Everyone starts somewhere, and of course, it is easier to say rather than to be done. That is why maybe you need some startup planning tips before starting your entrepreneurship journey!
The first step is to vision the idea, to have a picture of what you want to do. You want to get the money, you want to own the business. But, what kind? What for?
Ideas can be found anywhere and anytime, and all ideas are not impossible if we are willing to work for them. The key is to envision it, and later make it into a realization.
The second step is to plan it. A game without a rehearsal and warming up will make the players doubt whether they can win, and it leads to a real losing situation. Same as your entrepreneurship journey, you need to think more about whether is it truly what you want to pursue and how it will work.
To get you prepared is the main aim before starting anything. Down below will be a checklist to be done throughout your entrepreneurship journey!
Is it Your Passion?
First checklist of startup planning: Are your ideas for entrepreneurship based on your passion? Or is it more of something that comes to your mind because you are inspired by something or someone?
This might be a hard pill to swallow, but the truth is: if it is not something you are passionate about, big chance you might not make it.
Some people are passionate about humanity and decided to build an NGO, some with technology and science. There are also others with hobbies and make a turn to be freelance photographers or bakery owners. Other than that, some people are passionate about their job and later decided to make a small accounting firm with a different setup.
Safe to say, these people are most successful because they enjoy what they are doing.
People who run a business because of trends tend to discontinue it because they rely only on expectations of what the business will be, not on how the business will run.
Through this statement, we can understand why many failed to develop or even continue their business. If you just follow the trend, it is hard to keep on track with your business.
Why?
Because there is less willingness to learn and conduct actions towards it. Hardships and big waves came, and those who rely on expectations will be nothing but drowned.
This is why passion is important because they keep people on the edge. Instead, they prepare you for the worse. It enables you to build the business by heart, and invent the right service and goods for your market.
A book to help you find your passion
A self-help book by Janet Bray and Chris Attwood. Passion test, passion score card, and learn the ways to discover your destiny. The book contains interviews with people. Overall, this book helps you to create a marker for your true passion.
Check full detail on Amazon
Are You Good at it?
Speaking of passion, it might occur that for many their passion does not match their capabilities.
This leads to the second checklist of startup planning: Are you good at things you are passionate about?
For example, many people are really into music but cannot sing nor play instrumental that good. Instead, they are good in computer engineering or management. Therefore, the best suggestion is to not pursue a career to act in music entertainment. Would be better for them to try developing a streaming platform, or host a festive music event. That would be a better option since it is still oriented around music and they are good at it.
Not to stop you from doing what you love, but there is a need in realizing that having a business is not only about putting your passion as a reason to pursue it. Your passion might fade, or it went another way.
For that reason, you should consider both passion and personal capabilities in entrepreneurship. This way, your business will have a better base and purpose to it.
80% MindSet 20% SKILLS
A powerful life transformation book by Dev Gadhvi. It contains a few life formulas, 9 lessons on realization, 9 lessons on transformation, and the last 5 on sustentation. Easy to read, ready to bring change in you.
Check full detail on Amazon
Create Your Empire
Once everything is set, it is time to build the pathway towards your success!
A castle is not built overnight, the same with business: it is needed to be done step by step. After realizing if your business a suitable for you and doing your research on it, time to put the plan into action! What will be the orientation of your business?
We already discussed that it has to be something you are good and passionate about. Now is the time to decide: what will it be?
Gather your resource!
What is the name of your business? What will it be called? You have to decide the name of your business to apply the right branding for it. Company name and branding are important aspects since later you will have to market it according to its name and purposes.
The next step is to sign your business by licensing to meet the legal requirements. This can be done if your business is a franchise or you want to mark your business as a patent.
Next step: To check the kind of business you will make. Is this business innovative? Or more of a unique one? Lately, we almost get everything, that is why we need to question ourselves: Will this be something people would spend their money on?
The answer to this question needs to be: yes, it is worth the money and people will buy it.
Once the name, branding, purpose, and licensing are settled, try to have a goal planned. To make a timetable, for example, to help create a plan and development focus for your business.
Another thing to be done is to get the help needed. Try to find your mentor or business coach. Especially, if you just getting started. Most small businesses successfully expand their business through connections they had and made.
As a social creature, it is hard for a person to stand alone. It is normal to rely on or ask for a hand from another person, build your business team. Since other people mostly have different views on things, we can obtain new insights for our business. Not forget to mention that some people may have links to investors, suppliers, or employees who might suit our needs.
If we need it, all we got to do is to ask.
After everything is settled, it is the moment to do research related to your business!
Marketing
Leadership
Problem Solving
Time Managment
Do Your Research About it
To act without a plan creates many disadvantages along the way, as well as executing your startup plan without understanding more about it harms your goal.
Your plan needs further examination before being conducted. For an instance, you have decided what kind of product/service your company is oriented around.
But, have you thought about the setup will you apply to your company? Is it going to be self-owned? Or will it be a part of a franchise? A join-venture? It could be anything, but you will have to make sure: what kind of company you are building?
To check what kind of company type suits you the best. Determining the company type will help you in your investing and profiting because later on, you will have to decide the money stream needed for your business. For some information related to funding and financing your business, CHECK THIS
Other than deciding on a company type, having a look at the market will also create a good head start for you. Of course, market research will never be easy. For that reason, here is an additional information page to help you further.
More practical tips to solidify your research can be found through reading and asking experienced people. Information for your research can be gathered everywhere from anyone. In this tech-savvy era, electronic sources like e-book from e-library are accessible online.
Not to mention how useful platforms such as Quora and Reddit are nowadays. Everyone is talking about everything there, and you are free to ask questions to anyone, anytime, anywhere.
Once you find out more about your business, the last thing to be done is to test and measure. The final rundown of business planning is to put it to the test before we launch it. Some cafes have soft openings to see if their products and services meet the need of their market.
By performing soft opening, owners can see if their plan works or not. Namely, they might see something unfavorable or unexpected that can be done better. Better solutions will be configured after noticing that something does not go well.
They will start questioning whether the placement of furniture is okay? Is the barcode menu works? Do people even interested in trying the weirdly named menu? Can people utilize the self-service bar? Later, they will make changes that lead to better settings of products and services.
By having it tested through the soft opening, cafe owners can make better plans and see if their business going to be a success or not.
That is why: never forget to test your own food before serving it.
Do not forget to try out your product and services before selling them.
Ready, Set, Go!
Now that everything is set, your startup planning is done, it is time to start your business! Do not forget to keep track of your planned goals and schedules that you have already made!
Let us know what are your thoughts on thins topic in the comments.
Planning on building startup and this is a great article, super helpful!
Great article, simple and informative.
My GF left me for a very rich entrepreneur dude. After reading this I’m motivated to become an entrepreneur. One small problem though, the dude’s rich and im not.
My first entrepreneur project failed and it made me depressed and miserable. After reading this, I’m still depressed and miserable. But nice insight nevertheless.
The “expectation” part has always been tricky for me 🙁
such a useful guide!