The idea of being your own boss is not only enticing but also liberating. If you feel like you’ve outgrown your current job, starting a business might be part of your plan b. For some, they already know way before they graduate college that a business is what they want.
It’s thrilling to think about the possibilities of how you can grow and be happy with what you do. Chances are, you feel ecstatic just by planning your business framework. But, like they always say, it’s not always rainbows and butterflies.
As you plan and prepare for your business, there might come a point where you’ll want to abort everything and start all over again. You might even think about quitting and go look for a job again instead. It’s normal to feel overwhelmed and exhausted as you start a new chapter in your professional life.
When you plan to start a business, you’ll likely feel either you’re ready to take on the world or go smash a wall and forget about your plans. To help you keep your calm when things start to get rough, here are some of the things that you should take note of as you plan your business.
1. Weigh and evaluate the feasibility of your ideas
As you start to plan your business, your ideas go wild and boundless. In your mind, it’s easy to envision how things will go seamlessly. It’s like with every ‘but’ that comes into mind, you can easily change it and make it go right. But of course, you have to snap back to reality.
As you plan, consider the feasibility of your objectives. Try to dissect each area thoroughly and how many risks does each area bring? Will you need the help of a professional such as a mentor, insurance broker, or adviser in your business?
Does your framework fit the budget that you are to set or is it too expensive for your initial stand? Keep in mind that with every framework comes risk. Boundless and unlimited risks that will challenge your business. If your business in mind seems too good to be true, then it’s a sign that you need to evaluate your plans.
Remember, your business will be your new career. You have to be realistic with your plans. Design a proposal that you know you can reach with the resources that you have. Weigh and evaluate if your goals are ideal for the time frame that you’re aiming to target. Be creative and limitless with your plan, but always keep your feet on the ground.
2. Identify your master plan’s risks and prioritise business security measures
After you plan and finish your business’s framework proposal, it’s time to identify your possible risks. Risks might occur in every aspect of your plan. For example, if you wish to expand and open another branch after 2 years, identify how your allocated budget for expenses will affect your business operation.
Try to picture if ever your business encounters an unexpected risk, do you have a plan b as your fallback? Do you have a rainy day fund to cover expenses if suddenly your business’s revenue drops? Or do you have business insurance to support you in case of any misfortune?
As you identify your risks, list down the measures that you plan to take to prevent and secure your business when it happens. Let’s say, for example, the nature of your business is a product manufacturer for clients. Maybe it would be nice to prioritise getting business insurance that will cover you from claims and liabilities in case a client sues you for product tampering.
Or if you’re a small business, you can aim for business insurance that will protect your property, equipment, tools, etc. Or if you plan to hire and work with a lot of people as you start, maybe you’d want to get business insurance that will protect your employees in case of any misfortune.
3. Choose the right people you plan to work with and hire a professional if you can
There’s a saying that a good partnership opens doors and opportunities for a business to grow better. After you plan and identify your risks, it’s time to look and choose the right people who will help you achieve your business goals.
It’s easy to hire people who will work for you and who can do what they have to. But, it’s hard to look for the ones who are 100% qualified, dedicated, and passionate to help you reach your targets. Of course, you’d want someone who will stay and grow with your business. Someone who you can trust to do their responsibilities better and in the best way possible.
Aside from choosing the right people who will work with and for you, if you can, consider hiring a professional. In relation to point number 2, if you find it hard to evaluate your risks, maybe you need an insurance broker or financial adviser to help you in that area. Or maybe you need an adviser to help you develop better plans and schemes to achieve your goals.
Naturally, we all have vital areas that we need to improve on. And if you are capable of hiring a professional to help you, it would be very smart to do so. By doing so, you are not only opening better ideas for improvements but as well as securing your business with the help and knowledge of experts.
4. Know your competitors and identify how you can set your business apart from the competition
Regardless of your business type and nature, one thing is for sure. You will always compete with other businesses of the same nature as yours. If you plan to set up your business online, this is a very vital factor.
Before you start to implement your proposal and framework, try to tweak some new ideas and schemes that you can incorporate into your brand. For example, you plan to include sustainability in your business values. Since a lot of brands also value being sustainable, maybe you can partner with a certain charity or organisation as well.
If you noticed that the reviews of your competitors include a ‘slow delivery process’ then maybe you can work on implementing a next day delivery target for your business. Whatever it is that you see and think that needs to be improved in other businesses, integrate it into yours.
After all, people surely wouldn’t want to purchase from another brand with the same service and products. People want something new, efficient, and addresses their needs immediately.
5. Invest in quality materials, equipment, and strategies that you will utilise in your business
Aside from security and business insurance, another thing that you must never take for granted is the quality of the materials, tools, and equipment that you will use for your business. Though it would be nice to save money when buying business material needs, it is better to have the peace of mind that the things you use are of good quality and will last for a long time.
For example, if you plan to run a printing business, invest in high-quality printers, inks, and papers. It won’t only save you from additional expenses in case it breaks down, but as well as adds to the professionality and quality of your products and services.
The same goes for your business strategies. Invest in marketing schemes that will help your business improve your public relations, popularity, and credibility. Stay innovative and try to develop fresh ideas on the table every time you market a new product. You can use the trends and seasons as your inspiration for a better marketing scheme.
All that is left to do is turn your plans into reality
Once you finish incorporating these 5 tips, all that is left for you to do is turn them into reality. Know that it won’t be easy. Some things in business are easier said than done. But, one thing’s for sure. If you keep your mind and business open to innovation, change, and opportunities, you’ll surely reach your goals in a short amount of time. Good luck with your business! Go prosper and achieve that target.
About the author:
Bianca Banda is a writer for Lewis Insurance, an insurance company located in Australia, offering wide financial services and management for both business and family matters through proven quality service, trusted support, and expert advice. She is a massive lover of Japanese cuisine and enjoys binge-watching comedies or variety shows.
