Starting a Business? Doing These 6 Things Will Make It Less Stressful
Tuesday, November 26, 2019, 6:00 AM | Leave Comment
Before starting your own business, it’s important to understand what you’re getting into.
Being an entrepreneur is not easy, but a little planning and preparation can reduce the stress tremendously.
You will learn a lot along the way, but a few key steps taken in advance can help you find your feet faster!
Here are 6 tips you should keep in mind while starting a business:
-
Research the Industry and Legals
The first step you need to take is knowing your competition, consumer base and legal requirements for your target industry. Do your research to see what the competition is like, current pricing for the goods or services you want to offer, and demand for the same. Also study the legal aspects involved, including registration paperwork, licenses, etc.
-
Assess Your Finances and Risk
Many businesses struggle during the early stages due to lack of capital. A poor understanding of business risk can also cause trouble later, so study this aspect early on. Approach investors, banks and friends or family for funding, but clear existing debt first. Look into instant debt consolidation loans to reduce your interest burden and repay old debt faster.
-
Ask Other Entrepreneurs for Advice
No one ever succeeds alone, and there’s a lot you can learn from successful business owners. From advice on launching your company and marketing products effectively to maintaining a healthy balance between work and life, good advisors and mentors can be critical to your success. Look for them in your friend circle, family, local community, or even online!
-
Know Your Strengths and Limits
If you’re trying to do everything yourself while starting a business, you’re likely to burn out early. Study your skills, strengths and weaknesses to know which areas you can handle alone and which ones you can’t. Hire professionals to take over aspects of the business which are not your strong points, such as designing, marketing, accounting, legals, etc.
-
Keep Your Eyes Open for Talent
While starting your own business, you may not need to hire a full team right away. But that doesn’t mean you stop looking for good people you may want in your organization some day. Scoping out future talent early on gives you an edge when you’re expanding your team later. Make an effort to connect with talented professionals wherever you meet them.
-
Start Small with Self-Funding
Before you start looking for investment or business loans, it’s a good idea to start with a test run. If you have been saving to start a business, use these funds for the initial trial stages. You can then seek capital with a better idea of what you will need as you grow, as well as a growth story backed by hard data, which potential investors tend to appreciate.
No matter how great your idea, getting a new business off the ground is always tough. But remember, the best entrepreneurs thrive on challenge!
Throw us a like at Facebook.com/doable.financeAuthor Bio:
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.
