5 Tips to Creating a New Business - Margaret Buj - Interview Coach

5 Tips to Creating a New Business - Margaret Buj - Interview Coach Starting a business is the shortest path to becoming your own boss. There is fun in being a boss to yourself. For a start, you don’t have to report to anyone or dance to anyone’s tune except your customers. You can go for vacation whenever you want. The most interesting part is where you take all the profits without having to share them with anyone. Besides that, you will never be unemployed. In fact, you can create employment opportunities for others by hiring them to work in your business. However, most startups end up collapsing within the first year of inception. This is because the owners lose focus right from the start. Below are some tips that can guide you when creating a business for the first time. Create a Business Plan   Starting a business that’s not guided by a solid business plan is a huge mistake. This is because you end up doing things at random because you don’t have any information. It’s even difficult to secure funding from potential partners and financial institutions. A business plan elaborates on the product or the service that you will trade in to make profit. Besides that, it identifies other established businesses in the same niche market. It must provide a breakdown on the things that you will do to earn a market share including profit estimations. Creating a business plan can be a huge challenge if you are doing for the first time. You should therefore consider hiring a business plan writing service. Identify a Loophole in the Market Businesses that succeed are those that provide a solution to an existing problem. You must therefore have an eye for opportunity to be able to seize such an opportunity.  The problem with most entrepreneurs is that they first focus on making money from their business. That’s similar to counting your chickens before they hatch. You should actually give priority to solving the problem because that’s the surest way of making money for the long term. For instance, if there is a transport problem, you should capitalize on helping people get to their destination by providing a mode of transport. It could be that the existing mode of transport is expensive or not comfortable. You then capitalize on such shortcomings to gain an edge in the market. Be a Risk Taker There is no guarantee that your enterprise will succeed right away. There will always be challenges that will try to stop you from achieving your goal. In fact, most potential entrepreneurs fail to create a business because they are afraid of failing. As an aspiring entrepreneur, you should not allow fear of the unknown to stop you. Even if you might fail, you will still learn one or two three things. It’s such lessons that give you the confidence of trying again and again until you make it. There are some businesses that are so time demanding such that you would have to quit your high flying job to run them. You should be therefore ready to get out of the comfort zone because you can never achieve anything meaningful without sailing away from your comfort. Get a Mentor It’s not easy to learn the ropes of a venture on your own. The long learning curve can actually make you give up and quit. When you have a mentor, the learning curve becomes short because you have someone to hold your hand. Finding a mentor is easy. Since the business you are starting is not new on the planet, you should consult other entrepreneurs that have been running it for many years probably far away from the location that you intend to set it up. Such people can be very resourceful because they know the ins and outs of the business that you want to start. They can therefore help you avoid making wrong decisions that can cause your enterprise to crash. Believe in Your Service or Product You should never try to sell a service or a product that you don’t believe in. This is because you will not be confident when selling it. In fact, customers can tell when you don’t believe in your own staff. For instance if you want to sell a particular brand of car tires but your car rolls on a different brand, the customers will figure it out and eventually lose confidence in your products. When you believe in what you sell, you should find first become the brand ambassador.