Ever considered starting your own business…either on a part-time basis or one that will replace your 9-5 job? Whatever choice you make, the thought of setting up your own business and becoming your own boss can be truly satisfying and fulfilling. But you need to understand and follow certain principles that determine success in the world of business, regardless of your industry.
In this article, we’ll walk you through 5 most important things you have to consider before starting your own business. This is to ensure that you start on the right foot to avoid regrets along the line.
1. Properly Define Your Business Idea
The success probability of a business is anchored on the idea upon which it is built. As an entrepreneur, you have to take time to carefully define your business idea. One of the ways to do this is by carrying out intensive research which usually involves thoughtful feasibility studies.
You can even take a step forward by finding out if someone or some people are already doing the same business. Also, you have to considered the economics of your idea? How unique is it? What value will your product bring to your prospective customers? If it’s an existing market, are people there making money? These are the questions you have to provide answers to.
2. Design A Good Business Plan
A proper plan prevents poor performance. Before you open your brick and mortar store or unveil your website, you should have a working business plan that guides your operation within the business. Your business plan is a blueprint that directs and guides your vision as you make progress along your entrepreneurial journey. It outlines the philosophy, aim and objectives, vision, scope, and structure of your business.
3. Define Your Target Audience
Who are the people/organisations your product or service is targeting? Don’t make a mistake of trying to reach everyone in the world. You’re to target some specific group of people. Knowing your prospective customers enables you to develop a relevant, effective strategy that helps you not only to reach them but make your product appealing to them.
4. Map Out Finance Sources
Every business idea needs capital to come to life, although it doesn’t necessarily have to be much depending on what you have in mind. Therefore, you need to strategisze how you will fund your business. Apart from raising the startup capital, you also need to put in place a mechanism for effective financial management for sustainable growth.
5. Work With the Best Team
As an entrepreneur, you should accept the fact that you don’t know everything. As a result, your business may require you to work with other people. In this case, your leadership will be tested by your ability to put together the best team that will run the business alongside you. You should welcome individuals who share in the vision of your business and are ready to give their best to ensure the success of the business.
Although there’s no one-size-fits-all approach to business success but following the 5 steps explained above will guide you as you dive into the world of business.
Data driven business change
Digital transformation in defence
The route to the effective insertion of digital capability into an organization is often a multi-stage activity, comprising technical, process and data challenges.
Furthermore, it is Techmodal’s experience that these challenges are often wrapped in levels of bureaucracy often associated with multi-stakeholder environments. This necessitates an approach to data focussed digital transformation that is often as much about business or organisational change as it is about the delivery of technical solutions.
Techmodal is a proven partner for genuinely disruptive business change and digital transformation for Defence (specifically front line command), government and large infrastructure clients. We engage at strategic and operating levels simultaneously and then work at pace to change behaviours and challenge preconceptions.
We equip our clients with the understanding of what can be achieved in their world and following up with rapidly delivered enterprise technology solutions that go right to the heart of a client problem, quickly.
We have worked in the Defence sector for as long as we have existed as a business. Our experience working with Army HQ, Royal Navy HQ, Joint Force Command, MoD and DE&S has seen us develop innovative solutions that can identify millions of pounds worth of savings and enabled digital transformation. Our reputation within the Defence sector has ensured our status as a trusted partner for over 20 years.
We regularly work with some of the world’s largest defence prime contractors such as General Dynamics, BAE Systems and Rolls Royce as a specialist partner to provide innovative logistics and inventory solutions, and vehicle health monitoring applications. Our success within the defence sector has seen us begin to broaden our reach to address similar challenges in other domains including utilities and rail.
As well as supplying the MOD with expert cost modellers, operating models and people analytics we also work across other government departments including the Office of National Statistics and the Crown Commercial Service. We are able to deliver our services via a number of government frameworks including G-Cloud.
Why we are different
We’re not your usual consultancy; we’re full of young, dynamic people who are at the cutting edge of technical innovation.Our years of experience within the sectors we work in, combined with our small business mindset means that we’re more agile than other consultancies and able to work faster to get the job done. We have proved that it’s possible to progress from initial question framing to a production tool on customer infrastructure in as little as six weeks.