Estimated reading time: 4 mins
Being an entrepreneur can get lonely, especially if you can’t discuss your ideas or strategies with anyone else. This can lead to uncertainty and, unfortunately, where there is uncertainty, there is the potential for mistakes. While this isn’t to say that your entrepreneurship journey doesn’t have room for errors – every business has taken a wrong decision or produced a campaign that didn’t quite fit their market –, some mistakes can be devastating when you are at the beginning for your business ownership journey. Indeed, you can’t afford to commit a faux pas when choosing your team or determining your business expenses. In the early stages of a company, it is key to build a solid base for your business to grow safely. Failure to do with will lead to bankruptcy and commercial collapses. But things would be a lot easier if you had someone to talk to when you launch your company. Unfortunately, too many entrepreneurs find themselves isolated. Experienced business owners remember the questions they wanted to ask when they started.
#1. Who’s the best candidate?
Finding the right fit for your company can be tricky, especially if you’ve got no hiring experience. Decrypting resumes to find the best possible match can feel like reading a list of keywords by the end of the day. However, when you are looking for your first employee, it’s a good idea to opt for a big-picture thinker such as MBA graduates. Indeed, when you are still in the process of managing your company, relying on someone who is academically equipped to understand how the cogs of a business fit together can be reassuring. Your new employee will know how to grow the team and push performance in the right direction. In other words, you need to hire someone who knows how a business work and who can make a difference to your company from day one.
#2. How much budget do I need?
There is no simple answer to this question. How much budget you need is a mixture of how much you can afford to invest and how much it cost to get your company started. With the majority of US entrepreneurs starting their business on a shoestring, it sounds as if $10,000 or less could be a reasonable amount to aim for. However, the more cash you have to fund your company, the easier things will be during the first few months. Your best bet is to estimate how much your capital expenditures, operating expenses, professional services, and personal finances will cost, and how profitable and productive it can be to invest in quality solutions from the start.
#3. How do I create my strategy?
Running a business is very much like planning a road trip, but without a map or a road. That’s precisely what your strategy plan is for; it provides you with a direction so that you don’t get lost. However, if you’ve never produced a strategy before, you might be tempted into investing in advertising and hoping for the best. In reality, your strategy needs to gather the business and market facts as a priority: Where do you stand? What are the market threats and opportunities? You also need to clarify the vision and mission statement of your company, aka the purpose of your business and how you intend to achieve it. Finally, you then need to develop high-level objectives that take into consideration the threats and opportunities previously identified. And at last, you can create a tactical plan that joins the dot.
#4. How do I get noticed?
Getting noticed in a crowded market is one of the most difficult achievements for a new business. But the good news is that you don’t need to break the bank to make it happen. The first rule of surviving in a competitive environment is to plan a different strategy than your competitors. Copying makes you invisible! Additionally, you can create a challenge, such as offering the meal for free in an eatery if the guest can clean the plate – plan for extra large portions to reduce the success rate.
#5. Am I good enough for that?
Last, but not least, you’ve got no time to waste on self-doubts and fears. Running a business is hard work and comes at a high psychological price. You can rely on professional advisors to guide you through difficult steps, from finance management to coaching a team. Using guidance can reduce the psychological effects of entrepreneurship.
New entrepreneurs have a million questions to ask as they build their first company. It is a new challenge, and ultimately, not knowing everything from the start is to be expected. However, through planning and smart recruiting of employees and service providers, you can fight off the crippling doubts of entrepreneurship.