Everyone dreams of starting their own business, a picture of freedom and a pocket full of money, but that’s unfortunately not always the case. The life of an Entrepreneur consists of hard work, risks, and a lot of failures. If your dream is to become an Entrepreneur, let me share with you how to start your business.
20 years ago, information wasn’t as easily accessible as it is today and registering a patent could still derive a lot of money. Today, Google has changed our lives forever and to start a new business doesn’t necessarily mean a new idea. Today a new business means, how can I make something better, faster and cheaper.
Your first port of call would be to find something that you can do better than anyone else; something you’re passionate about and willing to spend 16 hours a day on; because THAT’s entrepreneurship.
Then determine your game plan. Universities and textbooks tell us everything regarding a business plan, although it’s ideal, very few businesses start that way. To have a plan is critical, the plan will continually change and send you off into a hundred different directions but at least you’ll have a guideline towards what your end goal is.
Lastly, get clients. Business plans mention market research. It’s extremely relevant and important but I believe that times have changed and depending on your business, there’s a bunch of different and better ways to test your market.
People tend to ask their friends and acquaintances if they’ll be interested in the product/service. The responses usually are an overwhelming – YES. This unfortunately misleads the Entrepreneur in believing the potential of the product/service. In true reality, once the business is open there tends to be very few people wanting to pay for the product/service.
So, how does one get people to pay for the product/service? Allow people to place and pay for upcoming product/service orders. If people are willing to pay, then you know there’s a market for your product/service. Another interesting method Entrepreneurs use is to start a website with their business idea, without having the actual product/service. In other words, start an online shop and as and when people start to buy, advise them you’re out of stock. This will be another great way to test if your idea will be lucrative.
Once you’ve secured your first client, your business is open and the next step would be to convert that one client into a hundred clients, thereafter a thousand clients and then enough to allow you to retire. Good businesses start slowly, changing as and when necessary and always working with a plan.
The life of an entrepreneur is certainly not as colourful as the media portrays it, but with perseverance and dedication the reward of a successful business is overwhelming. It starts with small steps and the first step is to make sure it’s a business that can work.
Visit my website at www.marnusbroodryk.com and let’s discuss small businesses and the interesting world of entrepreneurship.