Tips on How to Start a Business Venture

When you decide that you are going to start a business venture, you will be filled with many emotions. You will be excited, nervous, eager to get going, and everything in between. You will have an amazing concept that you are sure will work. However, you need to take a step back and observe it as if from the outside. Try and take the emotion out of it and think logically. Before you start a business venture, there are a lot of facets, nuances, and legal stipulations you need to fulfill before you get going. So, now is the time to research and discover how you are going to turn this idea into a fully-fledged business. 

What are your Strengths?

If you want your business to work for a long time, you are far better off creating a business that allows you to use your strengths. So be honest with yourself. What are your skills, and how are they being harnessed in your business idea? Are you trying to create something well out of your skills remit? If you know what your abilities are, you are far more able to create a feasible working business plan. If you are unaware of what your strengths and weaknesses are, before you go any further, try and work out exactly what they are. With a deep understanding of yourself, you are far more equipped to go forward. Also, knowing the abilities you lack will help you when you begin looking at people who can help with the specific skills you need.  

Simplicity is Best 

Okay, so now is the time to work out exactly what our business idea in its most simple and refined form. There is a strong temptation to overcomplicate in the early phases. You have this great idea, and you start thinking out loud, adding more and more facets to the business. This needs to stop. Sit down and write the business idea in as few words as possible. One sentence with no commas is sufficient. Focus on the original item you were going to sell, or the single service that you feel is needed. Think about the problem you are solving with this idea too. The more focused and less complicated the idea is, the easier you will find it. 

Write a Business Plan

Writing a business plan allows you to develop a full theoretical working idea of how your business is going to work. It takes away some of the romanticism you may have built up and allows you to look at it non- idealistically as if it was real. If you have never written a business plan before, it may be an idea to look online and download a business plan template that way you can be sure to include every aspect you need to. This process will allow you to see the thing as it really and it may focus you to make some fundamental changes that are in the best interests of your business. You will need to consider logistics, finances, premises, marketing, projections, etc. It is best that you do a lot of research into your business types and, if possible, find working plans for those businesses. The business plan will eventually work as if it were the spine of your business. It will keep you focused on what you need to do now, not what your idealistic mind thinks you should be doing. A business is not airy-fairy. It is hard work and dedication. It is not a good business strategy to get caught up in what-ifs. Get the nuts and bolts of it down into a working proposal, and once the business is up and running successfully, you can then create a plan for growth. Do not grow too fast. A properly focused business plan is essential if you need to pitch your idea to financial industries. They will need to see if you are a worthy investment or not. So be thorough and realistic.

The Legal Aspects   

You are going to have to conduct a lot of research into how to set up your business legally and ensure that you are fully protected and covered. First, ensure that you are setting yourself up under the correct business type. Different types have different protection levels, so ensure you look into this. Also, it is best you hire a lawyer, an accountant and look at how best to implement I.T security. If you are going to be having an online shop and credit card numbers will be saved, perhaps you should outsource your I.T security needs or use an appropriate online shop host like WordPress who will have all this included in the price of the website. You are going to need insurance too. There are many different types of business insurance, like general liability and premises liability. So, ensure you look into exactly what you need and go from there. 

Market Research

If you really want your business to be successful, then you need to put a lot of time and effort into this aspect. Is there actually a market for the product and service you want to sell? How are you improving people’s lives? Again think about the problem you are trying to solve in your key customer’s life. If you can focus on this, it enables you with a better sales technique. You need to research your competition. When you pitch to investors, you need to show that you are aware of your competition. Work out how and why you do things differently, what is your USP (Unique Selling Point), what differentiates you and makes you better? You also need to develop a deep insight into your key customer base. Pose questions to yourself like, are they married or single, do they have children, what are their likes and dislikes, what age are they? The more you can learn about who your customer is, the better. You can use social media to garner an idea of this. Perhaps by looking at your competition’s pages.