Many people don’t feel passionate about the positions they are qualified for, or the companies that are hiring. In a world where dream jobs aren’t easy to come by, people are now choosing to follow their entrepreneurial dreams and call their own career shots. Setting up your own business can be a great opportunity for graduates looking to utilise their skills, pursue their passions, and start a career straight out of University. Or, it can be a great way for older people to use their industry experience to become their own boss and enjoy the freedom and financial rewards that can come with owning your own business.
Developing a great business idea is the first step to making this dream a reality. When a business idea hits you, it can be tempting to just drop everything and pursue it. However, it’s important to remember that creating something from scratch isn’t easy – it involves a lot of hard work and risks. But, for most people, it’s worth it! Here are our top things to consider before starting up a business:
Are you starting a business for the right reasons?
In today’s society, we often see ‘entrepreneurs’ across social media travelling in luxury, or with expensive cars and homes. However, the reality is that starting a business involves a lot of hard work, long hours, and dedication. If you’re just looking to set up a business in the hopes of getting rich quick, then you’re likely to be disappointed as success stories rarely happen overnight. Steve Jobs co-founder of Apple, the multi-billion pound technology company, explains – “You need a lot of passion for what you’re doing because it’s so hard. Without passion, any rational person would give up.”
Is your business idea feasible?
Most entrepreneurs have plenty of passion for their business idea, but sometimes it’s just not commercially viable. Examples of this can often be seen on the popular TV series, Dragons Den. We see enthusiastic entrepreneurs pitch what they believe to be failsafe multi-million-pound investments, only to be shot down by the experts for having a product or service that no one would need, or be willing to pay for. Their business idea is therefore not viable.
You should also get honest feedback on your business idea by speaking with family, friends, and even lecturers. Getting honest feedback and constructive criticism is a great way to get an objective option and enhance your business plan.
What makes your business unique or special?
Competition in the business world in fierce and new startups are appearing every day. In order to be successful, you need to have a business idea that’s unique and stands out from the crowd. It’s important to do extensive market research on your target audience and competition; develop a niche and look for a gap in the market. The best way to attract and retain customers is to do something different or special that your competition cannot provide. Better yet, try and come up with a completely new business idea – launch something new that no one else is offering. This will mean that you have less competition, and you can price your product or service according to what you think customers will pay.
Do you have sufficient funds?
You may already have a great business idea, but it’s unlikely that you’ll be able to make this idea a reality without financial resources. You need to think about how you’re going to fund your business venture. If you have savings, then it’s important to consider the risks and the possibility that you could lose money if things don’t work out. One option is to try crowdfunding or you could look for an investor to support your business. There is also a range of financial support, such as grants, available for graduates wanting to start their own business.
You need to remember that along with the initial setup costs, there will be day-to-day costs involved, and it’ll probably take a while before you actually generate any money from your business. Make sure that you fully understand all of the costs involved to get your business up and running.
Starting a business could be the best decision you ever make, but it’s not a decision to be taken lightly. It’s important to remember that setting up a business involves a lot of hard work, long hours, and dedication – the rewards could be massive but it’s unlikely to be a success overnight. Answering the above questions will help you set some of the foundations to hopefully make your first business venture a success.
Article by Ella Hendrix ella.hendrix@
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