The 8 Most Important Things You Should Know Before Starting A Business
Fast track your business to become profitable and stay alive by follow these guidelines
Starting a small business can 
be exciting and rewarding, but it can also be challenging and risky. Before you take the leap and start your own business, it’s important to be prepared and know what you’re getting into. Here are the 8 most important things you should know before starting a business:
1. Understand the core components of building a business
Before starting a new business, it’s important to understand the core components of building a successful business. These include having a solid business plan, understanding your target market, creating a unique value proposition, building a strong brand, establishing a legal structure, developing a financial plan, securing funding, and building a team.
Here are the core components of any business:
- Business concept/idea
- Identify and test target market
- Marketing plan
- Sales strategy
- Operations plan (how to run the business day to day)
- Financial plan (how to remain solvent)
- Management team (who will you need to help you?)
- Legal structure (normally LLC, Sole Proprietorship or S-Corp)
What You Can Do: Take the time to research and understand each of these core components and make sure you have a plan in place for each one before launching your business.
2. Find people who have done it before to mentor you and guide you
Starting a business can be a lonely journey, but you don’t have to go it alone. Seek out mentors and advisors who have experience in your industry and can offer guidance and support. Join a business networking group, attend industry events, and connect with others in your field to build a support system.
What You Can Do: Identify potential mentors and advisors and reach out to them for guidance and support.
3. Never, ever, ever quit your day job to start your new business
While it may be tempting to quit your day job and dive headfirst into your new business, it’s important to keep your day job until your new business is generating enough cash to support you. This will help reduce financial stress and give you the time and resources you need to build your business.
What You Can Do: Keep your day job and start your new business as a side hustle until it’s generating enough cash to support you.
4. Test your product or service on people to see how much they like it BEFORE you go off and build a whole business
Before investing time and money into building a business, it’s important to validate your business idea by testing your product or service on potential customers. This will help you determine whether there is a demand for what you’re offering and what improvements you can make.
What You Can Do: Conduct market research and test your product or service on potential customers before launching your business.
5. Don’t rely on friends and family for honest feedback on your business idea
While your friends and family may be supportive of your business idea, they may not be the best source of honest feedback. It’s important to test your product or service on people who don’t know you and are not afraid to give you negative feedback.
What You Can Do: Reach out to potential customers who don’t know you and make it easy for them to provide feedback on your product or service.
6. You must learn to use social media and understand its importance today
In today’s digital age, social media is a powerful tool for marketing and growing a business. It’s important to understand how to use social media effectively and develop a social media strategy that aligns with your business goals.
What You Can Do: Invest time in learning how to use social media effectively and develop a social media strategy for your business.
7. Know that it will likely take you twice as long as you thought to become profitable
One of the biggest mistakes that new business owners make is underestimating the time and resources it takes to become profitable. It’s important to give yourself enough time and runway to reach profitability without running out of money. Don’t get discouraged if it takes longer than you anticipated, as this is a common challenge for most businesses.
What You Can Do: Take the time to create a realistic financial plan that includes the costs of your business and the expected timeline for revenue generation. Be conservative in your projections and plan for unexpected expenses. Ensure that you have sufficient resources to weather any unexpected delays or setbacks.
8. Finding customers who will pay for your product is your new full-time job
As a new business owner, your main focus should be on finding customers who are willing to pay for your product or service. This is an ongoing process that requires constant attention and effort. Don’t get distracted by the many other tasks you’ll need to manage as a business owner.
What You Can Do: Create a comprehensive marketing plan that includes a mix of online and offline strategies. Be sure to identify your target audience and develop messaging that resonates with them. Focus your efforts on building relationships and providing value to your customers, and always be on the lookout for new opportunities to grow your customer base.
Key Takeaways
- Building a successful business requires a deep understanding of its core components and an ability to manage them effectively.
- Seek out mentors and advisors who can guide you through the challenges of starting a business.
- Test your product or service with potential customers before launching a full-scale business.
Starting a small business can be a challenging but rewarding experience. By following these tips and staying focused on your goals, you can increase your chances of success and build a thriving business that serves your customers and your community.