What Should I Do Before Starting a Business?

The essential things to do before starting a business: there are three critical things.

First off, before you begin, please, please, be sure you are ready. Being ready means you are in the right place psychologically, emotionally, physically, and financially. Many start ups are doomed to fail because their founders aren’t ready, don’t have the support of their family, don’t realize what they’re getting into, or don’t have the stamina to execute. I strongly suggest that you meditate ( or pray) about this… a lot.

Secondly, be sure you have thought this through, really carefully. Do the hard part: the research. Build a business plan which is based on hard research. If you are starting a restaurant, be sure you have worked in a restaurant. Know the industry, understand the competition, understand the market, know the customers. Have a killer USP ( unique sales proposition) or UVP ( unique value proposition). You must be able to demonstrate a clear competitive advantage that your target audience will understand and act upon. You can’t open a business and expect customers to magically materialize. How are you going to get them? How are you going to get them to buy, and most importantly, how are you going to get them to buy more than once, send you referrals, and act as your champions in the marketplace? Ask for help from people who have done it. Listen to their criticism. Beware of enthusiasm for an idea clouding your judgement. Again, contemplate, pray and ask for help. Look before you leap.

Finally, be sure you have plan B and plan C. Things will be fluid for a while. You must have vision, and be compelled to succeed. Failure is not an option. Unless you have a burning desire and need to succeed, you won’t. It may not be plan A, but you have plan B, and you know when you have to switch to it.

Bottom line: be prepared, be realistic, be committed. Then go for it, and do a lot of praying; you will succeed.

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