So, you want to start a business. Many have come before you—some with great success and some not-so fortunate. Lucky for you, we’ve put together a list of musts in every start-up. Proceed with caution and may the odds be ever in your favor.
Do your research.
Before building your business, scope out the industry. Are you one of x companies doing exactly the same thing? What problem are you trying to address? Is there a demand for the service you’re offering? Conduct a survey outside your echo chamber. Engage with the community you want to cater to and see what their needs are in your area of expertise.
Get to know the competition.
So you’ve decided to start a business in an industry that already has several players. Don’t be afraid to size up your competition. What sets you apart from them? Are your rates competitive? Is their target market the same or completely different as the market you want to capture? When you get to know your competition, you have the chance to fill in the gaps and offer something better than they already do thus giving customers a freedom of choice. In the end, you want to be the best in your industry.
Talk about money.
Where are you getting your funding? Are you going to take out a loan? If you are, how are you going to pay for it? If you’re looking into getting investors, how compelling is your business ideas that people will be willing to hand over their money? Do you even need an investor at all? These are important questions you need to answer before you begin.
Draw up a business plan.
Like all great ideas, it starts with a solid plan. How is this business going to make money? How many years will it take for you to start making profit? Will you be able to scale up in a year? What happens after you get back your initial investment? When you have a clear plan with actionable steps (plus alternate plans in case it goes the other way), you’re ready for any setbacks that will come along.
Be ready to pivot.
Even with a good plan, always assume that there will be struggles along the way. Learn how to deal with them and don’t get frustrated if things don’t go exactly the way you planned them. If you can adapt to changes and turn mistakes into lessons, your business will go further than you thought it would.
Ask for feedback.
Whether it’s from industry experts, family and friends, or even potential clients and customers, feedback can help greatly. You can see your business from the perspective of an outsider and possibly identify any problem areas. Maybe you’re not seeing the full picture and others can help you figure out what the business is missing or isn’t addressing.
Choose a name.
This goes without saying, a brand is nothing without its name. Don’t just go with the first thing that comes to mind. Does this name reflect the business values? Will it stand the test of time? Is it unique, catchy, and memorable? Sometimes, it even influences the direction of your branding. So choose well.
Build the right team.
Are you delegating the tasks to the right person for the job? When you find efficient people to help you run a business, you save time and effort, which are just as valuable as money. Choosing the right people to be on your team can take some trial and error, but if your goals are clear and you know the steps that you need to take to achieve them, this won’t be too difficult. Consider looking into future talents that you can also bring to your business once you’re ready to expand.
Don’t stop learning.
Whether it’s discovering new trends in the industry or acquiring brand new skills in business, never stop learning. When you’re constantly soaking up information, you get more ideas on how to improve your business. And when you’re ahead of the curve, people will look to you as an authority in your industry.
Make sure your papers are in order.
For you to be a legitimate business, you need to be registered with the BIR, SEC, and the City Hall. You’ll also need these documents to be able to pay taxes once your business is up and running.
At Launchpad Coworking, we have a Start Up Package that handles this so you can concentrate on refining your concept and dealing with the daily operations of your business. For P6,000/month (1-year contract), you can also get access to both Launchpad Coworking branches in Commercenter and One Griffinstone. Package includes 10 days use of coworking desk per month, access to LP events such as Mission Mondays, unlimited internet access, and more.
If you’re looking to start your own business, feel free to inquire at any of the Launchpad Coworking branches or send us a message, so we can get started.