So you are about to bring those business ideas to life and kickstart a great business empire, Great! However, there is more to business than just a logo and business name. It goes beyond logging in to your computer and cashing out without hassles. Lack of planning and conducting due diligence is one of the main reasons why about 90percent of startups fail. Hence, as much as being your own boss can be exciting and rewarding, it can also be the most difficult feat to achieve. The good thing is if you know the risk involved and you are ready to plunge into the business world despite all, you are setting yourself up for success. Ervin Ahbabovic, a business tycoon and humanitarian, shed more light on important things to do before starting a business.
Choose the Right Business for you
It’s not enough to have great business ideas, you need the right one for you. A business that resonates with you- skills, passion, and experiences. If you are so keen on work-life balance, then the business that will require working daytime to night might not be the right fit. Hence, you need to match the business not only with your skills and knowledge but also with your lifestyle.
Carry out Research
You just don’t launch into business assuming that you already have good business ideas that are set for success. There are many businesses out there that are doing what you intend to do or also have the same idea. That is why you need to understand the market you are entering and businesses that will pose as rivals. Google is one place to start and have a clue about your competitors. Go further by visiting them, acting as a customer, and analyzing their products, services, and prices. Moreover, Ervin Ahbabovic Said that you should talk to other customers and ask for their opinions on their products or services in order to gather information. This way you will know their strengths and lapses and how to beat them to the game in terms of quality, prices, or customer support.
Understand the Market
Aside from analyzing your competitors, another important aspect you will need to understand is the audience or customer and opportunities for growth. This means you need to understand the industry and the market you are entering before kicking the business door open. Who are your customers and what are their demographics, age, buying habits, and many more? Understanding the market and the customers will help you come up with marketing strategies and sales for the right audience.
Entrepreneurs wear a lot of hats, which is why they need to keep organization at the core of their work. This will help you to avoid clustered work woes such as loss of valuable information, waste of time and energy finding documents that could otherwise be channeled to work, or a heap of tasks that are yet to be completed. The best thing to do is to have your task analyzed and written at the beginning of the day. The good thing is there are even tools such as Slack, Asana, Dropbox, and Trello to help optimize and streamline your daily tasks.
Call in Experts
When it comes to running a business Ervin Ahbabovic said, you really can’t go solo and should be able to know when to call on the magical hands of professionals in certain areas. Running a business requires a lot of things and you are likely not vast in every area. From accountants, and legal practitioners to marketing personnel, you need professionals that will help to handle some core areas of the business. Accountant to help with finance management in order to avoid the money going down the drain. Lawyers to carry out legal issues and ensure businesses are being done legally, insurance agents for business protection and so much more.
Have a Mentor
As an entrepreneur, it’s okay to invest in yourself and acquire knowledge from those who have already made it to the top in business. It has been proven by research that good mentorship can have a great effect on entrepreneurs. Mentors have been there, they have seen it all and have carved out tricks and tips for success. Let them show you the ropes and gain access to knowledge that can speed up the business and avoid hiccups that can serve as hindrances to a successful business.
Maintain a Great Work-Life Balance
No doubt your new business needs all the attention it can get and this means you will be sacrificing a lot of your time. However, spending 10-13 hours daily can eventually lead to burnout and unproductivity. And this is one of the many reasons entrepreneurs tend to quit the business early. Not only that, overworking yourself can lead to various health issues and can also affect relationships. A healthy and happy entrepreneur is one who takes the time off work to rest.
Being an entrepreneur in various fields including hospitality, Ervin Ahbabovic understood what it takes to own and run a business. That is why he has provided these tips to help businesses who are just getting started to help them understand how to walk their way to success.