct … it never fails
No matter how much knowledge you have or how much you study, business schools do not teach you the lessons you learn when starting a business. Factors like dealing with different people, ideas, and new markets; all of this is learned on the “battlefield.”
Trust your instincts when making important decisions: who to hire, where and how to sell, how to adapt to changes. Instinct will never fail you, it is an internal alarm that will guide you to make the best decisions for you and your business. Do not ignore it!