Starting a business & building it is a marathon not a sprint! But what makes that initial start so difficult? 

The problem is that it isn’t hard to start a business, but it’s very hard to make it work. Many new start-ups will either fail or stumble into being mediocre which is a worse outcome as breaking free of mediocrity is even harder.

Many start-up’s get it right and grow into profitable businesses, how do they do it?

Follow the pointers below:

– Have the right idea that adds value & solves problems at a larger scale

Instead of starting your idea by thinking about what to sell, think of what problem it will solve. It’s easier to build a solid customer base when your business is fixing a problem. Your idea should fill a gap in a certain market or niche.

– Count the costs

Once your business idea is determined, add up the costs. Factor out all expenses necessary to launch and operate right from your fixed costs such as location, rent, marketing etc. Come up with a practical figure and triple it, since you’ll experience unexpected costs of running a business around every corner. It’s always better to be prepared than be short on funds. Cut unnecessary expenses that drain your offerings and cost you money. Start small and increase your offerings as your business grows.

– Ensure that your visionary idea is not too early, or too late

When venturing out, your product has to be at least good if not that great, but the thing that matters the most is the time you are launching the product. Ensure that the idea/product you’ve come up with is not too early for the market in way that people fail to understand it’s value or not too late to avoid a stagnant market

– Precise Planning, Unconventional Strategy and Hard-hitting Tactics

Coming up with a great business idea is only the first step towards building a complete business. No matter how large or small, it is important to build precise plans, work on unconventional strategies and determine various aspects of your business model.

These factors will go a long way to give your business an edge over the competition. Hence how well you consider and develop these factors will determine the success of your business rather than the selection of the business idea itself.