Make it as simple as possible and imagine yourself with zero money. Here are 10 tips you do not expect to start a small business according to Mike Kappel, an entrepreneur with 30 years of experience as well as a serial startupper
You’ve heard so many, some obvious and others impossible to put into practice. If you plan to start a small business , and set up on your own, the tips flock like snow in the Alps. You never know whether to follow them or ignore them, whether to listen to instinct or to inform you about the thousand entrepreneurial publications. Today, we want to help all the aspiring businessman who have decided to change their working life and create a small business, thanks to 10 tips coming from Mike Kappel , an inveterate entrepreneur and serial startupper.
Before starting to list the suggestions (found in an article published in Forbes), it is good to remember that a magic formula does not exist : there are a multitude of infinite variables in play. What applies to one does not hold true for the other, what applies to today is not valid for tomorrow. As a maximum, if you have decided to start a business, you must think in a new way, accept change and even failure. Thus everything will be easier.
1. DO NOT ACCUSE EXCUSES
Many people dream of creating a successful business . But few really try. All the others are often blocked by excuses and second thoughts , such as the fear of not making it. This is the first advice you have to follow: if you want to become an entrepreneur, put aside doubts and insecurity, go straight to your path, things will surely come. It is normal to have concerns, but it is also normal to set them aside to focus on the goal.
2. ABSORB ALL THAT YOU TRY
Listen to what the surrounding world has to tell you. If you want to start a business you have to keep your ears wide open: try to be a sponge , you never know from whom good advice could come. From a family member, from a friend, a colleague. Or even from yourself. People who are part of your life are a reflection of how potential customers will react. Tell them about your business idea, pay attention to their verbal and non-verbal reaction, understand if they are enthusiastic or just educated. Do not forget also to compare yourself with ‘veteran’ entrepreneurs and learn from the mistakes they have made.
3. BE THE SOLUTION
Before thinking about selling, think about being the solution . If you fill a market gap and meet needs and desires that have not yet found a resolution, you’ve already won. Then sales will come accordingly and without problems. If you focus on why you’re opening up a business, you’ll quickly understand how to make it better. The problems of your target, in this moment of discovery, must be yours.
4. SIMPLE FAILURE
There is a rule that should always be followed: the starting idea must be simple and, above all, must remain simple over time. The more elements you enter, the more features you expect, the more your product will be complicated and cost. Cut unnecessary features that water down your offer. As a small business, you do not need all the bells and whistles of a giant company. It’s much easier to add later, as the business grows.
5. CALCULATE THE COSTS
Once you start developing your business idea, calculate all the costs . Such as: rental of business premises, supplies, marketing and advertising. So, take what you think is the amount and quadruple it. Seriously. In this way, you will also be prepared for the unexpected expenses that will surely be there. At first, you may need to obtain external capital to make ends meet, as a loan for small businesses, in order not to undermine your personal assets.
6. IMAGE YOURSELF WITH ZERO EURO
You must take into account that things do not go as you hope. That’s why you have to imagine yourself with zero euros . Many are the entrepreneurs who fail: how would you manage this possibility? It is a good idea to propose a plan ” in case the worst result occurs “. Try to imagine what you would do if your business did not take off.
7. EARN WHILE BUILDING
If you want to create a small business, do not leave your job . Starting a successful startup is a process that could take some time. Build your business in stages and gradually move from employee to entrepreneur. As a new entrepreneur, you will not start earning immediately : it is for this reason that you need to work. Also to face the most difficult moments. Once you have a good flow of money from your business, you can take on full-time corporate ownership.
8. TALK ABOUT YOUR ACTIVITY
A challenge that many entrepreneurs face is that they do not know how to sell. It can be difficult to share your business with the world , especially when you’re new to this environment. If you’re worried about what people think of your business, you have to overcome it. If you can not convince consumers to buy from you and support your business, you need to learn how to do it. If you really want success, you can not afford to be shy. You have to get out of your comfort zone. Be ready to talk confidently about your business, even if it makes you uncomfortable. As a new owner of a company, you will constantly need to be a marketing man and build a dense network of relationships.
9. INFORMED ON LEGAL REQUIREMENTS TO START AN ACTIVITY
Starting a business is exciting. The laws are not. But, it is necessary to understand the rules that the opening of a new company brings with it. If you can not follow the regulations , you may have to face heavy penalties. In these cases a professional could represent the solution.
10. BALANCE PASSION AND WISDOM
One of the most important ingredients in a successful business idea is passion . Passion will keep you constantly improving your process so that your business grows. That said, do not let passion take over. It is she who brings you forward, but the knowledge will guide you in the right direction. Conduct market research in your industry and talk to target customers to discover the potential of your business. Ask questions to experts on launching a startup. Contact professionals who can help you in certain areas, such as financial advisors or lawyers. Think that your company is like a car: let your passion hit the gas pedal but your mind controls the steering wheel. In this way, you will be sure of the direction you are following and you will be able to sustain the momentum needed to get there.