There is a general perception that starting a business is risky and challenging. That’s why most people are fearful of business and prefer jobs.
Although, it’s not true.
Starting a business can be very easy if you work on three things that matter the most.
Here are three pillars that make it pretty easy to start a business.
Experience
Relevant experience is one of the most common things that make starting and running a business easy. When you are in an industry, you know every edge and obstacle of the business.
Here are the most significant benefits of having relevant experience in your business.
- While working as an employee, you get a clear picture of your business. You understand all the significant areas very well. For instance, you know how big or small you should start, how much money you need to start your business, and what will be the most common issues you will face.
- What are the must-have resources for the business?
- When shall it start generating money, and what monthly expenses should you keep in your pocket?
- What are the common mistakes businesses make that you can overcome?
- Why employees feel happy and how to make employees loyal.
- As in any business, not everything generates money. So what are the money-generating pillars of the business? For instance, if it’s a car dealership business, you can save up to 90% by using social media marketing. It’s what many traditional businesses don’t know.
All this makes it easy to start a business band gives you the courage
For instance, my friend who started his transport company in Sydney has worked in the industry for years. He started with nothing.
He had been a Uber driver. In the next step, he got financed some cars and rented them. He kept moving forward and started driving a truck. He realized that it has more ROI. He got a clear picture of everything. And got financed a few trucks and started his company.
Now he has four trucks. He has attained different contacts from different companies. Nowadays, he works with many businesses and enjoys working with a laundry business.
The two considerable difficulties he has told me about this business are keeping the exact driver for a long and getting the contracts regularly.
He has told me that he is continuously expanding his business.
The other best example is our electronics business.
We have recently started an electronics business. My brother has 6 years of experience working for an international electronics brand. He is a zonal manager and understands every difficulty that may come with the business.
That means if you don’t have relevant experience, you can also find a partner from the industry.
Now let’s move forward to the next pillar that makes any business easy.
Working capital
Undoubtedly working capital is one of the essential things you need to start a business.
Business consultants recommend keeping 6 to 12 months of expenses in hand before you give it a start. Otherwise, you will see tough times. It will become harder for you to run the business smoothly.
You might think you don’t have enough money, which is why you are lagging.
That’s not the case every time.
My friend who started a transport company had very little capital; he financed the trucks and is paying from his monthly income.
The other best example is of car dealership business. The car dealership is a highly profitable business. You can start with a few investments and start making sound money from this business.
You can, too, start on a small level.
Relationships/Network
The next big thing that makes it very easy to start a business is the network – here, network means your relationships in the industry.
You build your network based on how long you have been in the industry. It means it’s a byproduct of your experience.
Many people know and trust you if you have been in the industry. Hence you get many opportunities because of your relationships that others don’t.
It’s a thumb rule that people in your network want you to succeed. In this way, they expand their network and hence the business.
That’s why it’s essential to focus on networking if you want to start your business quickly.