Starting your own small business these days whether it’s online or offline can be quite intimidating and getting useful advice on where to start can seem like a never ending nightmare.
South Africa in particular is a country filled and alive with a true entrepreneurial spirit and many people study for years with the intention of starting up a small business when they eventually finish their studies.
In an effort to help those who are about to start a small business or considering starting a business in the near future here’s five tips that you may find useful:
1: Passion – Examine your motives and be sure that you have passion for the type of business you intend to start. There’s an old saying which goes something along the lines of “get a job doing what you love and you’ll never have to work another day in your life”. There’s a lot of truth in that so you need to be passionate about whatever business you intend starting up.
2: Mission – Plan, plan, and plan some more! You need to define your business idea’s and be willing and able to follow through and articulate those plans.
3: Discipline – Working for a boss, having to be at work on time and doing what the boss needs done is one thing. Disciplining yourself to work effectively and timelessly on your own business is another. It’s all too easy to have a lie in and sleep late in the mornings when you have your own business. You can pop down to the shops or go and visit friends whenever you want to because you’re now your own boss.
WRONG!
It’s extremely important to discipline yourself correctly when starting your own business. You have to be in the same mindset as if you were working for a boss. Set a strict time to start work, take breaks and lunch at proper set times and stick to them. There may come a time when you can be a bit softer on yourself and allow more flexibility but when starting a new business stay strictly disciplined, it will pay off.
4: Analysis – Part of starting a new business, if your business idea involves something that’s already being done, is to conduct a competitive analysis in your chosen market. In English that basically means being aware of what your competitors are doing. Chances are they’ve been in the game for a while so do an analysis on their product lines, prices, advertising, services, quality, distribution and promotions. If you see something you feel can be done differently or even better than your competitors write it down and make a plan of how you will implement it within your new business.
5: Ask Questions – Never be afraid to ask established businessmen and Women for their advice. Most business people will be willing to help as they were more than likely in the same position once upon a time. Seek help from small businesses and ask questions. I don’t mean going into the local T-shirt shop and asking their advice for the T-shirt shop you’re now starting up across the road from them but go to other small businesses. Have a nice friendly chat with them and you may be surprised what good business tips you can pick up just by chatting casually.