10 Things to Do Before You Start Your Start-up/own business

The desire to open your own business is quite natural, as many of us always want more. And your own business gives you unlimited opportunities to develop as your skills, abilities, satisfaction of healthy ambitions well and of course earn as much money as you want.

December 24, 2019
5 min read
taras-bold
Taras Bold Blog10 Things to Do

The desire to open your own business is quite natural, as many of us always want more. And your own business gives you unlimited opportunities to develop as your skills, abilities, satisfaction of healthy ambitions well and of course earn as much money as you want. And this is the only limitation – how bold your desires are.

When you find the impressive and true reasons behind your desire to become a business owner, it will be much easier to convince yourself first of all to do it!

But to throw even the hated work of a hired worker from 9 to 5 is not properly prepared for free and independent entrepreneurship, is absolutely not a reasonable undertaking.

Always keep in mind your target customer.

I propose my own effective compilation of Top-10 issues that personally I ask myself before starting my next business or project, and which I sincerely recommend to you. Moreover, we focus primarily on business innovation and long-term sustainability.

  1. Why do you want it? When you find the impressive and true reasons behind your desire to become a business owner, it will be much easier to convince yourself first of all to do it! The technology of ranking all the things and results you want to achieve in life helps to determine the place and role of your own business in them. Realizing that it takes the key role – everything else for you can lose value.
  2. What more will be possible when you get what you want? What if it is already possible now – what will you do differently? I suggest you move forward for a year (or as long as you take to open up an innovative business) and imagine new opportunities that you will get already with it. Oh! Pleasant sensations? Of course, this is a real actuality for which action must now be taken. What and how can you do it differently now to get what you didn’t get before? Everything depends on you.
  3. Who is your target audience? How many customers can you cover? If you are already a little involved in your business, consider: What trends are global/local in this market, how many customers you have already helped solve their pain – and how many more can help you to help your customers in the next year. I will say that when I analyzed my influence as a human innovating coach, I was very shocked to find out that I could have a positive effect in principle on half of the world’s population, such as that when at least one of my customers come up with the system that is as large as Facebook or Google for example. Always keep in mind your target customer.
  4. What job (JTBD-job to be done- the term of Harvard Business School Professor Christensen) does your product/service perform for the consumer? Returning to the fact that your consumer always has to be in priority (if you, of course, expect to be a successful businessman!) – it is very important to define functionally what solves your product/service for the customer. Unlike existing competitors, he/she does it differently and certainly better. Very often producers, even market leaders, cannot answer this question. The consumers themselves cannot as well. But new companies that clearly need to stand out must focus on the consumer and how you consume your product/service.
  5. Who will support you on your way of creating a great business? Here you are a short but mega effective paper exercise. On the sheet of paper, you write in the central small circle: “I am the owner of a successful business”. In the circles adjacent to it of the same size, you write those who can help you, tell, cheer, support on the way to this goal: parents, children, partners, friends, clients, consultants, coaches, mentors, successful cases, etc. The more your chamomile you get, the better support you get.
  6. Who are your competitors, their prices, conditions? The classical task, which after the SWOT analysis, makes it very clear and clearly allows us to define itself in the market in comparison with competitors. Then you can speed up your start-up as you realize that competitors have more Weaknesses or send your model for rework because of dissatisfaction with your Strengths.
  7. WHAT is your unique trade offer and why do customers switch to you? What will you do differently? As you understand, the modern market is rather densely packed with the offers of your competitors and the consumer is running out of eyes from a variety of profitable offers from many companies. To avoid being another gray company that does not understand how to sell those huge stocks of its products – ask yourself a question: What is the uniqueness of your proposal? What does it do for the customer differently, better, faster, cheaper, etc.?
  8. How Many employees do you need at the start? Within ½ year? If it is possible in your business model – start your business by yourself, until you make sure that all the first 7 points provide the answers that satisfy you and you definitely believe in success. Of course, you will involve consultants, contractors, and temporary workers, but these are all variable costs – outsourcing. Then start recruitment with your personal assistant for small, routine, and repetitive tasks. It will not be expensive, but given how long it will take to free up more money and strategic issues, it is worth it.
  9. What is your plan B? Always, there should always be another way to accomplish the task. Even if you are advised, that everything is thought out perfectly, how better can it be achieved? And in case of failure of the chosen approach, what are your ways of retreat? Are you ready for a negative experience this time, so that the next one will be the exact result? What is your plan B?
  10. How much money is needed to implement the project? Note that this is the last question. After all, what sense of it to take care of at the initial stage of the conception of your business if after passing on the questions from 1 to 9 you quite possibly conclude that the project should be modified, or altered, or what is even more likely – to create a fundamentally new one! And when you are sure about the success of your business, the money for its launch will cease to be an obstacle. There is a lot of free money in the world, and investors are just eager to invest in the innovation that will bring them and you accordingly astronomical incomes. You will only have to choose the most suitable for you, as the creator of the business, the most advantageous conditions.

It is always useful to ask yourself correct and honest questions – sometimes unexpected answers and solutions you get.

It is always useful to ask yourself correct and honest questions – sometimes unexpected answers and solutions you get. And in such an important and fateful matter as own business – and it is all too common. Fill your thoughts with focused thoughts, not chaos and procrastination. And in order to see the situation under a different angle – it is recommended to work with a professional coach because most successful actors, directors, presidents, entrepreneurs and, of course, athletes – have their own individual coaches, with whom they work regularly.

Taras Bold

Subscribe to new articles on my blog and stay up to date with the latest updates

I regularly post new useful materials on my blog that will help you change your life for the better. Do not miss the chance to find out valuable information!