8 Things you must know before starting a business

Are you looking forward to starting your own business? Be it online or an E-commerce store, or a physical shop, starting a business is not a cakewalk, you need to invest a lot of time, money and energy to start your own business. Also, It can be overwhelming when you are a complete newbie at what you do. So here are these 8 things that you must know before you even think about starting a business.

1. You need a Mindset Setup to start a business : Starting a business is not an overnight affair. You have to plan everything, make a backup plan and moreover, you must have a mindset of starting something of your own, for which only you will be responsible. The famous motivational speaker Sandeep Maheshwari says there is a difference between a Blueprint and a Mindset, to have a successful business running you need a mindset because there is no such blueprint for it. The major problem is that no school or college teaches you about business mindset, So you have to have a success-oriented, positive and growth mindset. Only then you can start a business and grow in your business as well.

2. Find a good mentor: A mentor is like parental support, there is someone who will hold your hand, show you the right path, teach you about how to walk on that path and reach to your success. If you don’t have a mentor will you be able to make it? Yes, you may. But the process will be tougher, Lengthy and ups and down ratio will be high, but when you have a mentor, you surely have a support system that will correct you whenever you are taking a wrong move. Hence before starting your business find someone who can guide you, so that you won’t make a wrong decision and collapse completely. I teach in my mentorship program about the same, I try to help people who want to start something of their own, their side hustle so that the mistakes I made in my journey they will not repeat the same. I had some good mentors like Saloni Shrivastava and Sonitha Mandava, because of them I am able to help others, that’s why I vouch for having a good mentor.

3. Focus on the people and their needs: Business is not about money it is always about the people. So your main focus should be on people and not primarily on money. What are the needs of your audience, what are their pain points, you must know all of it, and you must provide a solution for that, only then you will be able to grow in your business. Your audience, your people are your asset. If you want to grow you need to keep them happy with your solutions to their problems. Always remember, those people make it big who think about the people, and the biggest example of this is “Sudha Murthy” The lady behind Infosys Foundations. Who is working at the age of 70 just for the sake of people? If you read her books, her experiences while creating Infosys what it is today, you will realise because she and Mr Narayan Murthy thought about people they have reached here. So always remember the main focus should be people.

4. Know what you do, Do not copy others: Lot many people are doing the same work as you are doing. So why people will come to you? The only answer is you. Before starting your business, you must know one thing that people only goes to them who knows what they are doing. So present yourself with all the homework and study. Do not blindly copy others, otherwise, you won’t be able to solve the issues that your business requires. Coying others will be really harmful to your business. You know what famous YouTuber Ranvir Alahbadia is commonly known as Beerbiceps, says about knowing what you do, He says “Aim to become the no. one, be original if you are staring a youtube channel aim to become Bhuvan Bam if you are starting your business aim to become Reliance, be authentic, know what you do.” Isn’t that amazing advice?

5. A good Market Research is a must: I completely vouch for the market research. without this step don’t even think about starting your business. Market research is the step which will tell you whether there is enough demand for your product/service or not. It will tell you more about the pain points of your potential customers. It will tell you about your competition and what is working for them, it will give you a clear picture of a battleground you are stepping into. So make sure that you do proper market research. In one article I have read that proper market research lowers down your business risks, It easily spots business opportunities, set better goals for your business and tells you when and where to advertise. It is a very important piece of information that will help you when you are starting out.

6. Listen to your audience: I am sure if you want to start your business, you are already having at least an audience base, especially if you are thinking about starting your online business, then having a set of audience is always advisable. So make sure before starting out, you listen to your audience. What are they talking or thinking about your work. Know their opinions because ultimately they are the one who will be going to be your customers, so make sure that you at least talk to them. You can use different surveys or question stickers on Instagram or just a poll on Twitter. There are many ways to know from your audience.

7. Starting a business is not easier than your 9-5 job: Many people have this perception that Starting your own freelance career or a business will be easier than your 9-5 job as you will be the one controlling everything and you will have all the freedom. I want to make it clear here that it will take you more time, energy and efforts. So be prepared for all the sleepless nights and early mornings, More efforts will bring more success. There will be some days where you will feel low, still, you have to do all the things on your own. Initially, you won’t be having a team so you will be the one doing all the work. There will be income flexibility somedays you will earn more than you expect, some days will be blank. So be prepared for all these things that come with freedom.

8. Take it slow, do not expect miracles from day one: The success of your business will depend on how patient you are. It can never be an overnight success. As I said earlier lots of efforts will be needed from your side. If you fed up doing all these things you will never be able to make it big. Instead, be patient, stay calm, take it slow and go with the flow. Make sure you have a business growth-oriented mindset, Strategically crafted plan and Patience. That will be the mantra for you.

These are the things that are must when it comes to starting your business. I teach all these things in detail in my Freelance Framework Mentorship Program. Where students learn all the basics about starting their side hustle. So if you are the one who is struggling in starting your business, feel free to reach out.

If you have a business idea, just keep all these things in mind and jump in the battleground. You will come out with flying colours.

All the best.

- Niharika Pole Sarwate.

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