Things to Know Before Starting a Business

Donnette Dawn Thomas, a successful women entrepreneur, and business consultant shares useful tips on how she got her start into the business and things every aspiring entrepreneur must know before committing on the path. ( she also wrote some books like The Beauty in Business, Got Business Credit, and many more than can help and motivate you on the entrepreneurial journey.)

Got an idea or solution to some of the problems in society? Ready to take the big bold step? Starting a business can be inspiring no doubt especially if you are tired of working under someone and ready to be your own boss. It can be rewarding, thrilling, yet challenging, sacrificial, and everything else in between.

“It is really a great deal and a rewarding decision,” says Donnette Dawn Thomas. “Of course, there will sometimes be fears, uncertainties, and hurdles, and as you grow the business, you tend to grow as well. However, with motivation and getting yourself equipped, you will surely reach the heights of success. Hence, when starting a new business, take your time to figure out how you want to run the business and educate yourself before taking the plunge.” Donnette Dawn adds. 

Here  are  things to keep in my mind before starting a business:

Evaluate your ideas

Start by asking yourself questions like: do you just want to start a business because you hate your recent job or you want to make more money? Are you passionate about your ideas? Do they give solutions to the problem face in society? What is my niche? Evaluate your ideas and ask yourself why you want to start a business in the first place. Either it is to solve problems or fulfill a purpose, these are things that will keep you motivated when the going gets tough.

Find your niche

Who is your target market? What are there demographies? Who are the people likely to be receptive to your product or services? Research your target market and understand their buying habits. Having a business idea is nothing until you know your potential customers and who are likely to patronize you.

Research the market

Am I the only one starting this business or someone else already starts it? Research if there is a market for it and also know the states and locality that lack what you want to provide. Also, pick the best location for your business where your target customer can easily approach you.

Moreover, know your competitors, search for them online and read up reviews to see what their customers are saying about them. Read their success and failure stories. Call them up and ask for their price, follow up to see their customer service. This will give you more insight into what your competitors are doing and what you can do better. 

Put your business plan to writing

It’s time to get real and put your ideas into a plan that will start as a guideline to help achieve both short term and long term objectives. Not only does your investors or partner need a strong business plan, but it will also serve as an official written document that will are steps necessary to drive business ideas to success. Remember,  as you journey along, your business plan needs to be updated. 

Evaluate your finance

Whether your business requires a big investment or little, you need to start planning on how to finance without delay. There are tons of different ways small businesses can generate finance. Evaluate the money ground, circumstances, and the type of business to determine the funding. “Most of the funding can come from your pocket which is bootstrapping. This gives you full control of the business and a sense of independence. However, you can as well consider sourcing for finance from family and friends, banks, or securing grants in the long run. Donnette Dawn Thomas says. 

Build a team

As a new business owner, it is important to read on how to manage people and build an effective team. The good news is there a ton of articles and information out there you can get your hands on. “Building a team filled with smart and intelligent people with the same goal will help grow your business and also expand it’ says Donnett. When people with a great mindset come together, best decisions are been made which leads to the growth of the organization.

Make it official

Another important thing is to register your business and legalize it. Understand the licenses, regulations, and taxes you will need to follow and obtain. While some of these might be done on your own, you can as well consider consulting professionals in order to ensure you are on the right track.