Home Business From Zero to Hero – Building a Business from Scratch

From Zero to Hero – Building a Business from Scratch

by Olufisayo
Building a Business from Scratch

When it comes to starting a business, the first word must come from Twitter CEO Jack Dorsey. Dorsey says that everyone “has a good idea…but it’s really about executing the idea”, and he’s absolutely right. You might have an amazing idea for a business, but the proof of the pudding is in the eating, and the business won’t get off the ground or begin to attract customers if your execution is lacking.

We know that starting a business can be difficult – around 30% of small businesses fail in their first year, while only 25% make it to 15 years plus. Luckily, there are plenty of things you can do to avoid this fate. From inception to execution, from planning to persevering through a tough spot, your business is going to be a tricky endeavour, but if you really believe in it then you’ll see it through. Here are some tips for building a business from scratch.

Building a Business from Scratch

Make sure you have funding

One of the biggest hurdles facing prospective new business owners is a lack of funding. It’s all very well to have big ideas about how to change the face of your chosen industry, but without the right amount of money behind you it’ll never become a reality. There are plenty of ways you could get your business funded – you could opt for a loan from a safe lender, you could use savings or you could even ask family and friends to help you in return for potential profit later on. However you choose to fund your business, make sure your funding is there, because you’ll only run into roadblock after roadblock if not.

Start small

Having huge ambitions for your business is both admirable and encouraged; without ambition and a healthy desire to take risks, you won’t get very far. That said, you should be realistic about your initial capabilities and goals. If you don’t think you’ll be able to pull in a certain amount of money in profit before the financial year is over, don’t set your goals higher than that amount, or you’ll be disappointed when the results inevitably show failure. Don’t hire more staff than you can keep or you’ll haemorrhage money before you know it. Be realistic, be practical and – above all – be wise with your ambition.

       

…but dream big

Just because you’re starting small, doesn’t mean you shouldn’t have an overall goal in mind. When you’re setting up your business plan, it’s a good idea to create two sets of goals – one for the short-term and one for the long-term. You could even have a “fantasy” goal, one which would be wonderful to achieve but doesn’t look likely in the foreseeable future. Setting such a goal keeps everyone on task, helps employees to feel like they’re working towards something concrete and gives you inspiration and drive in the moments you’re feeling low. Be aware of your limitations, but don’t let them be limitations if you see a way past them.

Keep reassessing

While you’re in the process of starting your business, it’s wise to keep looking at your overall goal and operation plan to see if it still holds up week on week. Does your core demographic still need the product you’re planning to sell, or have they moved on? Is there a conceivable way you could repurpose the product for a different demographic? If not, could your current core demographic perhaps be persuaded that they do need your products with the right marketing team? If you don’t rest on your laurels when it comes to your business objectives, you’ll keep fresh and ahead of the game, which are crucial qualities in a business leader.

Think creatively

Don’t be afraid to pursue unconventional solutions to problems. This stage of your business, the early stage when you’re plucky and hungry, is the time when you need to be looking at trying things that you might not venture when you’re older and more scared of loss. When problems arise – as they will – shelve the first solution you think of and try to come up with a more creative way to approach the issue. Get your employees involved. As an example, if you find you have a surplus of product, your first instinct might be to simply include it as a free giveaway with another product. How about building a marketing campaign with it for influencers instead? That might boost your profile, shift the extra stock and give you a good image into the bargain.

Have fun

At the end of the day, remember that although your business is business, it should still be enjoyable. There’s a reason you chose to go down the entrepreneur road rather than being someone else’s employee, and whether that’s because you thought it would be more profitable or more fun, you owe it to yourself to enjoy the road even with the bumps and twists it throws at you. A sense of fun is infectious; your staff, your clients and even you will be buoyed by it in times of crisis.

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1 comment

Anshu January 15, 2019 - 11:21 AM

An entrepreneur story is also a story from being a zero to becoming a hero and the person has to face all the ups and downs during this journey. One such inspiring story is of the CEO of OYO Rooms Ritesh Agarwal.

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