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5 things to consider before starting a business

If you have been thinking for a while now of starting your own business & start generate some income then you’re not alone.Deciding to embark on an entrepreneurial journey is always daunting. There’s no guarantee of success, and there’s no way to be ready for all the obstacles you’ll face along the way. In spite of the many challenges of entrepreneurship, pursuing a career can be hugely rewarding, and in some cases, life-changing.

For this reason, we’ve made a list of the five things you should think about before you start your business.

1) Turn your idea into a plan

Every entrepreneurial journey starts with an idea. But how can you bring your idea to life? Take some time to lay out a rough business plan, and anticipate the challenges you’ll face. For example, if you’re considering creating a networking app for young legal professionals, consider the logistics behind designing and developing the app, and how you will manage to meet the needs of this specific target market.

There is a lot to think about, and you don’t need to have all of the answers at this stage. Try making a mind-map outlining the process of making your idea a reality. This exercise will not only help you create your formal business plan, but it will also prepare you for the obstacles that you’ll find in the process.

2) Prepare for your financial shifts

The cause of everything, now when we are talking about financial issues I’m not talking about the fact that you need an enormous pool of gold to start a business. What we are talking about here is the ability to look at your financial status & tailor business cost according to your own needs. Learn to manage your way of spending & limit your overspending if necessary. Even if you are starting out your business as a side income, it is still better for you to start learning how to manage your side income properly. Your main goal for now would be to transition from making your side income your primary income. Also be prepared to store some of your backup cash flow just in case.

3) Follow your passion

Passion is the thing that keeps entrepreneurs going through the hard times. If you really believe in what you’re doing, and the project you’re developing, it will make you more resilient and determined when faced with obstacles. With passion, you’ll also be more effective in communicating both the potential of your project, and your own potential as an entrepreneur.

Make sure your idea is something that drives you. In addition to making you more motivated, it will also enhance your ability to sell your idea to potential investors.

4) Research & validate the market

Research your market. I know it’s obvious but I’m always surprised how many people just start building products without thinking enough about the market. You need to do some analysis. Start by evaluating areas that you have domain expertise in. Make sure that you’ve identified a problem that you believe exists. Calculate how much time or money this is causing the people involved. Sketch out your solution. Find out what solutions they’re using today. Use all of this for the basis of a plan that defines your company strategy.

Validate that you can make money before starting. This means looking at what your buyer pays for similar products now, what the history of other people who have tried to monetize in this way have experienced, what your costs to acquire customers will be and what you believe you can make over the customers’ lifetimes.

5) Self-discipline

This may be one of the most important qualities for an aspiring entrepreneur to have. You are at the heart of your business idea, meaning that you will be the one to hold yourself accountable. As an entrepreneur, you’ll have to stick to your business plan, make and respect your budget, dedicate time to developing your business, and meet the goals you’ve set for yourself. If you find yourself lacking in self-discipline, this might be something to work on before you pursue your entrepreneurial dream. You have to be ready to put the time and effort in before you begin your venture.

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