When starting out, a small business considers many different issues. It’s important to plan correctly and avoid common mistakes. Here are some do’s and don’ts to consider when starting your own business.
1. Do test your business model. Market research will come in handy. Figure out whether your product or service is needed by testing it with potential clients. Testing gives an idea if it will sell or not, and testing can help establish the product pri[G1] ce.[G2]
Don’t quit your day job. Unless you have financial backing or loads of family support, having reliable employment until you have proven your business model is the smart choice.
2. You do want to have the right people helping you in your company. Look for people with experience, who are self-motivated, dependable, and team players. Also, explore the different options for employing people, like recruiting permanent staff on full or part-time.
Don’t hire for convenience. Having the right employees is a significant part of your business. Just because your brother or your best friend thinks your idea is great, think before you act.
3. Do choose the right business for you. To see what might work best, do a self-assessment of your talents. When you understand what you’re getting into, you increase your chance for long-term success, and you become an expert in your field.
Consider your knowledge base before getting into a business that you know nothing about. Chances are; you won’t get rich overnight; it takes a lot of time and hard work to become successful.
4. Do the research on your competitors to find their strengths and weaknesses. Research allows you to create marketing strategies to improve your own business and to be more practical about how successful you can be.
Don’t underestimate the competition. Thinking that your product or service is better or cheaper may hurt your business. You will have lots of companies competing for your potential customers.
1. Do test your business model. Market research will come in handy. Figure out whether your product or service is needed by testing it with potential clients. Testing gives an idea if it will sell or not, and testing can help establish the product pri[G1] ce.[G2]
Don’t quit your day job. Unless you have financial backing or loads of family support, having reliable employment until you have proven your business model is the smart choice.
2. You do want to have the right people helping you in your company. Look for people with experience, who are self-motivated, dependable, and team players. Also, explore the different options for employing people, like recruiting permanent staff on full or part-time.
Don’t hire for convenience. Having the right employees is a significant part of your business. Just because your brother or your best friend thinks your idea is great, think before you act.
3. Do choose the right business for you. To see what might work best, do a self-assessment of your talents. When you understand what you’re getting into, you increase your chance for long-term success, and you become an expert in your field.
Consider your knowledge base before getting into a business that you know nothing about. Chances are; you won’t get rich overnight; it takes a lot of time and hard work to become successful.
4. Do the research on your competitors to find their strengths and weaknesses. Research allows you to create marketing strategies to improve your own business and to be more practical about how successful you can be.
Don’t underestimate the competition. Thinking that your product or service is better or cheaper may hurt your business. You will have lots of companies competing for your potential customers.
Christina Davis
Intern, Business Innovation Center
Intern, Business Innovation Center