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Want to be an entrepreneur?
Entrepreneurship is not for everyone, and not everyone is into being an entrepreneur. So, it is crucial to know if it really is your thing, before you go off pouring all your time, money and resources into a business.
01. Do you have what it takes?
If you are motivated by the thought of being your own boss, working on your own time, making money on your own terms, or simply by the sheer thrill of building something extraordinary; then perhaps, the entrepreneurial game is your calling.
Whatever the scale of the project, it’s always a good idea to start your journey looking inwards. We are what we think. So we need to know, what it means to be an entrepreneur, and if we have the necessary willpower and passion to succeed.
This checklist can help you to determine if you are cut out for entrepreneurship.
If most of the boxes got ticked, and you are right about yourself, then there is a good chance that you will make it in the business world. Take a personal inventory of who you are, where you want to see yourself in the future and what you want to be. Then you are ready to move onto the next step of the venture.
02. Developing the idea.
A good idea should be compelling, realistic, profitable, solve a pain in the market or should change the world for the better in some way. Make sure it is something you and the market can really believe in. Something you are passionate about, so you can go that extra mile even if it takes a little work positioning your new product or service in the market at first.
Your idea can be as simple as baking specialized cookies, opening a retail shop, salon business, consulting firm or creating your own product and selling it online. Your creativity is what will make your brand stand out.
03. Team building and networking.
Your team is the backbone of your business. The quality and consistency of their performance is what builds your brand image.
It is vital to have a team you can rely on, and to have connections in the industry. Put yourself out there, be seen! Get in touch with market leaders. Find yourself a mentor. Get into discussion groups. Scope out the competition. Get advice and input from friends and family with experience or connections in the industry. Discover what the world has to offer to your idea.
04. Learning the market & feasibility analysis
A study of the market is essential to determine if the market conditions are favorable and to check the viability of your business model.
A feasibility analysis is preparatory research and helps us further understand the risks involved. The process of opening a new venture involves all kinds of uncertainty associated with it. However, with the right research, we can always transform this uncertainty into fairly measurable risks. When risks are measured and stated, we can devise strategies to minimize and mitigate them.
When doing a feasibility analysis, try to answer the following questions;
- Is there a customer base or a market of sufficient size to make your concept viable?
- Are your revenue and expense forecasts sensible and realistic?
- Are your capital requirements for the startup based on your forecasts?
- Can an appropriate founding team be assembled to effectively execute your concept?
05. Planning your business
This is the point in which you gather all the ideas and experiences that you’ve gained in the previous steps into a single actionable plan.
A plan would serve two purposes. Firstly, it will be your guide throughout the execution process. Secondly, it is your pitch to potential investors. Ensure that your business plan has the details of the legal, operational, financial, marketing and growth plans.
If you require assistance with drafting your business plan and feasibility analysis, our teams at Achievia have numerous years of experience in making business plans and would love to help you out. Just give us a call.
06. Getting the finance
You are more likely to secure finance, if your new venture is operating in some form before you approach investors. A running business, no matter how small, serves as assurance to potential stakeholders of your capacity and commitment to operate a venture.
Keep in mind is that starting a small business usually does not require a lot of money. However, in case it does, you can turn to the following financing solutions.
The investment capital for the business can come from;
- Own Money : Many entrepreneurs who have made it into the money started out by saving up, penny by penny, from employment or odd jobs, until they had just enough to start their small business. Who will believe in you more than you believe in yourself?
- Angel Investors : Believe it or not, there are a lot of people out there with heaps of money, who will invest in people and businesses they believe in. Find these people who have a passion for the kind of business that you’re doing, who genuinely want to help startups and are ok with small returns at first. A lot of music bands are backed by angel investors who love music and want to help aspiring artists. Sports teams and innovative new products and services are other good examples. Building trust, and developing your concept creatively is key to securing such an investor. Angel Investors usually make for great mentors too and can give you insight into money management and business dynamics.
- Crowdfunding : A relatively new concept of acquiring finance, that have globally raised millions for thousands of startups. Find yourself a secure, well-visited crowdfunding platform most viable for your venture.
- Friends & Family : Be cautious when approaching this group and take necessary steps to avoid the kinds of problems that might damage the relationship. If done right, however, this kind of financing can be one of the strongest supports to back your business.
- Bank Loans : Going for a bank loan to fund your startup is a good idea if you have a solid business plan and financial forecasts to prove the revenue capacity. The drawback of this kind of loan is the high interest rate usually charged by banks along with their equity and collateral requirements.
- Government Loans : Similar to bank loans, but with lower interest rates, the government often provides grants and subsidized loan financing for Start-ups and SMEs.
If you need information on the currently available financing options or assistance with acquiring finance, give us a call. At Achievia, we have sourced financing for startups across industries. with a range of financing solutions.
05. Setting up the business
It’s business time! If you have a business plan in place, you already have the roadmap you need for the execution phase. The type of business you are going into, and how well the workflow processes are planned out, will determine the number of steps and the levels of stress you are going to have to go through.
For example, if you are starting a service business this can take only one day. A simple registration process and the time it takes for you to set up a computer and an internet connection. However, if you are going into something like retail, this would involve getting trade permits, supply chain setup, acquiring stock, developing the sales outlet and getting sales people.
Always be ready for the fact that things will not go exactly as you planned. However, if you resiliently keep innovating and solving everything that comes your way, it is only an eventuality that you will become a successful brand in your market. So, most importantly, enjoy the process.
06. Tell the world!
With the advances in internet technology, this step has become relatively easier and more budget friendly. You can advertise your new venture through your website, youtube, facebook and other social media platforms. Even the biggest businesses require a lot of marketing, especially in the start up phase.
Tell your friends and family about it, spread the word. If you want your customers to buy the product, they will first have to know about it. Find out how and where you can most effectively interact with target markets. Be seen. Be heard!
If you need assistance in your start-up process, you can start a full-fledged business planning process with Achievia Consultancy. Experienced professionals and seasoned entrepreneurs, with decades of collective experience in business strategy, accounting, marketing and financing, are geared to make starting and scaling your business, a lot easier and safer.
If you are still unsure about what you need, we recommend you schedule an exclusive business consultation session to let the experts guide you towards the next steps.