To start a business in today’s era is almost possible for people who have the concept of Business in their mind. The market is filled with multiple businesses that run by people with the determination to have their own small or even big size business. But as we move forward in the technology era, most of the business nowadays is focused on “What’s New” concept of business. This “not so new concept of business” focus on entrepreneurs who push the boundaries of creating a new concept of business in line with technology that provides new products or services in the market. This can be people who create new apps to help improve the business, a freelancer who can help run your business remotely, or people who create a social media platform that meets people who would like to share their homes to travelers or platforms that meet people of the same interest. This is what we call the Technological Trends in the business venture.
Concept of Business
Before you venture and start a business if you have the time to observe the current market in your local area. You will notice that most of the business provides solutions to your daily life. See how a tailor shop help you fix or design your working uniform, a butcher who continuously provide you fresh meat in the market, a baker who are open to bake you hot and fresh bread every morning, and a coffee shop near your office to serve you hot brewed coffee since you don’t have the time to prepare your breakfast at home. In other words, most of the business in your area is what the economist called mature. These are businesses that provide services and products that you should be doing but you don’t have the time to do so. No surprise that opportunist or business-minded people will run this kind of business to cater to your daily needs and earn fair enough of money to run more business of the same kind.
But did you know that the majority of the business owner nowadays Don’t Love their Business? Financially wise, they love what they are doing but the passion in serving people is not their main purpose why they started their own business. Believe it or not, most of the business owner was driven by the concept of earning rather than serve the best quality of products and services to their end customer. I would rather not name some of the fast-food chains who serve the customer with high-speed service rather than a quality meal or a merchandiser who produce cheap products rather than quality. Some countries are allegedly producing fake or toxic consumable product to generate more income. These are Pragmatic Businesses who run to earn rather than to serve the customer. Pragmatic Business is almost everywhere in the market. To the point that this business concept defined the definition in every startup business owner’s concept of business. Pragmatic business owners see business as a vehicle for underlying financial purpose. These kinds of business dominate the market in today’s world. Deceiving at first. But as you observe how they run their business; you will observe that the service is not being done with love but with money.
On the other hand, there are a handful of business owners who run their business with love and passion. These business owners are driven by the quality of output of their products or services rather than money. Most of these business owners are not earning that much but they are happy in terms of what they are doing. Their main purpose is to give a total commitment to excellence in their product or service rather than earning. Of course, these businesses need to earn money to survive. However, money is not a driving factor, love does. Most of the business owners who run a business of love create a business environment where the owner aims to pass excellency to his or her successors.
What does it take to start a business?
As discussed above, a business can be categorized into two categories; Pragmatic Business and Business with love. This are two different paths of business that we want to put into one concept. Creating a business wherein quality is the top priority without compromising the return revenue. So, if you want to start a business, you might consider these 5 Golden Rules to follow before you start your own business.
9 Golden Rules to Start a Business
1. Discover Your Passion
To start a business with love, this is your time to know your inner passion. What business that works in line with your passion? What are the things you love that you want to share with your future clients? How can you turn your passion into service? What are your hidden talents and skills that can add value to your business? Starting a business is a long-term process. If you don’t love what you are doing, you will end up too soon. If you love what you are doing, you will find yourself working on an extra mile to achieve a certain target of the month, working overtime just to meet your weekly target, and spend some sleepless nights just to fulfill the project that you need to finish today. Your passion will drive you to do extra effort just to achieved what you want to achieve. At the end of the day, it is your personal business that you want to succeed.
2. Sketch Your Plan
Planning is crucial in every business. If you fail to plan for your business, chances are, you will end up nothing but a guessing game. You don’t want to waste your time and effort on things that are not beneficial to your business. Building your business plan will help you achieve your goal with a higher success rate.
You may start with your Vision, Mission, Goals, and Objectives, then the strategies that you will apply to your business, the things you need before starting your business, legal papers, your target location, and the likes. These are just some. Make sure to list all your necessary things to be done before you dive into your business.
3. Talk to an expert
After getting all the planning, do a checklist and talk to an expert or to people who are doing the same business as yours. This is important in your business since you need their guidance and advice on how you will start a business and what are the steps that you need to undergo before opening a new business. Go to your business area, talk to the people who are currently running their business near you. Seek advice. You might learn something from them. Remember, they already established their business prior to your establishment, so they knew all the processes and the things that you need to be ready for.
4. Manage Your Finance
To start a business without cash and backup finance, your business will not survive. You need to have an extra amount to survive. Not just your business but also your daily needs. Starting a business is not as easy as frying eggs. You need to spend something and be ready to stake your savings to your business. If you don’t have the capacity to spend on your business, better start earning and save a lot for your business.
5. Market Research
Market Research is important in your business. With market research, you will get to know the strength of your business and the opportunity that you can take advantage of. You will also get to know your weaknesses and the treat in your business. You will learn what are the best products or services that you can offer? Is your service or product saleable in your target area? How can you market your business? The information that you will gather in this action will help your business prepare for all upcoming challenges.
6. Create a Catchy Business Names
The next thing that you need to look for is your branding. You need to choose your name strategically to catch the attention of your customers. A catchy business name will help your business stand out among your competitors. Short, unique, and easy to remember business name is an edge to every business. See how KFC, Mcdo, Mango, LV, Channel, and other business brand their business name with short yet catchy and simple to remember names. Learn from this business try to create your catchy business name.
7. Online Business Profile
In the era of today, you will lose the marketing strategy if you fail to establish an online profile for your business. You can create a social media profile or develop your own business website. Having one will help your customers see your presence online and this will help generate traffic to your local business. You can initiate online marketing and target your audience. Again, the result of your market research will help you target the right customer in your selected demography.
8. Build a Startup Team
This is in line with number 4. If you have your own business, make sure you have your startup team that will help you achieve your target goals. Having a startup team needs money to pay for their service. If you have friends who can work and be your business partner, then this might help you save a lot instead of paying people to help you materialize your project.
9. Listen to your Customer
Once you run the business, observe your customer. Engage with them and talk to them as to how you can improve your service. What is the downside of your business? What are the things that they like in your business? What are the things that they want to see in your business? Learn these from your customers. The voice of the customer is really important as you are serving them. Getting all their suggestions might increase the number of customers who will avail of your product or service.
To start a business, you need to employ different strategies and techniques for you to achieve success. Learn many things and talk to experienced people in your industry and ask for their guidance. Read more success stories and study how they manage to start their own business from scratch.