3 Essential Steps to Starting Your Own Business
It seems like everyone these days wants to become their own boss. After all, you get to manage your own time and get to enjoy the rewards of your business (a.k.a. money!!!). Being an entrepreneur has its perks – especially when your business has grown; however, starting your own business is something that requires you to make well-thought, calculated decisions and risks that take a lot of time, especially in the beginning. So here are three essential steps to starting your own business and making sure you get to that point where you can sit back, relax, and enjoy the fruits of your labor!
1. Think through the idea
As with any business idea or decision, one really needs to think through that amazing and innovative thought they conceptualized. Why? Mostly because once you get a light bulb idea, it tends to be exaggerated and out on the highest pedestal; you start thinking this business idea is going to serve an untapped market, make you money, and change the world and bring it peace all at the same time. However, you really need to take the time and effort to be your idea’s worst critic – examine all its flaws and imperfections while also understanding what makes your idea the best.
For example, if you plan on becoming the next big e-commerce site, questions to ask are: “What sets this my website apart?” or “What are the loopholes to this business model?” and “What would be this idea’s Achilles’ Heel?” Questions like that allow for you to explore the sureness of your business through the eyes of the toughest critic – yourself. You don’t have to dwell on breaking down your business, however. You can also explore improving your business; with the same example, ask yourself – “What can I do to minimize cost?” or “How can I ensure the longevity of my ideas against the loopholes?”
Thinking through your idea will definitely help you gain the confidence you need to eventually start the business but most importantly, it will make sure it’s gone through stringent idea tests that will make it easier for you to start the next step, which is to…
2. Create a business plan
If you were a business major, think of the countless feasibility studies, fake financial audits, and mock marketing presentations. If you were any other major, think of all the planning you had to do for your thesis – research and so much careful thought put into everything. That’s exactly how it should be like planning for your business. You need to create a plan of attack. In terms of operations, understand and map out the logistics of your business; understand how you will get your service or product to your customer, and what the experience will be like. For marketing, understand what your customer feels and wants, and use that insight to create a communication strategy that will speak and trigger the response you want from your market. For finance, understand how much capital you will need and how long it will take for you to get your return on investment, given an expected revenue flow.
When you’ve thought it out, create a business plan on how you will achieve it. From the pre-work, like how to set up your shop and the suppliers you’ll need, all the way to the day-to-day operations, you’ll need to map out how to get from point A to point Z and beyond. Having a detailed executive summary and mission and vision will help guide your business, while creating a market analysis and business operations map will help you execute your everyday business procedures. Finally, and most importantly, having a financial road map and key performance indicators will help you ensure your business gets started and keeps going and growing. Planning will help you manage what needs to be done and even expect the unexpected.
3. Go for it
At the end of it all, the third and final step is really just to go for it. Even with a well-thought idea and a detailed business plan, you will never really reach 100% with your business until you start it and learn from it as it grows. Yes, it will feel risky; yes, it will feel tiring. You’ll always find excuses not to push through with it, but if you’re able to overcome that, you’ll be able to start your road to success. You just have to trust that your business will flourish and you can be the person that it needs you to be in order to make it grow. Don’t worry, it will all be worth it in the end.
And if one of your reasons why you can’t start your business is a lack of capital, don’t worry! PawnHero has got you covered. You can get a loan by pawning almost anything under the sun that has value to help you answer your puhunan needs when you’re ready to go for it. All you got to do is visit the website or download the PawnHero app on the Google Play Store and you’ll be able to get a FREE estimate that’s sure to help you with your business. This is all safe and secure, since PawnHero is a registered pawn broker with the Banko Sentral ng Pilipinas and we have well-known partners such as Security Bank and 2Go that fully insures your business with PawnHero. So no more excuses! Go start your business today!