There’s a lot of freedom in finally decide that you are going to be in complete and total control over your financial life by starting up your own business.
Sure, lots of folks feel like gainful employment and a steady 9 to 5 job is a lot less risky – but ask people (the millions and millions of folks who lost their jobs in the mid-2000s, for example) how they feel about their job security and they’ll tell you that they are anything but perfectly confident and secure.
At the same time, there are some really important things you need to do – some critical steps that you need to hit – when you are getting ready to start a small business to make sure that you take the plunge as prepared as you can possibly be.
Here are the most important steps you can’t skip!
Do as much market research as humanly possible and spy on your competition
The main reason that most small businesses fail has a lot less to do with a lack of critical resources and instead a lot more to do with a lack of understanding their market, their perfect customer, and their competition.
Without knowing who your market really is, who your perfect prospect is and what they want from you exactly (at a specific price point), and how your competition is handling the delivery on these key areas you’ll never know what you can do to compete, what you can do to beat your competitors, and how you can win more market share right out of the gate.
Create a Unique Selling Position ASAP
Your business has to have a reason to exist, a reason that your customers choose you over any other competitor, or it isn’t going to enjoy any success whatsoever.
A lot of small business owners have a “Field of Dreams” kind of mentality. They figure that if they build a business customers will show up and hand them money, when nothing could be further from the truth.
You have to offer your market value – real value – and only your customers and prospects are able to determine what that value really is. Once you unlock this key component of your business plan, however, you’re able to kick things into high gear and really accelerate your growth and success.
Get your hiring process down pat
The old adage that you should “hire slowly and fire quickly” is definitely something you are going to want to live and die by when you are a small business.
You have to have people on your team that are driven to succeed, people that want to help you build your business as much as you want to build your business, and folks that can get the job done on time and effectively – helping you multiply your effort and your time on a daily basis.
Your hiring process has to be crystal clear, your expectations have to be outlined explicitly, and you need to make sure that you fully vet the people that you bring on board. If you find any rotten apples after you have hired them, the faster you jettison them and replace them the better off your small business will be.
About the Author
Singapore Company Incorporation Consultants Pte Ltd
Address: 10 Anson Road International Plaza #27-15 Singapore 079903
Telephone: +65 66531211