How to start your business in the right way?

start your business the right way

A journey of thousand miles starts with the first step!

Hello, aspiring business owners! I know you have a great business idea and want to turn it into reality. You want to start your own business, but,…

You are waiting for the right time to take further steps for your business because you don’t know how to start your business in the right way.

Your mind will be filled with thousand different questions about starting your business. There are certain questions you might have missed or have ignored among the sea of questions in your head.

The questions you missed out actually turn out to be the important ones to ask yourself before beginning your entrepreneurial journey. To make it easy for you, I have listed out the questions to ask yourself to start your business in the right way.

1.What problem are you solving for your clients?

Whatever your business idea is, ask yourself if it solves the problem of your target audience. You need to focus more on your ideal clients’ pain points and not on your product or service.

Most business owners make the mistake of identifying themselves with the product they are selling or the service they are providing. This makes them inseparable from their businesses.

When you shift your focus from your product/service to your prospective client or customer’s problem, that’s when you start thinking and acting like a true entrepreneur working on your business. This will give you the business model that you need to nurture.

To give you a perspective: I have seen many people fail in managing their money / lifelong savings by making bad business decisions leading to ruining their businesses and their lives and families as well.
Hence, I dedicate all of my work to grow my clients’ businesses, educate them with their numbers, and help them make better financial decisions to create wealth not just for their business but also for their personal lives.

2. What kind of team do you want to build?

‘Great things in business are never done by one person. They’re done by a team of people’ – Steve Jobs.

If your team defines your success in the business, are you building a team culture consciously or leaving it to develop on chance?

Having someone in your team with whom you wouldn’t enjoy your meals or enjoy spending time outside of work is very bad for your business’s overall growth. Instead, hire people who inspire you to work hard, people who have the same goals as yours, and people who will walk by your side in thick and thin and give their best to achieve the business goals.

3. What’s your vision for the business and for yourself?

To answer this question, let’s do an activity. Take out a pen and paper and start answering the below questions.

Questions to create a vision for your personal life:

  • What are the things you value the most in life?
  • How do you want your life to look like and to feel like?
  • What kind of people do you want to hang out with? 
  • Which places do you want to travel to? How do you want to travel – luxury or budget?
  • What is the message you want to leave in this world long after you are gone?


Questions to answer as a future business owner:

  • What do I wish my life to be like on a day-to-day basis?
  • What would I like to say I truly know in my life?
  •  How would I like to be with other people in my life – family, friends, clients, business associates, employees, my tribe?
  • How would I like people to think about me?
  • What would I like my life to be 3 years from now? 10 years from now? 20 years from now?
  • What specifically would I like to learn during my life – spiritually, physically, financially, technically, intellectually?
  • How much money will I need to do the things I wish to do? How will I earn it? By when will I need it?

You see, when you come to your desires from a place of abundance, your brain finds a way to fulfill your desires.

I have personally done these exercises at various stages of my life and wrote down the things I wanted in life, and years later, I know I have found those things somehow in reality.

Our job is to find WHAT WE WANT; life figures out THE HOW of getting it.

4. Are you solving a problem with no existing solution?

Let’s discuss in detail how you can validate your idea and turn that into a successful business.

To do that, you need to see if the idea you have fits into which of the following 3 scenarios:

CASE 1: Is your idea about solving a problem with NO EXISTING SOLUTION? To discuss this, I would like to give you an example of the Company @poopouri, which took a widespread problem and turn that into a thriving business for herself. The problem – bad smell you leave in the bathroom after you ‘finish doing your business,’ something we all experience in our lives. The solution – the product which is an essential oil spray for toilet ‘before you do your business.’ Check out the amazing ad commercial they came out with on their YouTube platform. The sales have skyrocketed, and the Company is now selling the product worldwide, including in India. Yes, it’s available on Amazon. I bought this on my last trip to the US and loved this product. Perfect for keeping it in your bag, and no need to worry about how you leave the bathroom the next time you use it at your ‘friend’s place.’

CASE 2: Is your idea solving the problem BETTER THAN SOMEONE ELSE – For this, I would like to give you a classic example of why Amazon waited to let Flipkart spread its wings in India before launching their business in India. Flipkart changed the mindset of Indians to come online and shop online. Once they did that, Amazon came with better customer service, better delivery, and a better user interface for Indians.

CASE 3: Are you CREATING THE NEED for your product/service and then providing it – for example, Netflix. It didn’t start as a Company creating its own original series you can subscribe to and see on-demand. It started in 1997 with renting out physical DVDs in the mail. The Company was not even called Netflix at the time. It was named Kibble, which later changed to Netflix.com before finally named Netflix. They wanted to create Amazon or something and got hold of DVDs. And about 20 years later, they are dominating the world with their content and service.

No matter how SMALL your idea is today. If your idea is providing solutions to thousands and millions of people, you will be successful in business. Start small, take baby steps toward your goals, and you will see the compounded results of your hard work in your business and your life. 

You need to take care of more things when you’re starting to work on your business plan, getting the right name, licenses, and choosing the right registration for your company. You can read the respective blogs to get a clear idea of these topics. Until then, I wish you all the very best with your idea! Let’s make it into a successful business!!

Let me know if you found this content helpful and if you haven’t already, make sure you check out our FREE resources!

Rooting for you!

Sonia

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