5 Things You Need to Know Before Starting a Business

Starting a business is perhaps the best decision you’ll ever make, but getting it off the ground is no easy joke. Seriously. Well, wouldn’t be nice if there were a handful of tips to help you make the whole process effortlessly easy? Lucky for you, others have been down this road before.

If you are looking to start a business, save yourself lots of headaches and countless hours by getting five things straight right off the bat. They are hard-won business tips that entrepreneurs have learned over the years.

1. Experience Matters 

If we can borrow a leaf from the book of Albert Einstein, the experience is the only source of knowledge. Knowledge is king when it comes to the business start-up space! The thing is you cannot lead if you don’t have enough experience. So, save your investors, team, and yourself a whole lot of pain by getting hands-on experience first.

In the business world, when all goes wrong (and it happens!), it is only those individuals who have ‘been there, done that’ that will be able to withstand the heat. If you have sufficient experience in the field, you will have no problem staying calm and leading the way for others.

The bottom line is: don’t start a business until you are certain that you’ve got the necessary experience to steer it right from day 1. Oftentimes that means work for another company in the niche you’re interested in so you can learn on their dollars.

2. Network, Network, Network

We cannot emphasize the need for networking enough when it comes to starting a business. Prior to forming your business, it is best to attend business seminars, conference, and perhaps join a local chamber of commerce. That isn’t all; you may also want to reach out to entrepreneurs and people with trackable experience in the industry or niche. These could be people you know, and some you have not met before.

How to build healthy support network? Offer value to others so you can get value in return. In fact, it is best to offer favors without expecting something in return. Most importantly, ask as many questions as possible, and listen carefully when you’re receiving business advice.

3. Stay On Top of Compliance, Law, and Regulations from Day 1

Before you start a business, it is wise to understand what licenses, regulations, and taxes you will have to obtain, follow or pay for your new venture. Once you’ve done your own research, you might want to reach out to a CPA and business attorney to get to the bottom of compliance issues. The last thing you want is for a trivial tax or regulatory detail to derail your business in its formative months.

4. A website is a Must-Have

In the digital era, online presence has become indispensable. That’s why you must have a well-designed, easy-to-navigate, and industry-focused website.

5. Lastly, But Not Least: Don’t Quit Your Job Yet

If you keep a tab on most successful tech startups, you will notice that most of them were started by people weren’t quick to quit their jobs. Steve Wozniak, for instance, didn’t quit his job at HP when starting Microsoft. Another great example is Google co-founder, Larry Page.