Ah, the dreary monotony of the 9-to-5 corporate world. Home to office, office to work, six days a week, is the story of your life. And no matter how hard you work or how many hours you put in, you end up with the same paltry sum at the end of the month.
If you ask us, job satisfaction is a myth, and it makes so much more sense to devote yourself to your own venture. Chances are, you’ve already had this epiphany, so you’re mentally halfway there. Now comes the tough part — actually taking the leap of faith.
So you have a business idea, but don’t know where to begin? This 5-point guide will help you get started on your entrepreneurial journey.
1. Do Your Research
Studying the market for weeks, if not months, and completely understanding it inside out is crucial. It’s one thing to be passionate about something, but it often takes one leap to land in a pigsty and realise that all that glitters isn’t gold.
There’s more to setting up a business than you could ever imagine. Legal structures, renting office spaces, documentation and registration, raising funds, unforeseen costs, understanding rolling money, delays in payments — you really have to learn it all quickly, so research is key!
2. Start Part Time
The smartest thing to do in the beginning is to start small, and work only on evenings and weekends. Take smaller steps and build your business slowly. Don’t let your income suffer and keep the money coming in while the business grows on the side.
We don’t mean to discourage you but as per research, nine out of ten startups tend to fail — so take calculated risks.
Once you feel like you’ve grown enough to be self-sufficient, then file in your resignation and focus solely on the growth of your company.
3. Don Multiple Hats
The thing is, as a boss in a startup, you will never have a fixed role. One day you’re the marketing head, the next day you’re handling accounts, and there will also be a day where you’re the janitor!
Nevil Darukhanwala, CEO of Spott One Consulting Pvt Ltd, says, “I started all alone, so be it any kind of job I was the first to assume responsibility. This remained a habit even when the team grew! You eventually learn it’s best to get the right people who’re experts in the field for the job, but at the beginning, it is — and has to be — all you.”
It’s all a part and parcel of starting a business from scratch, and if you’re not prepared to toil, then you might not want to delve into it at all.
4. Networking & Onboarding
Firstly, never burn any bridges. No matter how awful your boss or how terrible your job was, leave graciously, because you never know when the contacts will come in handy.
Secondly, build up a client base. Maintain good professional relationships with coworkers, and try not to say no to work unless it’s really unethical. If things don’t work out, never badmouth anyone. Remember, you don’t want to be known as that guy, and in the industry, your reputation precedes you.
Also, try and keep a hold of your employees. Losing an employee means losing information, resources, bearing the cost of hiring a new one and wasting time and energy to train them to the job all over again. So, as the next point stresses, be a pretty good boss!
5. Be the Best Boss You Can Be
Running a business won’t be seamless; there will be hurdles and highs and lows. It’s important, however, to not slack, and to be strict with yourself and give your baby your all and more.
Nevil says, “Hire the right people, and go with your gut. Don’t be afraid to delegate responsibilities, and allow them to make mistakes and learn with you. Make them feel accountable for the family they’re a part of — but most importantly, at the end of the day, don’t be afraid to have fun.”
It isn’t going to be easy, but we promise it will be worth it!
Image Credit: Nikhil Mudaliar