1378: What to Consider Before Starting a Business by Emma Worden with Women Who Money on Entrepreneurship

[00:00:00] This is Optimal Work Daily, Episode 1378. What to Consider Before Starting a Business by Emma Worden with Women Who Money.com And I'm Dan, your host, reading to you every single day of the year from these great blogs on all sorts of work-related topics.

[00:00:41] So let's keep this intro nice and short today, and we'll get right to our post as we optimize your life. What to Consider Before Starting a Business by Emma Worden with Women Who Money.com Statistics tell us 50% of small businesses fail in the first four years, and the

[00:01:02] reasons are multiple, from the lack of managerial experience to the lack of finances. Starting a business on your own comes with significant risks. There's a substantial probability you will lose your time, money, and reputation. But it doesn't have to be so.

[00:01:17] Taking such risks also gives you an opportunity to finally make your brilliant business idea come true and do what you really love. This is why you need to build a solid business strategy to keep you on track and to avoid falling for the most common traps.

[00:01:30] Here are a few steps you need to have in mind when starting a business. What's Your Business Idea? If you've already come up with an excellent business idea, you're golden. On the other hand, if you're still confused and don't know where to start,

[00:01:43] you need to make your decisions rationally. Start with crafting and testing your business idea. Think of your passions, skills, and area of expertise. Based on these traits, choose your perfect niche. Ask yourself what problems you would like to solve.

[00:01:57] If your business idea already exists and is quite popular, what would you do to stand out? How could you prove you're better than the rest? And try applying your knowledge, skills, and experience to an entirely new field to make a significant difference.

[00:02:11] Just make sure your business plan doesn't turn into an overly complicated concept. Making ambitious plans you're not able to keep up with doesn't make any sense. Start small and narrow down your focus. As your business grows, your business idea will grow parallel with it.

[00:02:27] Do market research before you launch. When starting a business, you need to do thorough market research. This means knowing how fast the industry you're entering is growing or shrinking, allowing you to see whether there's an actual need for products or services you're offering,

[00:02:42] and identify your major competitors and potential partners. Here are a few steps you need to take to build a solid research plan. Set clear goals and know what information you want to gather from your survey. Take both primary research, that is your own research through interviews, online surveys,

[00:02:58] working with focus groups, etc., and secondary research, like analyzing case studies, white papers, and surveys someone in the same niche did before you. When doing your own research, make sure you craft logical questions relevant to your target audience. And choose an effective research distribution method.

[00:03:17] It might be online survey platforms, social networks, email surveys, or posting a poll on your site. The primary purpose of your market research is to help you focus on what really matters, the market, and not the mere product or service.

[00:03:30] You need to consider the needs of the market and your target audience's expectations. No matter how great your new product or service is, if people aren't buying it, it's useless.

[00:03:40] Sometimes getting a small market share is more valuable than trying to invest in something revolutionary your target audience doesn't consider relevant. Secure your funds on time. A majority of entrepreneurs launch their startups with very limited capital. You're probably in the same boat.

[00:03:57] When mapping your finances, keep in mind that starting a business can cost a great deal. Moreover, your expenses will probably be higher than what you initially estimate. This is why you should always overestimate your costs at the beginning and take all potential problems and emergencies into account.

[00:04:13] You should also secure your funds early. Start with bootstrapping and asking your friends and family for help. If this is not enough, there are numerous additional places where you can seek your capital. You can always search for angel investors and venture capitalists, apply for government grants,

[00:04:29] or register your business on a crowdfunding platform. Should those sources not provide you with the desired amount of money, you can always consider taking out a bank loan. If you already have a debt loan or your credit score is poor,

[00:04:41] applying for bad credit business loans may be an option for you. This is a fast way to get an urgent cash injection for your business when you need it most. Build a solid online presence and brand yourself.

[00:04:52] Today, to get in front of your target audience, you need to build a robust online presence and start building a recognizable brand around your business. First, build a killer website. Make sure your site is user-friendly, responsive, and highly informative.

[00:05:07] It should be easy to navigate and answer all the questions your visitors may have. To establish yourself as a reliable source of information, you need to invest in content marketing. By producing high-quality, relevant, and engaging content consistently,

[00:05:20] you'll inspire your visitors to share and link to your blog regularly. Most importantly, you'll position yourself as a reliable source of information, thereby getting your target audience to come back to your site continuously. To boost your site's visibility, you need to optimize it for search engines.

[00:05:36] This means doing extensive keyword research to map your most relevant keywords and optimize your page elements, meta titles, meta descriptions, image alt tags, image titles, headlines, URLs, etc. for them. You should optimize your site's navigation. Make sure your website architecture is logical, do some internal linking,

[00:05:58] boost your page load speed, and make your site responsive. Finally, you need to go the extra mile in building your presence on social networks. Don't spread yourself too thin using numerous channels that don't make sense for your brand and niche.

[00:06:11] On the contrary, focus on those your customers use. Use your social networking channels to start loyalty programs, give instant feedback, promote your content, and connect with your customers on a personal level. Your goal is to use these channels to present the information about your business

[00:06:27] however you want, and to set yourself apart from your major rivals. Know who and when to hire. No matter how tempting it may seem, starting a business as a solopreneur is extremely difficult. You will be forced to deal with issues you're not entirely familiar with,

[00:06:43] not having time to focus on what you love and know how to do. Surrounding yourself with a team of people who will help you reach your goals and grow your business becomes necessary. Of course, you don't have to hire 50-plus employees in the first few months.

[00:06:56] Start by hiring those people essential for your business growth, such as a project manager, a marketing professional, or an HR specialist. You will also want to hire an accountant when starting a business to help you make smart financial decisions and make a profit,

[00:07:10] as well as a legal counselor to help you choose your legal business structure and keep you out of trouble as your business grows. When hiring your in-house employees, don't look at their skills and knowledge only. Ask yourself whether they are the right people for your business too.

[00:07:24] Are they compassionate? Can they be team players? How resourceful are they? Can they stay cool under pressure? Are they open-minded? Are they ready to learn and improve their skills? And do they have the potential to become the next leaders? Prepare well before starting a business.

[00:07:42] Launching a business is definitely not for the faint-hearted. To dive deep into turbulent entrepreneurship waters, having a killer business idea is not enough. You need to know how to make your idea come true and only by building a solid business strategy, planning your finances out,

[00:07:58] hiring the right people, networking, and creating a strong brand around your business will you manage to succeed? You just listened to the post titled, What to Consider Before Starting a Business by Emma Warden with womenwhomoney.com. This show is sponsored by BetterHelp.

[00:08:19] Do you ever find yourself getting caught up in comparison, seeing the successes of others and wishing your life looked the same? If so, then you know how difficult it can be to manage these feelings. Therapy can help you focus on what you want instead of what others have.

[00:08:33] So you can start living your best life. And therapy is for everyone. Even if you haven't experienced major trauma, it's a great place to learn positive coping skills, boundary setting and personal empowerment which can have an amazing impact on both your personal and professional life.

[00:08:49] If you're thinking of starting therapy, give BetterHelp a try. It's entirely online, designed to be convenient, flexible and suited to your schedule. Just fill out a brief questionnaire to get matched with a licensed therapist and switch therapists any time for no additional charge.

[00:09:04] Stop comparing and start focusing with BetterHelp. Visit betterhelp.com slash workdaily today to get 10% off your first month. That's BetterHelp, H-E-L-P dot com slash workdaily. And thank you so much to Emma who is a guest writer over at Women Whomoney.

[00:09:22] And of course we also wanna thank Amy and Vicki who are the co-founders of that site. Women Whomoney is a website that provides helpful information on personal finance, career and entrepreneurial topics so you can confidently manage your money, grow your net worth, improve your overall financial health

[00:09:38] and eventually achieve financial independence. To check out more of their content simply visit them online at womenwhomoney.com where you're gonna find great articles like this one of course but also links to directories, recommendations plus a glossary and a lot more.

[00:09:53] So again, you can find all of that at womenwhomoney.com. But that's it for another edition of Optimal WorkDaily. Hope you enjoyed it and that you're having a great day out there. And I will of course be back again with you tomorrow

[00:10:05] and that is where your optimal life awaits.