Advertising
Advertising

6 Things to Consider Before Starting a Startup.

6 Things to Consider Before Starting a Startup.

In this modern digital age, many youngsters are planning to start their own business. In spite of lacking of adequate experience, these young people have creative ideas and enough determination to become their own boss. But this lack of experience can seriously threaten their dream of becoming an entrepreneur and if not handled properly, can completely destroy it.

Any business start-up needs lots of time and financial investment. Hard work and continuous efforts with determination are required to make it work. But aside from these, there are a lot of things that one should consider before starting a startup.

Advertising

Your Idea

The first and the most important thing is the idea. It’s the idea only that will make you unique and attractive. Every business is based on the idea and before starting the business, one should be clear with the positive and adverse effects of their idea. It is important to recognize the strength, potential opportunities, weakness of the idea and lot of research is required to be done on this basis. You need to analyze the feasibility of your idea. Try to resist the urge to move on to action, and really work out every aspects of your big idea. Many businesses fail because of moving too quickly from the idea phase into the action phase.

Your Customers

Success for your business will be based on client satisfaction. A business always has a targeted market, and focuses on a particular section of customers. There are loads of ways to attract the client. Websites are now a day common marketing trick, and there are lots of web designs available.  Depending on the type of business you are starting up, you may want to consider other types of promotion, like flyers, business cards, advertisements, or sales.The real challenge lies in converting visitors to buyers. At any rate, you’ll want to be sure that you are thinking about your customers first and devising an appropriate way to attract them to your business.

Advertising

Your Competition

The third most important thing to be considered is your competitors. Today’s market is a competitive one, and there are lots of businesses of all types. You’ll need to study your competitors and analyze them. Looking at the practices of businesses similar to your startup will help you analyze your strengths and weaknesses. Then, not only can you learn from them, but you can figure out how to make your product or service perform even better. To stay in the race, it is important to know your competitors and their policies very well. So before starting any business, analyze the people you are standing against.

Your Capital

One of the biggest hurdles for starting any start up is the initial investment. Many investors back off when they see any youngster with the lack of experience planning to launch a startup. Arranging for the capital for the startup is probably one of the toughest jobs. It is very difficult to convince people (especially investors) to trust you with their money. So before going for any big step, try to arrange the capital first. Make sure you consider how much money you will need to pay employees, live off of, and run the business for at least the first 6 months or a year before you can feasibly expect for your business to return on your investment.

Advertising

Your Core Team

Tata Industries founder, Ratan Tata, stated once “If you want to walk fast, walk alone, but if you want to walk far, walk together.” His words symbolize the importance of teamwork. Every company whether it is a start-up or a well-established state requires an efficient core team. Especially if you are planning to start your own business, first finalize the core members of your team. Carefully choose who you are going to have surrounding you. They together will decide the future of the company. One of the most important tips for selecting the core members is, “Don’t hire friends for the company.” Hiring friends can get complicated, and you may find yourself stuck between professionalism and friendship later down the line.

Your Business Plan

Last but certainly not the least is the business plan. A clear plan of activities is just like the map to success. Sit down with all your core team members and come up with a clear and realistic business plan.  It will give a much clear idea of your intended business. With this plan in your hand, you can calculate the resources, investment, and potential required for any phase. A proper business plan is required to execute everything properly.

Advertising

Featured photo credit: strictlybusinesslawblog via i0.wp.com

More by this author

Erick Clifford

Journalist

16 Young And Successful Entrepreneurs Who Prove That Age Is Nothing but a Number This Is The Secret Recipe For A Healthy Living 6 Essentials You Need to Consider Before Starting an Online Business 4 Things Every True Leader Wants You to Know Life Insurance: A Secure Way To Protect Your Future.

Trending in Entrepreneur

1 How to Be a Successful Businessman (The Complete Guide) 2 How to Brand Yourself and Make Your Business Stand Out 3 How to Start a Company from Scratch (A Step-By-Step Guide) 4 15 Best Books for Entrepreneurs to Start Reading Right Now 5 How to Start a Successful Business and Increase Your Profits

Read Next

Advertising
Advertising
Advertising

Last Updated on February 15, 2019

How to Achieve Goals and Increase Your Chance of Success

How to Achieve Goals and Increase Your Chance of Success

Does it ever feel like the things you want to accomplish always end up on the back burner? If the answer to that question is “yes,” you’re not alone. Only about 33% of people consistently work toward their goals. In some cases, their goals may seem too lofty to accomplish, or else they aren’t sure how to make a plan for them.

If you don’t come up with concrete steps to take toward your goals, they’ll remain dreams. There’s nothing wrong with being a dreamer, but being able to turn your dreams into goals you can realize will help you lead a happier and more fulfilling life.

Luckily, you can realize almost any dream when you harness the right goal-setting methods.

In this article, I’ll show you how to achieve goals and get closer you success.

1. Break your dreams down into specific and measurable steps

We couldn’t talk about goal-setting without mentioning SMART goals.

SMART goals are specific, measurable, assignable, realistic, and time-related.

Specific and measurable steps are so important because if we don’t know what our target it, how can we ever hit it?

Take all those beautiful dreams you have for yourself and make them into things you can actually do. If you want to be an entrepreneur, for example, a step toward realizing your dream might be researching what you’ll need to start your business.

Find out more tips about utilizing SMART goals here:

How to Use SMART Goal to Become Highly Successful in Life

Advertising

2. Have at least one clearly defined goal for every interest and role in your life

It’s so easy to become complacent or stagnate. We often think that our careers are the only places where we need to set goals, but we aren’t only what we do.

To make the most of your life, take the approach that you’re always learning and growing in everything you do. Anything worth doing is worth doing well after all.

Set goals whether you’re sponsoring an activity for your child, taking up guitar lessons or trying to prove your worth at work.

You’ll notice that this approach forces you to constantly develop new skills. It can also be fulfilling to put more focus and value into all areas of your life— not just the ones related to our careers.

3. Align your goals with your life’s mission, purpose and passion

Take the opportunity to do some soul-searching. What is it that you want to do with this precious life of yours?

Anything that conflicts with your life’s purpose is bound to cause discontent. Staying in a bad relationship, doing a job that goes against your values, or maintaining the status quo just because it’s comfortable are not options for you.

Thinking about your goals in this way can help you eliminate things in your life that don’t serve you. This frees up mental space that you can use to do the things you care about the most.

Many of us struggle to find the time to work on our goals, but this strategy enables you to make more time.

4. Create goals that ignite your spirit and inspire you to take action

If you can’t be fired up about your goals from the start, they might not be good goals for you.

The road to success is often tough. You’re going to have times when you might feel tired or discouraged.

Advertising

You need to feel inspired enough that you’ll be able to overcome obstacles as you encounter them.

If what you’re doing motivates you to be the greatest version of yourself, you’ll be much more resilient.

5. Write down all your goals in specific, measurable detail

This is your road map for what success will look like. The more you define what you want the finished product to be, the greater the chance that you’ll reach that vision.

When you write down your goals, you’re creating a document that you can revisit to make sure you’re on track.

When you’re in the middle of trying to achieve a big goal, it can be hard to see what’s working for you. The things you write in this step will help you stay on-message as you take your goals out of your mind and into the real world.

Don’t just write down your goals and stash them away in a folder somewhere. Take the extra step to put them somewhere where you’ll see them.[1]

If you have too many goals to post on your desk, write a summary or choose one or two steps to work on for the day. Just seeing them will keep them in the front of your mind.

6. Commit to hitting each of your targets without exception

You wouldn’t have created the target if you didn’t think it was necessary. Hold yourself accountable for taking the steps to succeed.

You can always adapt your strategy or break your targets into smaller steps if you find that they aren’t attainable as you originally wrote them.

Hitting even the smallest target is cause for a celebration. It’s a step in the positive direction. Your success will make you crave more success.

Advertising

We often make excuses when we get tired or overwhelmed. Take away the option to make excuses. You will only be satisfied with the best effort from yourself.

7. Share your goals with others to motivate each other

There’s something so powerful about people sharing their goals and dreams with one another. Doing so gives voice to some part of us that could remain hidden (and therefore never be accomplished).

When other people know about your goals, they can cheer you on and hold you accountable. When people share their vision with you, you can do the same for them.

This strategy is particularly beneficial when you’re trying to develop healthy habits. Post about your workout on social media, or do a healthy eating challenge with your best friend. You’ll be less likely to slack when temptation arises, and you’ll probably encourage someone else to reach for their goals too.

8. Set a series of daily, weekly and long-term goals, complete with starting times and deadlines

Many goals never reach realization simply because the goal-setter doesn’t check their progress. People tend to forget what they set out to do, or their goal gets crowded out by other obligations.

Forcing yourself to revisit your goals at regular intervals breaks them into smaller steps and it reminds you to think about them.

Giving yourself regular deadlines for smaller tasks related to your goals also helps you reflect on your strategy. You’ll figure out what works for you, whether your timeline is realistic, and whether or not you need additional help to stay on track.

In addition, celebrating small wins helps you stay motivated. Here’s how:

How To Celebrate Small Wins To Achieve Big Goals

9. Take 10 minutes every day to imagine how great it will feel to achieve your goals

Visualization is such a powerful tool. Some of the most successful athletes, celebrities and business people take time each day to think about how success looks and feels for them.[2] Imagining that feeling of satisfaction can be a great motivator.

Advertising

When you do meet your goals, take some time to be grateful. Thank yourself for showing up and doing the work. Be grateful when the stars align properly to help you advance to the next step.

It’s not just getting to the destination of your goals that matters. How you take the journey is important too.

10. Take an action step toward reaching your goals every day

Your goals can easily get buried in the hustle and the bustle. Even the smallest step in the right direction is still moving you forward.

Keep chipping away at the work every day and before long, you’ll start to see those dreams come to life.

Maybe you didn’t start your business today but you designed the logo that’s going to go on your website and business cards. Doing that task well is going to help you so much in the long run.

Concrete actions day by day draw your dreams out of obscurity and into the realm of possibility.

The Bottom Line

Dreams can inspire and overwhelm us. By turning our dreams into goals that we can work toward, we increase our chances of success. Things that once seemed impossible are suddenly within reach.

It’s time to start turning your dreams into goals and your goals into realities. Change begins today.

More Resources About Setting & Achieving Goals

Featured photo credit: Andrew Neel via unsplash.com

Reference

Read Next