Think you might have a new idea that will transform people’s lives? Or perhaps you have a slightly more humble approach to business, but still have a great idea that you know can be a success. Knowing how to think through a business idea from start to finish is crucial when it comes to successfully launching a start-up.
You are your own boss
Before going into the complexities of running a business, it is a good idea to start out with the advantages of being a business owner. First and foremost, you are your own boss. Many people want to start their business because they are tired of working for other people. Being in charge of your day is quite liberating, especially when you are motivated to use this time to work on your own business projects.
Remember that going from the role of an employee to that of a business owner is quite a transition, and it certainly isn’t smooth sailing from there on. Don’t make the mistake of going into a business thinking that you are going to be rich within a year. The reality is that most new business owners won’t see any real profit for at least a couple of years, that is if they have managed to stay afloat. This isn’t to put you off from going into business, but is the reality of most businesses. Your determination and ability to withstand pressure will be crucial as you become responsible for the success or failure of your business. When you run your own business you become responsible for yourself, but also for anyone involved in the project.
Finding customers and a market space
You might think you have the best idea in the world, and everyone else will see that as well. Your own convictions, while important, are not going to do anything in real terms, unless you have done the market research that shows you that customers will not only appreciate a product, but are actually going to put their money into purchasing a product that serves them. This is where UX research comes in. The UX researcher reveals what the customer needs from the business products by undertaking primary research.
Be prepared for long hours
If you are transitioning from a 9-5 salaried job with benefits, be prepared to leave that at the door as you leave your old job. At the start of a business venture, there will likely be unstable hours, and emergencies that crop up when you least expect it. Giving yourself a paid holiday will only be a reality once you are financially able to do so, which realistically won’t be in the first year. If you hire employees, you will of course have to pay them a salary, offer reasonable benefits, and give them paid leave. If you are unable to offer this to your employees, then you will need to evaluate your growth plan and not hire anyone until you are financially able to.
If, after all the considerations, you have still decided to go into business, then you will do so with the knowledge and foresight that it is not an easy thing to undertake. That being said, it is incredibly rewarding. Seeing an idea you have materialise and become reality is the great thing about running your own business.