Do you have that awesome business idea that could be worth a million dollars with the proper execution? Well, starting your own business is definitely no easy proposition. It involves a lot of things coming together.
While monetary resources and capital are one side of the story, fortitude, grit, and courage can be other elements that make for the equation. No self-made millionaire will ever deny the fact that the ride has not been easy.
So, if you are thinking of starting your own business, here are 5 things you should know before taking the plunge.
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1. Saving heavily isn’t always necessary after all
Many people save up consistently over years, hoarding up for that one day when they would be able to realize their dreams. But over time, the amount you first thought you’d need may not sound right anymore – this happens sometimes. You might realize that all that saving-up wasn’t enough, and you’ll need to look elsewhere for help anyway.
Then you will hear of programs such as Enterprise Singapore that offer help to startups and entrepreneurs. Focus on your business idea and plan instead, and look for government schemes that may help launch your business earlier than you expect. You can also supplement business capital by taking out a loan, but be mindful of interest rates and tenors.
2. You don’t need to spend too much on infrastructure
Once you start investing money in infrastructure and amenities, you’ll suddenly realize that you’ve splurged too much. You rented out spacious office premises, you bought three coffee machines, and even installed a chocolate-vending machine.
Buy only what you really need and make alternate, affordable arrangements when it comes to setting up an office. Once your business gathers momentum, you will have all the resources to direct towards better facilities, don’t you?
3. Create an online image right from the start
Today’s world is largely driven by digital dynamics. In fact, a successful digital image can translate into steady success offline. A mistake you can avoid before you decide to launch your venture is not focusing enough on your business’s online space.
Actually, instead of spending that extra bit on physical infrastructure, you can use it to drive your business’s online image. It will enhance the footprint of your brand and actually give your venture a vivid identity.
Related: 5 Steps to Digitize Your Business in a Tech-Savvy World
4. Focus on sustainable models
If you’re running a campaign that isn’t making enough revenue, you might want to change the way you do things. You may want to focus less on immediate profit but more on long-term stability and sustainability. A business model with high aims but lacking in a long-term vision will not survive the vagaries of time. Create a model that is focused, visionary and revenue-driven.
5. Outsource parts of your business
Never ignore the outsourcing part, just because you feel your business is at an early stage. Doing everything on your own is a healthy thought to have, but not at the cost of efficiency and efficacy.
Outsourcing parts of your business will give you enough time to take care of other important tasks. It will also give you a dedicated skill that’ll translate into quality for a particular task. You can use freelance platforms to hire freelancers or tie-up with other startups for specific tasks.
Finally, keep that learning curve going
If you’ve decided to make it big, you must be sure not to ever ignore the learning aspect. New developments in various spheres of technology and science are unfolding at a rapid pace, and you don’t want to be left behind due to lack of skill.
Whatever line your business is into, make sure you are aware of the latest developments in that field. Keep abreast of aspects such as government regulations and legal ramifications. Constant learning will help you to stay ahead of the game.
This article was contributed by Bank Bazaar Singapore.
Disclaimer: The views, opinions and positions expressed within this guest post are those of the author alone and do not represent those of Funding Societies. Nothing in this article should be construed as, constitute, or form a recommendation, financial advice, or an offer, invitation or solicitation from Funding Societies. The content and materials made available are for informational purposes only and the copyright of this content belongs to the author and any liability with regards to infringement of intellectual property rights remains with them.
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