3 Things You Need To Know Before You Start a Business

 Renan Orola

Almost every person, at least once in their lifetime, had dreamed and still dreaming of starting and running their own business. But not everyone had actually got the guts and grits to start something, and not all those who had started becomes successful. Starting up is this the hardest and trickiest thing to do, but it’s not impossible.

As a start-up business, there are three things you need in order to succeed to be successful and those there are: good people, awesome idea, and a strategy to spend as little of your financial resources as possible. When you look at it, those three starts up “to-do’s” are seems quite easy, but they are not, and if you fail in any one of them you should also expect failure. A start-up that failed to succeed in these three areas is doomed to failure as well.

The Brilliant Idea

The idea should not only be brilliant but it should be something customers actually want. An awesome idea doesn’t basically translate that it should be a new idea or an out of this world idea. For example, you have an idea of a machine that could turn into potable drinking water. Yes, that is an awesome idea but who actually want to buy that machine?

A brilliant idea doesn’t particularly translate to a one-of-kind, out-of-this world idea. Sometimes even the seemingly idiotic idea could be a brilliant hit. When creating or looking for a “brilliant idea” just ask yourself these two simple questions: does my potential customer want this and is it better than what they have now? If the answer to both questions is yes, then go for it.

Hire Good People

What do we really mean when we say good people? In startup dictionary, good people mean an employee who takes his/her work a little too seriously. An employee who willingly do their job, not do your bidding.

A good people is a sales agent who won’t rest until he got a positive answer. A good people are programmers who will stay up until the wee hours of the morning rather than going out with friends leaving program codes with a bug in it. A maintenance man who won’t go home until he fix all that is needed to be done. Sometimes these good people pass right through professional and cross over into obsessive, but that what makes them “good people.” These good people don’t really care if they work in a sleek office building or just in a virtual office Welshpool. They do their job because they love it. Choose people who are “animal” at what they do. Choose people who share your company vision.

Spend as little money as possible

To every new business, even how small it is, you will need money. Even if you are a one-man entrepreneur, you need funding to start your business. Whether you had acquired financial backing from investors or from your mother, you have to use that financial assistance frugally. When you're looking for space for a startup, you may start building your business in your basement or in your garage. However, if you want to look smart and professional try renting a small serviced office in Welshpool. It would not be as expensive as actual office and it usually comes with the basic equipment and utilities you need to run your new business venture. Plus, you got an easy way out because you only have to pay on monthly basis that means you can’t expand or move out any time when need arises.

The secret is what business experts call the "no-spend month." It is a month or 30-days of super- thriftiness where you only buy basic necessities and expend as little money as possible. If you are just starting a new business, you don’t need that ultra-expensive technology or a large sleek office space. Purchase what you need and not what you want. As one of the biggest entrepreneur had shared “Count what’s going out, not going in.”

Domain: Business
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Posted By: Renan Orola and Contact Renan Orola

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