First Steps in Business

Taking that first step from being an employee to being an business owner can be really REALLY scary. People will come up with almost any excuse, to not have to take that last step off of the cliff.

I have to take care of my wife / parents.
I'm too young / too old to do this
I don't have enough money
I don't have time
The bank won't lend me money
I'm  waiting for the killer idea
I'm waiting for the economy to improve
I can't afford to lose my job
I don't have enough knowledge

here are some things you can do to help you get over those last few obstacles and take off in your new avatar as a business owner.

TELL EVERYBODY YOU MEET ABOUT YOUR UPCOMING BUSINESS
And I mean EVERYBODY. At work, at home, at a party, literally everyone you talk to.
Why do this?
While your ideas are bottled up inside your head, they are nothing but day dreams. When you let them out, they become somehow more solid, more substantial, more real.

Here's the thing, not everybody will be sympathetic to your ideas. In fact many people will find you boring and some people will ridicule you outright.

You can take strength from this and start and run a successful business just to prove them wrong.

The vast majority of people however, will be curious about what you are trying to do and mildly envious that you are about to embark upon an adventure that they themselves would never have the guts to.

Telling EVERYBODY about your business also has another bonus advantage, you just might run into someone who will actually be able to help you get your business of the ground.

BECOME AN EXPERT IN YOUR LINE
Before I started Ushtara, I spent 3 years understanding and learning everything about manufacturing.

Even before I started, I knew a great deal about
CNC Machining
Computer Aided Machining
Computer Aided Design
Metallurgy
Casting
Forging
Surface Treatment
Heat Treatment
Machining tolerances

and so on.
This knowledge would serve me in good stead once my business was up and running.
It helped convince investors that I knew what I was doing. It helped my first customer to believe that I could actually execute their order.

Perhaps most importantly, it was the one firm rock in the shaky path that of starting a new business.

TALK TO PEOPLE WHO ARE WHERE YOU WANT TO BE
I realize this can be daunting, but it's something I've actually done.
Here's the way to carry out this activity.

Find business that are offering a similar service or product to what you want to offer.  Preferably they should be close to your geographical location. A search on Google should bring up some results.

Find out who founded the organization. You can take a look at the company website to find these details.

Call up the company and ask to speak with the founder. Ninety percent of the time, you won't be able to speak to her, but it doesn't matter, because you only need to speak to about 15 people. If you are able to get through, make an appointment to meet them.

Here's what most people don't realize about successful people. THEY LIKE SHOWING OFF.

When I was starting out, I would visit at least one successful business founder, whom I admired, a week. I would say something like "In twenty years, I want to be where you are, so tell me how did you do it."

The reminiscences and pride would flow like an unstoppable stream and all I had  to do was listen.

Carry a notebook and pen and keep jotting whatever you feel is important. Remember I said you only need to speak to about 15 people? That's because when you speak to that many people, you'll start seeing patterns.

Keep in mind that many of the successful business owners will not want to waste their time talking to you, but the many of them will.

Once you start seeing the patterns, you will be better prepared for your own business venture.

PRACTICE PITCHING YOUR PRODUCT OR SERVICE
You are convinced that your discount voucher business is the best thing that ever happened to mankind.
You know that once you set up your business, customers will come streaming in.

But before you take the Big Step, why not take the concept for a trial run?

Pick a fake name for your company and cold call 50 of your potential customers. See how many of them are excited by your offerings. See how many actually take the bait and are willing to pay good money in exchange for your services. Obviously you don't deliver anything because your business is not up and running yet.

Granted, what I am suggesting is a little wrong, selling a service that you can't deliver. But don't worry, compare the wrongness with the amount you will learn about the business you are going to get into and it's totally worth it.

By practice pitching your product or service, you can fine tune not just your offering but also your marketing model and business model.

TAKE A DEEP BREATH AND DIVE IN
So you've talked to everybody about you business idea.
You've become a subject matter expert on your product or service offering
Talked to people in the industry that you admire and
practice pitched your product

So what next?

Go for it. Just leave behind your fears and take the plunge into the exciting world of business.

Till Next Time
Sunil

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