3 things to keep in mind when starting a business
There are as many tips as there are people in this world when it comes to the ideas around starting a new business. Here are just my tips from the experience I have gathered from the past decade of launching products and working in different niches all together.
Tip nr 1 : Know that you have a market
This is the most important bit in my view. Just because your mum thinks your idea rocks, doesn’t mean that people will part with their money to buy your product. There is a difference in believing in yourself and your product, and really diving in and realizing that it might not be a product that will bring in lots of cash due to the demand-factor. So do your research, and see if there are LOTS of people in that business or category, then it’s a sign it’s in demand. If your search gives you only 4 people doing that thing in your whole country, chances are you are competing for pennies and not a fortune. In some rare cases, being among the few can also bring you good money, so it’s not impossible.
Tip nr 2 : Know that you can deliver
Once you have realized the product or service you want to build your business around, make sure that you have the capacity to deliver and give people what they need. If you have an amazing product that no one can find, then there is something wrong in your priorities as to how to make it accessible. And if you have all the means to deliver the product, but don’t have enough quantities of the product to meet the demands, then this combination is also fatal.
Do your homework in finding your providers, and distributors. Make sure those you have chosen to provide you with your packaging needs can deliver, make sure those that provide you with the material or content, have the capacity to meet the demand if things go well. If you are just working from your room, then chances are, that’s where you are going to stay. Aim high and make wise choices.
Tip nr 3 : Know that it’s OK to adapt and change
Chances are that the product or service you launched doesn’t click well. And chances are that like many, you will be sad and quit. But remember, every single thing that goes wrong is a step towards something that will work. So don’t give up, just adapt to the changes. If your product has a feature according to you, but according to the customer it’s a pain, then remove it, or change it. Remember, you are NOT the boss of your company, it’s your customer that decides. If they don’t pay, you don’t go anywhere. So realize that and embed it in your mind, that when change is due, you will make adjustments.
Hope my tips help you in your venture. Good luck!