• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

10 Things Every Entrepreneur Should Do Before Starting a New Business

By Enero Febrero

grand opening 1Starting a business is no walk in the park. It requires a lot of time, sacrifices, and money. However, once you succeed in laying down the foundation of your business, you’ll enjoy the fruits for a very long time.

Of course, starting your entrepreneurial journey on the right foot will ensure that your new business succeeds faster. With that in mind, here are the most important things everyone should consider doing before starting a new business:

Evaluate yourself. Probably you’ve watched others get rich through businesses. Well, not to burst your bubble but,businesses aren’t getting rich quick schemes. You have to sit down and think about your passion and skills. Starting a business in line with something you love doing can lead to success. As you evaluate yourself, it’s okay to second guess yourself to ascertain that it’s really what you want.

Create a business plan. A business plan is a must-have for any startup. The plan acts as a guideline on every step of the journey. Besides, which vehicle can get to a destination without a route guide?

Conduct market research. Market research can help you understand the dynamics. Face to face interviews, phone surveys, or questionnaires are some of the ways you can get to know what customers want. From the research, you should get answers to why customers value a specific service or brand, their considerations, as well as areas of improvement. From the answers, you should then improve your business idea.

Understand your competitors. Of course, any idea you have, someone else has thought about it. Therefore, you can expect some competitors in your line of business. Take time to understand your competitors’ business models, and what customers have to say about them. If your business doesn’t offer a better solution than what exists, then it’s not worth considering.

Consider legal aspects. You have to consider the legal aspects of starting a business in any location. Depending on where you want your shop located, consider business permits, tax obligations, registration of the company, and other licenses.

Find a mentor. It’s almost impossible to propel your business to success on your own. There people who’ve done it before you and that would help you. Mentors answer those questions you have no answers to. Besides, mentors will alert you when you want to make a wrong move. Remember, it’s always wise to learn from other people’s mistakes.

Consider location. By the time you conceive a business idea, you probably have an ideal location in mind. Well, the best site of a business is always a high traffic area. However, the high traffic areas charge high rents. Therefore, you have to put such dynamics into consideration before proceeding with your plans.

Hone your marketing strategy. The creation of brand awareness is an essential step towards having your business up and running. Some of the best marketing strategies include television ads, albeit expensive, posters, and social media marketing.

Secure patents. You have to patent your products and services before even starting the business. You don’t want someone using your idea and starting a similar business also before you manage to enter the market.

Map your funding. Starting a business is expensive for a fact. You have to create a well thought out plan regarding your source of funding. The first source of funding is your savings. If the savings aren’t enough to start up a successful business, you can seek out investors to partner with you. However, if those funding options don’t auger well with you, you can pick a loan with your bank. Ideally, there are more than seven types of loans for startups to choose from depending on credit history.

The Bottom Line

Starting a business of your own requires time, dedication, and strategy. This guide offers comprehensive details on what startup business owners should do before actualizing their idea. However, with passion and commitment, the business is bound to succeed.

Photo Credit: Warm Sleepy

Leave a Comment May 6, 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Question of the Week:

What did you do with your latest COVID stimulus check?

View Results

Loading ... Loading ...

Recent Posts

  • Black Coffee: A Land of Confusion
  • Which Sectors Got a Real Boost in 2020?
  • The Top 10 Ways to Quickly Make $500 in 2021
  • How Home Crowdfunding May Let Millennials Live the American Dream
  • 3 Important Tax Deduction Rules You Should Always Remember
  • 5 Ways You Can Save Money on Groceries This Week
  • Economic Collapse 101: How to Prepare for Water Supply Disruptions
  • Black Coffee: Painting the Town Red
  • 5 Ways the Oil Industry Affects the US Economy
  • An HVAC Professional Teaches High School Students About the Field

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 30,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. A Simple Test to Know If It’s Better to Rent or Buy a Home
  2. 2. My Cola Taste Test: Is Coke Really Better Than Pepsi?
  3. 3. My 10 Commandments of Personal Finance
  4. 4. The Best Personal Finance Book I’ve Ever Read
  5. 5. Planning a Wedding? Here Are 9 Ways to Ensure You’ll Pay Too Much
  6. 6. 5 Things Nobody Tells You About Being Poor — for Good Reason
  7. 7. 4 Good Reasons Why Some Quarters Are Painted Red
  8. 8. 3 Great Hobbies That Are Investments Too
  9. 9. 10 Red Flags That May Signal You’re In Serious Financial Trouble
  10. 10. Are Gas Clothes Dryers Worth the Extra Money?

All-Time Most Popular:

  1. 1. 19 Things Your Suburban Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending You the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2021 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

Copyright © 2021 · Penzo on Genesis Framework · WordPress · Log in