Starting a new business can be very intimidating, especially if you don’t have any prior experience.
The stress of having to find a gap in the market, looking for a strategic location, and implementing your ideas is undeniably challenging but can be equally hugely fulfilling.
Before you take that first step, it’s important to consider that the journey isn’t going to be a smooth-sailing one.
But with a determined heart and a focused mind, you can match the success of those who are the best in their field.
That said, the process of putting your business ideas into action isn’t as difficult as you think.
Provided you understand all the basics, it should be quite straightforward even for beginners.
The only challenge that even the most experienced entrepreneurs face is meeting the company’s goals.
Setting your service rates, for one, will determine whether you’ll meet your objectives.
If you charge too low, you’ll count losses; set your prices high, and you’ll scare away potential customers.
If you’re not sure how to solve this problem, you can do thorough research on start-ups and established businesses in your field.
Online resources and programs like the Jobber Academy can also help in your decision-making on pricing.
But before you get to that stage, here are a few tips for starting a new business from scratch.
Table of Contents
Think of a good idea
One of the most difficult things for many prospective entrepreneurs is coming up with a good and practical business idea.
Anyone can have an idea, but is it worthy of an investment? There are many things that you need to consider before deciding on a proposal.
First, make sure the idea you have in mind is solving a problem.
For instance, if the price of certain products in your area is high, you can think of a way of creating the same product at a lower cost.
This way, you can sell the item at an affordable price without incurring losses.
You can also build a different item that solves the same problem and increase the number of alternative options that customers can choose from in the market. (1)
A good business idea must be practicable.
Whatever you propose should be implementable – the ease of doing this is a whole different subject.
Once you’ve decided that you want to build a product that sells at a lower price or provides more value for money than the rest in the market, you need to consider the cost of production.
Does the output make financial sense?
If so, then you’re one step closer to starting a business.
Write a business plan
Another important step is writing a business plan.
This document outlines all the important information about your business idea and how you’re planning to implement it.
In this write-up, you’ll define your short-, medium-, and long-term goals.
While at it, describe the techniques you’ll use to meet those goals. (2)
There are many ways of meeting potential clients.
Take, for example, a lawn care field service business.
Your priority in this department should be online marketing.
Post your brand on social media platforms, and let people know what you’re offering and where you’re located.
You can also choose to integrate a field service management program like Jobber to enhance your day-to-day operations.
Of course, there are many other ways of marketing your products and services and making sure that customers get value for their money.
Include all possible options in this section of your write-up. Other things that must be in the business plan are the statement of purpose, product descriptions, market analysis, and competitor analysis.
Mobilize your funds
Every start-up must have a certain amount of starting capital for it to take off.
In your business plan, you must clearly state where you’re going to source your capital.
Some of the options to consider include your savings, friends, family, and loans from financial institutions.
Taking out a business loan, however, is a big decision that requires you to put in a lot of thought.
Before you think of such loans, it’s wise that you exhaust all the other options first.
This move is even more important if you’re bringing a totally new idea into the market.
In the event that your business doesn’t take off as expected, you wouldn’t want to find yourself servicing loans straight from your pockets.
You can, however, decide to take a loan and expand if your business shows a promising outcome. (3)
Conclusion
The process of starting a new business isn’t as complicated as many people think.
But to increase your chances of success, you must start with a good and practical idea.
Write down a comprehensive business plan describing how you’re going to implement this idea.
Once you’re done with that, you can then start mobilizing funds.
You can borrow or ask for financial assistance from your friends and family, then purchase all the necessary tools and materials.
The main challenge you should be aware of, though, is maintaining your focus and meeting the goals you’ve set for your business.
References
- “Six Ways To Come Up With Your Ultimate Business Idea.”, Source: https://www.theguardian.com/small-business-network/2015/jul/31/six-ways-become-entreprenuer-business-idea
- “How To Write A Business Plan.”, Source: https://www.entrepreneur.com/article/247575
- “How To Fund Your Start-up Business Idea.”, Source: https://www.forbes.com/sites/lilachbullock/2019/02/25/how-to-fund-your-start-up-business-idea/
