Are you fighting a secret battle with a business idea for a long time, and don’t know exactly how to turn it into reality? If the answer to this is a yes, then trust me, you are not alone. Building a business from scratch is hard, but once you get the right support, it will be the most fulfilling feeling ever. Clarity and support are all you need to cross the dilemma and create something valuable. So, here is a helpful guide to answer the big question of how hard it is to start a business?
Raising curtains from the reality of starting a new business
Having a great, unique business idea in India isn’t enough to start a business. The whole game here is to turn that idea into something tangible while managing the risks, handling all financial requirements, and being flexible to make changes when things don’t go as planned.
What are the challenges of starting a business?
Every business development stage has its own challenges, and one must understand them to fight them effectively.
- Planning: Every business needs a well-thought-out and properly analysed business plan. The plan must be based on deep market research and a clear value proposition.
- Funding: No business can run without adequate funding arrangements. Most businesses need money for marketing, inventory, and hiring the right personnel.
- Legal setup: There are many legalities involved in running a business, and these must be followed carefully to ensure long-term success. Key requirements here are business registration, taxation, and compliance with regulations.
- Time and effort: Growing a business is much like nurturing a baby; you need to invest a good amount of time and effort to turn your dream business into reality without major hindrances. Don’t be surprised if you are made to wear different hats at the beginning, such as those of an owner, accountant, customer service representative, and marketer.
Also read – How To Start a Business With No Money
What would make it easier?
Having clarity on the challenges of starting a business, it would be unfair not to disclose ways to make it easier.
- Start small: It’s always an excellent tip to start small. You can choose to begin with a side hustle or a leaner model to test the main idea.
- Pay attention to solving a real problem: No business can flourish by just making profits, and one actually needs to serve value to make it big. Hence, it is important to communicate with your potential customers, conduct thorough research, and be flexible to make changes based on the feedback you receive.
- Do build a support system: It is a great idea to work under the valuable guidance of the experts. Being close to the best mentors and associating with knowledgeable startup groups with good experience will ensure that you have someone to fall back on. Moreover, learning from those who themselves have walked the challenging road will save time and effort.
- Consistency is the key: Never run for quick progress, but always hold hands with consistency. It is normal for a business to take a couple of years to become stable.
- Be open to automation and outsourcing: As your business grows, you need to rely on tools and remote support to handle repetitive tasks effectively. Outsourcing to the best talent available will give you a fair chance to focus on the core activities.
Also read – How to Write a Business Growth Plan
Reasons that support the fact that starting a business today is easier
In the digital age, the resources have improved, and so has the competition. If you are still wondering how to proceed with starting a business? Then know that by making an efficient and right use of available resources, it has become much easier to start a business today than it ever was.
Significant new-age advantages include:
Advanced technology:
There are several tools and software available that make business processes quicker, cheaper, and rewarding. Having access to AI tools like Canva and Shopify, and to wide-reaching platforms like Instagram, has made designing, promotion, and selling so simple. Moreover, the investment required to use these resources is relatively low, while user-friendliness is excellent.
Wide access to learning:
There is no shortage of free courses, tutorials, and business podcasts. These sources of information are no less than goldmines for a new entrant.
Impressive online presence:
With access to low-cost, highly efficient website-building tools and wide-reaching social media platforms, it has become easier to reach global customers.
FAQs on entering a new business
Q1. How hard is it to start a business with no prior experience?
Yes, definitely entering a business with no experience is challenging, but not impossible. You just need to focus on learning from credible online resources, remain connected with mentors, and start with a simple, doable business idea.
Q2. I am a full-time worker? Can I still plan to start a business?
Yes, you can plan about starting a business while being committed to a full-time job. An ideal approach here is to begin as a side hustle and gradually scale until you’re ready to commit to it full-time.
Q3. What would be the best and easiest business for a beginner?
Service-based businesses, such as digital marketing, writing, and tutoring, are relatively low-cost and thus make an excellent choice for starting with a low investment.
Q4. Is having a formal business degree must to start any business?
No, there is absolutely no such compulsory requirement. Though business knowledge is relevant, the real game is about practical skills, resourcefulness, and most importantly, consistency.
Q5. How much time does it take to start making profits?
The ability to break even varied as per the business model. It is a general observation that small businesses take 1-2 years to become consistently profitable.
Final Verdict!
Starting a new business is not easy, but being resourceful, staying focused, and simply taking one step at a time can definitely make it happen. So, go ahead and associate with a mentor who would share the best business roadmap. A credible resource would even guide you with the finest business ideas to pursue.
If you are ready to turn your business idea into an intense and rewarding reality, choose to learn from the best. Dr. Ameet Parekh, a Global Business Success Coach and award-winning author, can be the perfect business coach to help you launch a successful business venture.
