11 Things You Need to Remember When Starting a Business
Imagining yourself of putting up a business feels so dreamy, you get to visualize how hard you will work for it and how much you will love the way you do things to make your business grow. Then, you will get all giddy and excited whenever you feel that your goal will probably going to be the game-changer of your life.
In reality, though we might find the idea of starting our own business exciting, for someone without any business background, it can be scary and overwhelming. So, how can newbies or with zero business background start their own small-scale businesses?These are some of the tips we g
athered and we can give you to overcome that fear of venturing the unknowns of business:
1. Know yourself
Revolve your business idea to the things that you really love. Being passionate about something will make you release a lot of creative brain juices than usual when producing something out of it. Thus, it will also brand your business products as made out of “love” since it is crafted with pure passion and hard work. Working with the things that you love will also limit the chances of you being burned out in your business.
- Know your market
Study your market, identify your target market, learn about the prime and down times, and the seasons of the business you are venturing. Basically, calculate all the moves that you are going to do. With this, it will limit the mistakes that you will commit and it will make you more aware on how to frame and present your products to your market. Research is the key for a higher possibilities of success.
- Know others
Identify competitions in the market and study their products. Also, identify ways on how you can tweak your products for you to be different from others because as your product will only be as strong as its presentation so, might as well be creative and unique to make an over-all good impression that will surely be remembered by your consumers.
- Identify your target location
In starting your business, you should always take into consideration the area where you will put it up because this will positively or negatively impact your sales. It is definitely not advisable to start a business in a less crowded place or in a remote area. Also, identify how people functions in your chosen area because if the market interest aligns with the product or service that your business is offering then, it will certainly yield a higher number of sales and profit.
- Follow your own pace
Don’t be afraid to take risk and do not be pressured with other businesses’ success. Gather as much knowledge as you can and apply it to your field of business. Take your time to learn everything so you can produce quality outputs. With that, your business will yield better results since products are carefully made based on in-depth market research and tests.
- Don’t be afraid to get schooled
Seek mentorship and always ask! Don’t be afraid to consult other people who are experts in the field you are venturing. If you can’t put up the business on your own, don’t be afraid to build partnerships with other people or other business entities.
That’s where Blend PH can help a green bean like you, Blend PH has different funding services that will surely suite your dream business venture. There’s the franchise loan, salary loan, and fast loan. All of these funding services are available via online application. Just simply log on to www.blend.ph. Choose the loan product that suits your interest. Register as a borrower and accomplish all the needed requirements. Then, this will be processed and screened. Upon approval, either you will receive the amount personally (in the case of personal and salary loan) or the fund will be disbursed directly to your chosen franchise partner (for franchise loans). It’s simple and convenient! For more information, you can visit and check Blend PH’s website, www.blend.ph, and look at one of the Philippines’ most convenient online loans ready for you to avail.
- Manage your finances
Learn the risks of starting a business. Research on how much money you need to start a small-scale or a start-up business, and how much you are willing to sacrifice if your business won’t work out. That’s just you being prepared but nonetheless, we can never tell unless you try!
- Learn the process
Identify what documents are needed to process for your business to be recognized by the government. We don’t want to do it illegally, right? Starting up a business can also be tedious but it will be worth it once everything are laid out in its full honesty. A recognized business no matter how small will provide you a good start at building your credibility.
- Pre-test your product to your friends
For you to get initial feedback before launching your business, let other people try or experience the products that you are offering. This will enable you to grasp what aspects of your product still needs improvement before its launching. This will also limit market failure. This will serve as a reminder to make sure every product is in tip-top shape before presentation.
- Launch your business
Now, this is the materializing part where you will show to your friends, family, and customers the fruits of your labor. Just believe in yourself and do your best. You know your business the most than any other people because you have worked hard and planned it since day one. Launching your business is the application of what you have learned from your planning stage and this is also a great learning opportunity for you to improve operations in the following days to come. Chill and just be you because you’re going to do great!
- Develop a contingency plan
A growth plan for securing your future should always be drafted because there will come a time that you will need to target new markets, and this plan will help you prepare for those big leaps of faith thus, this will also make your business grow and flourish in being known as a more established business entity. How are you going to build this plan? From your operations, always do an assessment of what happened during that day, and use your gathered information to develop a full-proof plan for you and your business’ future.
Being scared and overwhelmed is normal since there are a lot uncertainties present but, following these tips will help you compose and organize your ideas regarding the business that you are planning to venture. If ever you feel lost, just go back to these steps to keep yourself on track with everything; and if ever you need an extra hand in putting up your business, remember, that Blend PH will always be there providing one of the most convenient online loans in the Philippines. Blend PH believes and practices its advocacy, “We make every Filipinos’ dreams possible through lending.”