Starting your own business or start-up can be one of the most motivating situations you can go through in your life. But it can also be a tough stage which requires a lot of effort and work.
It includes setting up your business, legalising everything, having a funding plan, setting up your space, building a Digital Marketing Strategy, among others.
It is the dream of many to start a business, but not everyone put their fears aside and jump into the ring.
If you are one of the brave people who started your own business, remember that this facet of your life will be long term. There will be ups and downs, but the important thing is to persevere for what you dreamed.
Timing is the key
Sometimes people give you generic advice, but according to our own experience and the experience of successful entrepreneurs, the most important one is timing.
But why the timing? Timing can make the difference between success and failure, and we will tell you why. Keep reading!
You have to ask yourself…Is the idea early in time, or is it precisely? Is the world ready for it? Is your idea advanced and you have to teach something new to the world?.
You also have to take into consideration your competitors…Do you have too many? Are you in the blue ocean?
Let’s see an example of the most successful companies.
Airbnb is huge at the moment, and nobody thought people would want strangers to stay in their homes. However, the timing was just right.
Airbnb was born when the big recession happened, and people needed extra money. Renting some extra space to a stranger seemed like the right way of earning extra income.
According to this study, 41% of 200 successful companies, succeeded by timing.
If you think in this way, you will see opportunities in every industry instead of wanting to solve problems every time.
It is true that it may be hard to predict if it is a good time but keep in mind that arriving early to the market is much better than coming later. That is a total disaster.
Do a Business Analysis
To see your business opportunities, do an analysis based on either a PESTLE or SWOT model.
In this way, you will have a broad view of the environment and the pros and cons of political, economic, social and even legal aspects that may affect your start-up no, or at the time you are planning to launch.
How are the market and the local economy doing?
Look carefully at the local trends.
Is there a stable market in which you can rely on? Is there an existing market, or are you disrupting it with your start-up?
You need to do your research before going down the road. Moreover, you will have a slight idea about if this is something people would want, or if you can convince them.
Who are your competitors?
First of all, do you know who your competitors are?
Do you have the resources to stand out?
The best advice is to get to know them, what their business model is and what is your differentiator. Or maybe the case would be that there is a lot of competition and perhaps the timing is not right.
You have to take into consideration all these factors, and in this way, decide if the market trends seem favourable to start your start-up and if it can grow in the future.
Is it a matter of luck?
Right timing is not just luck. It also depends on the analysis that you make.
Look beyond the end of your nose and dedicate some good time to ask yourself -what is happening around you and in your environment?.
Go for that opportunity, and if you feel that is appropriate to wait, do it, trust your instincts and the excellent analysis you just made. You’ll see how worthy will be.
Other factors to consider
There are indeed other factors that you have to consider and that are important.
For example, you have to be aware of the laws and regulations of the country in which the business will establish.
Another crucial thing to keep in mind is that not all businesses are the same. You have to follow your path. There are indeed a lot of companies that started as start-ups and inspire us today.
However, do not try to copy the same path as them; everything will arrive at the perfect time.
Sometimes our projects may not become billion-dollar companies but still can do great as a local business and as a base for a much bigger one.
Moreover, you have to consider how you are going to do your customer outreach.
When you open your doors to the world, you need to have an action plan on how to attract your potential customers.
You could do paid advertising as part of a digital marketing strategy, or referrals among thousands of other things. But be careful, if you don’t do anything, your start-up sooner or later will die.
If you do too much, you may seem desperate, so timing is essential for clients outreach as well.
Do not imitate others
There are multiple myths out there regarding being an entrepreneur.
But at the end of the day, you are unique, and your process will be different than other entrepreneurs. That is ok! So, it is time now to demystify this myth.
Work for someone else
If you want to have experience before launching your start-up, it is recommended to work for a company before.
You will not only learn regarding the topic of interest, but you will also learn a little bit from other departments and have a broader vision of how a business should work.
Don’t do everything by yourself
You should surround yourself with a fantastic team that supports you in everything, mostly in the areas that you lack knowledge.
Keep in mind that if they are in your team, they have to be reliable. In this way, you don’t have to check on everything all the time.
Don’t work 24/7
Do not push yourself too hard.essential
The most important thing is to enjoy this marvellous path of entrepreneurship.
Remember that copy is never the answer. You will have your own experiences and plan of action. But it is always important to have some guidelines from experts that experienced before this exciting moment in life that you are about to live.