Do you dream of being your own boss? Is your brain full of great ideas for a service or product? Are you looking for an effective way to give back to your community and country? If so, then you have the makings of a business owner inside of you.
You need to assess whether or not you have the right personality to be an entrepreneur and whether your business ideas are strong - now it’s time to get started!
Explore ideas and ask questions
We know that you’re full of talent and eager to get your business started but it’s important to first take the time and think things through by asking yourself: How will I turn my idea into a successful business?
Is your idea original?
If your idea is truly innovative then you must do the proper research into intellectual property to see if it needs protection. This will prevent others from copying your idea. If you find that your product or service isn’t original then you need to ask yourself how you’re going to go up against your direct competition? How will you differentiate your offering?
How will you make money with your product or service?
Even though you may think your product or service is fantastic, you still need to focus on who your target market is and what your main source of revenue will be. You need to ask yourself these questions:
Who is your target market?
How much are your clients willing to pay?
If your client’s aren’t willing to pay then do you have an alternative business model?
How will your product or service be delivered to market?
Will you be developing, producing, packaging, marketing and distributing your product or service? Or will you decide to partner with other companies to bring it to market?
These steps can seem daunting if you’re a first-time entrepreneur so that’s why it’s best to focus on the one thing that allows you to stand out. Once you’ve done this you can then partner with other businesses to help with your non-core tasks.
For example, you could decide to focus your efforts on product design and licence your product to an established partner to manage production, marketing and distribution.
What resources do you need?
Once you know what you’re doing and how you want to do it, then you’ll have to figure out what everything is going to cost. How many employees will you need to hire? What will your timeline be to market launch? What will be your one-time and recurrent costs? Make sure to include expenses for items like office space and supplies, as well as various insurance and benefits in your estimate.
Once these questions are answered you can then outline your estimated projected income for the first business year. Base this estimate on the size of your market, industry trends, and your expected market share. With this you’ll be well on your way to writing your first business plan, which can be used to attract investors and lenders.