Startups

5 Things to Do Before You Start Your Own Business

This guest column is authored by Hema Ghosh, Content & Social Media Manager, Ziffy

To set up a business may prove out to be an easy task but to run it profitably is difficult. True enough to take a dive is easier than to chart a way into the choppy waters of the river. Isn’t it? If you are an aspiring entrepreneur who dreams to be a boss of your own, given here are 5 important tips that can lead to your success eventually.

1. Start With a Market Research

Pay attention to how big the market of your product or service is? Make a close study of the demographics of your customers to know the needs, pains and objections of your customers. Come up with a solution to their woes and educate them how using your product/service can ease their lives. As the quote goes: “Sell the problem you solve and the product would be sold automatically.”

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2. Find a Mentor to Guide You

In the era of Internet online help can also be taken but it is always better to find a mentor that already owns a business. This helps you get an idea about several things like funding, advertising and much more. Always remember, learning at an initial stage is the most important task.

3.Don’t Quit Your Job Unless You Have Sound Financial Support

However small it may be but setting up business means investment so better not to quit your job unless you have a strong financial back up. Electricity, gadgets, rent, furniture that are some of the noticeable investments.

4. Keep an Eye On Market Competition

Whatever business you may be into, you tend to face a lot of competition as the market is deluged with the people who are there to sell something or the other. Advertising, promotions, campaigns etc. matter. Make use of them! Keep an eye on market
to find out what all factors influence your business and what all your competitors have been doing.

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5. Focus More on Building Brand

Apparently, a word of mouth is the best way form of advertising. So, your clients can help you grow. Ask for their testimonials and referrals. This will help in brand building. Also, attend meetings, seminars, conferences, industry events etc. This helps in building relevant contacts that matter which generate leads eventually.

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