Written by Reginald Chan on February 17, 2021

7 Things You Must Know Before Starting A Business

It is in no way easy being an entrepreneur. The journey resembles a roller-coaster ride rather than sailing smoothly in a yacht on fair weather. But like a roller-coaster ride, it is indeed thrilling and perhaps even fun but fulfilling. The advice rendered to you by this article draws on the personal experiences of several entrepreneurs who have each successfully started more than one business. This is the kind of advice seasoned entrepreneurs yearn they had known before starting on their entrepreneurial journey. Without further ado, the seven things you must know before you begin your entrepreneurial journey.

Having A Business Plan Helps More Than You Imagine

Often, we find entrepreneurs without the need of funding sources skipping the forming a spelled-out business plan part of the whole endeavor. But there's news for them; they might be doing something that will reduce their business venture's effectiveness and profits. Sure, it is time-consuming to pen down your business plan, develop different forecasts based on data and formulate the marketing strategy. One option is to hire professional business plan writers and get the plan to be prepared by them. Copywriting industry stalwarts writingmetier.com/ however, is quick to point out that it is better to reserve writing services for the different types of copy you need. Seasoned business experts opine that writing a business plan is a worthwhile, effective, and a recommended practice.

Past Experiences Do Not Necessarily Set Future Outcomes

There have been several instances where entrepreneurs have first tried a business in a particular industry and failed or didn't meet with expected success. However, undaunted, these same people have entered the same market at a more ripe or appropriate time and met with wild success. While previous experiences in the same market give you an upper hand, it might not entirely be as easy as you are tempted to think. It's a world where only the agile survive, and often successful businesses close shop due to their inability to adapt. Things change, and usually, things change drastically. So, people entering a market for the second time around will do themselves a favor by erasing previous notions concerning customer needs, competitors, service quality. You need to start writing your playbook from scratch. In other words, markets are constantly evolving, and accordingly, business plans need to address the same.

Hiring Friends And Family May Not Be A Great Idea

By the nature of their work, entrepreneurs are friendly people with a vast network of friends and acquaintances. However, don't let that determine your hiring. Remember your product, its marketing, and its support are all determined by the quality of talent. Don't let your social side make you commit business suicide by hiring on reference and relationship alone. Merit matters!

Plan All Aspects Of Your Business

Planning helps, whether it be the business plan or any other type of new commercial initiative you are thinking of launching. You know "if you fail to plan, you plan to fail." It is quite right and appropriate, and planning all business aspects is critically essential. This is the era of startups, and it's only too easy to get mired with that great new idea. But you will do your business prospects a world of good by shying away from distractions and focusing on one idea in the form of a service or product. The road will remain open down the line if you succeed with your present idea. And if you do indeed decide to divert attention, remember to let your company vision and goal direct your efforts.

Don't Give Too Much Of A Discount.

New businesses are often under pressure to acquire a sizable number of customers in a relatively short period. While it is indeed important, you also need to make sure your business activity can sustain the prices you offer. Keep in mind raising prices later on, is always going to be tricky. It is a better option to add value to the product or service you offer instead of slashing prices.

Try To Find An Experienced Mentor

Mentors are not that different from being business parents. They provide you with the guidance you need. Don't hesitate to make yourself accountable to them for your actions relevant to your business. Mentors play a role of great importance in an entrepreneur's life. Exercise discretion and judiciousness in your choice of the same. Accordingly, make sure they are successful themselves and have belief and faith in your business idea and you in an entrepreneur's capacity. The feedback you will receive from your mentor will prove to be of immense value in whatever you may end up doing.

Be Prepared To Fail

There is no shortage of impressive and accurate choice of words in business. One such example is that which talks about how fear of failure might be the most significant impediment to success. It is true. Accordingly, don't let that bog you down and restrict your realizing entrepreneurial nirvana.

Business is one of those fields where there's a little guarantee. The proper steps can better your chances of success. Best of luck!

Article written by Reginald Chan
A meticulous entrepreneur by nature and a serial entrepreneur. Founded a few awesome startups including Marketing Lancers, WP Maven and TheMarketingHuddle.com. Reginald is a sought-after success coach, digital marketing consultant and TEDx speaker from Asia. Currently, he teaches others how to make money online for free.

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