Are you thinking of starting a business? This is for you! Moms are great multi-tasking machines who are capable of raising a bunch of kids and earning an income as well. I guess that makes us super heroes.
But if you want to start a business you have to put some things into consideration, those who run into business without adequate fool-proof plans will run out of it sweating and in debt but if you do plan properly, the sky is your limit.
To start a business, firstly you must be motivated, and here are the top 6 things you have to consider before starting a business;
1. Be realistic about your idea
The moment when you are thinking, every idea that pops to your head is the best one ever, meanwhile in reality, it might not be. So think about the capital involved, how much people will be interested in it, take a bigger picture of your idea and see if it can fly.
2. Be realistic about your time
Do you have the time on your hands? It’s better to do one thing successfully than do many things at the same time and end up failing. How many hours in a day do you have to spare for the business, if you’re juggling a job, your own business and taking care of your kids and family will it work? So you don’t end up tired, exhausted and quit untimely, think it through.
3. Do a market research on your product/service
Do people really need the product or service you want to offer? If yes, who are the people who do and how many peiple are already offering the same service/product at your target market?
If the amount of people offering the same product/service are more than the people who need it in your target market, it’s either you change your target market, think about how to beat your competitor or drop the idea. Move around and talk to people, don’t stay at home and say you’re doing research.
4. What is special about your product/service?
There’s no idea that’s new anymore, which means before you start your business, you have a lot of competitors already, this is where uniqueness comes into play. If your product/service stands out, then you are good to go. Which means before you even start the business you have to have a unique selling point. Invent one! A product that has been around for thousands of years can still be sold differently with a little twist to it.
Which means before you even start the business you have to have a unique selling point. Invent one! A product that has been around for thousands of years can still be sold differently with a little twist to it.
5. Manufacturing
If you get the right manufacturers, you can get the right price. Go online, move around, talk to people who knows the market and their suppliers other moms will especially give you advice from their experience. You can go to Aliexpress if they have anything that has to do with your idea. Google, experienced Mamalettes, and networking are your go-to.
6. Know who to sell to, and who not to sell to
Your family and friends are your very first potential customers, but you have to keep expanding, if you don’t move from the circle of family and friends you won’t be able to gain new network. Also, you need to know the people who are really interested in your product and the time-wasters. Some people will want to steal your idea by asking questions instead of buying your product from you. Identify them before they steal your idea.
7. Get a business plan
Most people start a business without a plan, we know it’s all in your head. WHy not pen it? So you can clearly see where you’re going and h0w to get there. Read up on how to write a business plan online. Meanwhile on the way, you’ll find new oppoutunities, careful so they don’t cloud your judgement.
8. Market it!
For your new business to boom and become known, announce it to the world! A press release, a shout out, advertising where you know your target audience are, just get the word out that “we’re here.” Meanwhile build a list of contacts and don’t forget to keep in touch with them, send out newsletters regulerlt to remind people of yourproducts existence.
9. Network
Online and offline networking works wonders, post on twitter/Facebook, blogs about your product, face to face networking is good to. Give out your business cards at gatherings, but only to people who you know are your potential customers.
10. Access to Funding
Do you have enough money? Lack of funding can kill a business, and do not underestimate, it’s better to overestimate and have left over than to underestimate and start running around. You can get funding support from a bank or get people to invest in your idea so you can partner together. Go online and search for local business grants and sponsorship.
Finally, try and enjoy what you do, don’t get distracted or relent. Don’t procrastinate and try not to focus on the profit at the start.
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