All of us irrespective of our professions, profiles and job designations do have a small dream; a fantasy thought of OWNING A BUSINESS. The culture of being the owner of your work has picked up fast especially in the last few decades. Growing involvement of technologies and the high rate of innovation have been instrumental in changing people’s mindset. It is simple isn’t it?? You have an idea through which you create a product or a service, find a market, enter and fit into it and start counting the bucks. But the realism is quite different on the field.
Experienced people who have been there, done that will tell you about the unexpected hurdles that you need to cross with no prior notice at all. Starting a business is one thing and managing it is another. Though things will sink in with experience you may try and adapt few simple tips which will assist you to cross the bridge with lessened efforts.
Organizing is the key to all. Once you decide to jump into the business world organizing each and every bit of it counts. This is not only important from the view of spending but it is also essential for managing the run for a long term in the successful manner. As your business starts and grows into days, months and years you also require changing from an owner to a parent and looking after it like a growing child.
Let’s glance through the pointers now:
Set SHORT-TERM goals to start with:
Business is always about achieving goals, it has always been like this. You are not here to joke around and have fun but to work-out and earn profits. You need to set short-term goals in the initial days and strive to reach them within the target date. In the course of doing this you may need to alter or scrap the set plan but that’s okay, it happens until you are running on the decided track and planning for the future.
Get to know the financial set-up of your business (before you start one):
This is the most important step for anyone irrespective of the experience they possess. Understanding the financial behavior of the industry is of utmost important, you need to identify the health of the business and know the details about the variable and the fixed cost along with the regular spending patterns-what is the amount you require for operate in the market? However, the most essential thing to know is if your business model is feasible.
Estimate the impact your product/service (business) will make:
Turn yourself into a customer and ask if you would go for the product or service that you are planning to offer others. Knowing the demand for the business in the current market and its future growth is easy by the use of market research. Studying the niche and the market circumstance is possible by studying market research reports prepared by professional market research companies. This also provides an insight about the competitors and the things they are doing in the market; for instance, if you plan a startup in the service sector you need to know the tricks on it. Once you go through all of these; you just need to find an innovative way to operate in the market that will set your business unlike from the ones running the business presently.
It is okay to wear multiple hats at the start of a business but you will need help and for that you will be required to pump in employees. This also falls under organizing things, you will need to bring in specialized talents as per the department and for that tedious head hunting is a must. You would always want to get the best employees from the industry to compete. Take time, recruit well.
You need to check into the facts of your startup, where you started the business, what were the goals on the first day? What are the goals on the present day? How and why have they changed? You also need to plan out the future-Where do you want your startup to be six months from now? Where do you want your startup to be one year from now?
In case of your startup not running in your planned direction, then you need to introspect and maybe change your standpoint and adopt things instead of trying to flip the entire setup which is risky.
Be ready for GROWTH:
Yeah, you read it right, get ready for growth. Managing growth is equally tough to managing failures, you need to change the organizational structure (if needed) and set things according to their suitability. Fixing up the right people as head in-charges of different departments suiting their talents, managing the expenses, planning and implementing strategies for expansions all these need to be done with strong concentration and foresight. Continuing the success stride is tougher than achieving one, thus you need to stay on your toes all the time.
Remember, as you start a business you are an owner but as the business grows it starts talking to you about where it needs to go. At such times, you would just have to be more of a guide than a leader and that’s the apt thing to do.