When you first decide to start your business, the first step is to seek advice on how to go about this. I understand that there are a ton of advices that go around, and it can be overwhelming when deciding which advice is legit, and which isn’t.
Let’s get real, there is no one-size-fits all approach when setting up your business for success. Usually the best business tips are those that forces you to think out of the box. Here’s a list of 5 tips for starting you can do that you might not have heard of.
Be a Problem Solver
You’d be surprised at how many entrepreneurs started their business simply because they wanted to solve a problem.
Anthony Tan, co-founder of Grab, started his company because the taxi system in Malaysia was a mess. Taxi’s had a reputation of being unreliable, unsafe, overpriced, dirty and with no route or location tracking system, and the only way to hail a cab was to flag one down or call the taxi company.
It’s much easier to get customers to believe in your product and service when they realise that it meets their needs. Ideally, your business should be filling a gap in the market.
Be a Go-Getter
A dream will remain just a dream if you’re not willing to go out there and hustle your way through.
Cut through the bullshit, and just get that company started. Hundreds of people envision themselves becoming entrepreneurs, but many never do because of excuses such as the fear of failing or not knowing how to lead.
Doubting yourself will only hinder you from achieving your dreams. The best way to start a business is to tell yourself that you can do it and to believe in your capabilities.
Surround yourself with a supportive circle. If you don’t have one, then create a support circle, whether this be other entrepreneurial friends, or even by constantly watching talks by thought and industry leaders online.
Become a Sponge and a Filter
One of the best ways to gain knowledge and advice for your new business is to learn to absorb as much information as you can. Learn how absorb, but also filter out which advices work for your business and which don’t.
When you introduce your product or service to people, observe their body language. Does it interest them? Are they excited or bored? Is their reaction genuine or are they just being nice? Let your listeners know that they can be honest with you.
Once again, consult with industry experts or experienced entrepreneurs. You’d be surprised how most successful business’ share similar problems when they first started. Wise and visionary business owners see mistakes as an opportunity to learn.
Earn As You Go
Diving into the deep end and starting your business with nothing to monetise can be very scary for any new entrepreneur.
One of the safest routes to go about is to start your small business while maintaining your current job. You’re better off starting small than to invest all your life savings in one go with no real business plan.
Build your business in gradually. Once you’ve found a way to generate profit for your business, then can you slowly transition from employee to a full-time entrepreneur.
Know Your Customers
There are many examples of companies that do not have the best product/service or are not first to market yet are very successful because they understand their customers well.
Research your market and understand who you’re serving. Knowing your target audience and tailoring your marketing and sales towards them prepare your business for success.
One of the easiest ways to determine this is to watch competitors, talk with similar businesses, browse your competitors’ websites, and understand what their customers are saying about them in social media.
Don’t let the excitement of starting a business distract you from focussing on the ‘duller’ side of running a business such as laws and regulations. It’s important to stay informed and understand the regulations that come with opening a business.
Choosing to be oblivious and ignorant about these can result in you facing steep fines, or worst a closure of your business altogether.
The first thing you should do is making sure your company is registered with the ministry or government. Get to know all the taxes and regulations about running your business in both the industry and country you’re in. Consider consulting with a law first that specialises in small businesses.
Take it in the case of Japanese company Sumo, who paid USD$1.5m
If you’re thinking of starting a company, one of the simplest things to get started is to purchase a domain.
Buying a domain early on can save you millions. Take it in the case of Japanese company Sumo, who paid USD$1.5m and spent seven years trying to negotiate with a company in India that owned the domain name.
Here are some domain purchasing websites that you can easily use to buy your company domain: