Nine things to remember before you start a business
By Jesus Jovan Medrano
(Malaysia-Based)
(Continued from Page 2)
Take time to identify the transferable talents that you now have plus the other skills that you would like to develop that would be useful for the business. And then scrutinize yourself and look for areas of weakness. And think of ways you can overcome them. Understanding yourself better will help you serve the people you want to help.
III. Gap In The Market
It goes without saying that for your business to succeed, there must be a market for it. A group of people must be willing to pay for what you plan to offer. A gap in the market is simply a need that is not currently met. This is either the product or service for this doesn't exist yet, or the existing ones fail to meet this need. To find that gap, do your research on the market that you are planning to enter. Look for products and services that are not currently available that you could offer. You can also look at the existing products and services and see if you can provide something better.
When you find that gap, take time to consider why they exist. It is also possible that there's a gap because there's not enough demand to justify filling it. Research thoroughly first before committing to anything. But when you find a gap, it's time to differentiate yourself to stand out.
IV. Stand Out
Unless you're super lucky and found a gap in the market that no one has thought of yet, in most other cases, there will be others who have seen it too. So in a market with competitors, your business needs to stand out to attract clients. What is your unique selling proposition or USP? Having this USP will give you a competitive advantage. You can create this USP by offering a product or service that's unique or new, or you can offer higher quality and superior customer service, or maybe offer something that the other competitors cannot like guarantees. Whatever it is, it's definitely important to understand your ideal client and their needs to build this competitive advantage.
V. Ideal Client
Different people will have different needs and interests. Understanding who your ideal clients are enables you to develop the best products and services to meet their needs. It will also help you promote your business using the most effective means. Study their habits and interests. Know what ticks them. You can do these by studying your competitors and checking their social media pages for insights. You can also read trade or industry blogs. Or one important thing you can also do is list things that your ideal clients are not. That way, you avoid wasting time on marketing to the wrong people.
VI. Define Goals And Purpose
"What do you want?" This is one of the most important questions that I ask my clients. And another question that I ask is, "For what purpose do you want this?" I can't emphasize the importance of goals and purpose enough. This will give you a clearer direction, focus your ideas more clearly, and allow you to start making specific plans.
For example, you may want to open a restaurant, but why? It may be because you want to offer some new exciting food that you tasted in a different country and let other people experience the same thing without the need to travel. Share your goals and purpose with others involved in your business right from the start. Share them with your clients, staff, and investors by encapsulating them in a clear and understandable "mission statement."
VII. What's Your Model
One thing that I love about starting your own business is that you have so many options on how you want to set it up and the type of business you want to run. First, you can run it by yourself as a sole proprietor, or you can partner with other people and set up a partnership or corporation. You can start a completely new business, or you can buy a franchise. You can also do it part-time as a freelancer or go full-on as a solopreneur. There are also these models: retail, e-commerce, manufacturing, distribution, wholesale, direct sales, licensing, subscription, agency, and many more.
There are also other types of businesses depending on your intentions. Maybe the gap you want to fill is to pursue a social or charitable cause. Then you can choose to start a charitable organization. There are also cooperatives and social enterprises. And that's just a few of the options that I know. Take time to think of what will be good for your business. And once you've chosen a model, it's time to strategize.
VIII. Strategy, Strategy, Strategy
Once you are clear with your goals and purpose and you've chosen your business model. Then it's time to zoom out and plan a well-thought-out strategy. There's a lot to consider when you plan your strategy; this includes looking at all your strengths, weaknesses, opportunities, and threats. This is called a SWOT analysis. Your strategy must also include how you plan to compete. Being clear on how you approach this is essential. You can compete in these areas: price, value, uniqueness, quality, and customer service. You can compete in one area or a combination of these areas. Deciding the best way to compete is key to the success of your business.
Remember, when you develop your strategy, it must also be grounded in reality. It must be realistic enough so that you can execute it in the timeframe that you want, at the same time fulfilling the needs of your clients.
IX. Get A Mentor Or, Even Better - A Coach
I believe you have everything you need to achieve what you want in life. With that having said, if you want to go further, faster, and bigger in a shorter period of time - you still need support from others. Support from others who had done it before and succeeded, like a mentor. Or support from someone who can help you uncover and find the perfect answers, like a coach. Left in our own devices, our biggest competitor and critic is ourselves. And having someone who can help us spot these and call them out is very helpful.
Someone who can help us break our limiting beliefs so that we can reach for more and achieve more. That's where a coach can help you the most. That's nine things to remember before you start your business. And if you do follow these, you will definitely have a much better start compared to 90% of people out there.
-
This, for sure, is not a comprehensive list. There are a lot of other things to consider and take note of in business. But you don't need all those; you will learn them as you go. And I always say this and encourage my coaching clients, "It's okay to reach 70-80% in your plans and execute than trying to make it always perfect."
Contact Details:
Jesus Jovan Medrano
Email: jovan.medrano@gmail.com
Cellphone: +65 8915 2276
Website: jovanmedrano.com
LinkedIn: linkedin.com/in/jesus-jovan-medrano