Starting a business is fueled not only by passion but also by the readiness to face challenges head-on. In such a competitive industry, businesses are always expected to fail in the first year.
Experts state that new business owners should expect factors that aren’t the easiest to handle. Coming in prepared and knowledgeable on what to expect will always help businesses survive, and eventually thrive.
We’ve listed down some of the things you need to keep in mind before starting a business to help ease you into the most stressful part of starting a business.
1. Start with a creative idea
Your company has to start with an idea, and this idea has to be unique. It is not the easiest task to stand out in such a competitive industry.
Keep in mind that the marketplace is constantly full of bright, new ideas and it is now up to you to make sure you can offer what others cannot.
Be innovative and creative. Fill gaps and provide services that have never been thought of before.
2. Research, research, research
Oftentimes, being unique in the market is not all that you need. Many other companies start with the same concept and still end up being successful.
The key to this kind of success is knowledge of their customers. Know your target demographics and identify their behavior.
Once packed with knowledge on these things, you can start fine-tuning your business plan accordingly.
3. Plan out your finances
Money makes the world go round. Unfortunately, the same goes for starting a business.
While it is likely that business owners will not have all of the money they need on hand, it is still a necessity.
Financing your business can start with your network. Family and friends are usually the go-to answer, followed by the option of seeking out investors and capitalists.
If all these are still insufficient to support the start of your business, loaning from banks is another way to go.
4. Create a business plan
Once equipped with knowledge of your business, target customers, and competitors in the market, you should start mapping out a business plan.
Creating a business plan is one solid proof that you’re committed to your business idea. This piece of paper is what either makes or breaks your business because this is what attracts investors.
5. Be resilient
Other than passion, you need resilience, especially in the face of challenges–and budding business owners are faced with a lot.
It is not merely a saying that most businesses fail during their first year. Failure is part of growth, and in growing a business, you must expect hurdles at every turning point.
Have an open, positive mindset and learn how to stand back up after every failure.
6. Surround yourself with the right people
No man is an island and starting a business is not something one should face alone. To be at the top of your game, you should work alongside someone who’s a veteran in the field.
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7. Register your business
In the Philippines, business owners must register their business to legally operate.
Other than this, registering your business gives you multiple benefits, such as tax returns that can be used as proof of income. This certifies that your business is actively earning.
Having a registered business also solidifies your reputation in the market. Customers no longer feel the need to see if your products and services are legit.
Overall, starting a business means taking all factors into account, and it is no easy job to take on your own. We, at Savvi Accounting and Shared Services, are here to help.
If you need help with registering your business or managing your tax filing and finances, talk to our accounting expert today at +63917-174-7277
You may also send us your inquiry or ask for a free service quotation at savviacctg@gmail.com.