4 important tips to keep in mind while starting a new business

Opening your own business is often a learn-as-you-go process. But, the more smart decisions you make early on, the better chance your company has for success. If you’ve thought about starting up your own business, you might have searched for advice to not make the same mistakes your peers might have committed; And on the internet, there are websites with tons of pros and cons for starting up your own company.

Many experienced and professional entrepreneurs will swear by the fact that there is no perfect formula for successfully starting a small business. The best business advice should force you to think in a new way, that would also change your perspective. Being a start-up ourselves, we understand how overwhelming leading a new business can be, and hence we have a list of tips for starting your own business that you might not have heard.

• Dive into your fears

Countless people dream of starting something of their own, but they never do. They’re always burdened with excuses and fears of failing. From money to time to responsibilities, you can make a million cases for not starting a business. 

Let’s face it, being your own boss is scary. In most cases, new business owners have a lot to lose with little insight into their chances of success. Worrying about the risks of business ownership is normal. But, excuses only slow you down from reaching your goals. If you really want to start a business, you need to address the reasons you think you can’t start a business and get rid of them. Find a solution to the issue rather than let it hold you back.

• Be a solution

Rather than building your business on the pretext of what to sell, think about what problem would it solve. It’s a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche.

Home in on why you are opening your own business. Understanding your motives will help you create a brand and market your company. Know what problems your target customers face and how you can solve them.

• Earn while you build

If you want to start a small business, don’t quit your day job—yet. Launching a successful startup doesn’t happen overnight. Build your business in stages and gradually transition from employee to entrepreneur.

As a new business owner, it will take some time to earn a steady income. Keep your nine-to-five and work on the business during off hours so you can earn during those tough, first stages. Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.

• Balance passion with wisdom

One of the most important ingredients in a successful business idea is passion. Passion will consistently drive you to improve your process so your business grows.

That said, don’t let passion take over all your decisions. Passion will move you forward, but knowledge will point you in the right direction.

These are just a few important points to help a new startup build a strong foundation, so they don’t die or fizzle out like 95% of all new business. Conduct a strong and bold market research on your industry and carry out surveys with target customers to find out your business’s potential. Ask experts questions about launching a startup. Reach out to professionals that can help you with certain areas of business, such as financial advisors, accelerators or incubators and lawyers.

As your business starts to come together, think of it like driving a car. Let your passion hit the gas pedal and your mind control the steering wheel. That way, you can be confident about the direction you’re headed and sustain the momentum you need to get there.

Nordic Intent is a consulting firm for young businesses, and follow a strategy-first approach when it comes to dealing with any client projects. A great strategy will help you in every interaction you have with your prospects and customers as well as in communicating more effectively with your market.