A new business is like the Olympics; everyone sees and celebrates the results and the glamour, but very few are aware of the sweat and sacrifice it took to get those results. When successful entrepreneurs in the league of Jack Ma open up about their journeys, we marvel at what sounds like fairy tales. They make failed precedents and rejections seem easy to grapple with and to move past, while in the real sense, it takes a special kind of resilience to pick up the pieces and try again.
Most people believe that having an excellent idea is the key to becoming a successful entrepreneur. This goes to some extent. However, conceptualizing the idea is only the beginning. Implementing and turning it into a successful income generating business is the tricky part.
Before you start the venture, it is imperative to answer these questions:
How are you going to fund the venture?
A research that was done by Small Business Administration (SBA) shows that 50% of businesses fail in their first year. Lack of funds causes the majority of these failures. Before embarking on that venture that you have planned to the last detail, seek to find out how much you will need before the business breaks even. Ensure that you have your sources of financing verified and that they will pay your bills until the business can fund itself.
How do you plan to get money from your venture?
You are passionate about the business that you are starting, which is great; but passion does not pay bills. Since the business is not a charity organization, how do you plan to make money from it? From the onset, have a plan in mind of how you are going to charge for your services.
Do you have distribution figured out?
This part of your business could make or break you even before you get started. With the technological advances now, distribution possibilities are endless. You could choose to work with wholesalers who will distribute the product to the consumer without you getting involved. Currently, online selling and digital payments have taken over the traditional methods making it easier to distribute without investing in offline outlets. Collaborating with renowned brands is one other way of getting your product out there.
Do you have a marketing plan?
Once you have everything nailed and ready to go, you will need to introduce your product to the market with a bang. The internet and social media have given businesses a medium to market themselves, but remember that millions of other businesses are using these too. The modern consumer has become quite choosy, owing to the availability of quality products and services in the market. If you hope to capture your target audience, you have to be creative in your marketing. Creatively designed websites with mobile functionality, online video campaigns, and mobile apps are some of the ways to get started.
Where do I go from here?
The business is all set, thriving, and now you are beginning to grow. Every entrepreneur waits eagerly for this stage. When you can no longer handle the daily demands of the business by yourself, hire a team and delegate. You may find it hard letting other people in, but it is for the best. Their experiences could prove invaluable in the future.
You may not know everything about the business when you get started, but time and experiences will teach you all you need to know. Resilience and innovation will keep you grounded and competitive.