Will the business you are setting up in your office space in Cebu make it? There are some ways to prepare yourself, gauge your idea, and improve it before you actually take the plunge. Before going on with your start up, here are some baby steps you may take first before making the leap to the world of entrepreneurship.
Check the industry you wish to be part of
If you’re just starting out with your business, find the best industry to fit your style and talents. For example, current business trends include interactive technology (from mobile app design to tech-savvy translation), and health, fitness and wellness goods and services. When you start honing in on a specialty area, seek out counselors and talk to industry veterans. The Internet, your local library, business schools, industry associations, can be vital sources of info and contacts.
Check your competition
Get to know more about your competition by visiting stores or locations where their products are offered. For example, you want to open a new restaurant, create a list of restaurants in the area. Look at the menus, pricing, and amenities. Then check out the clientele those restaurants appeal to. Then, pretend to be a customer of the competition. Go into stealth mode by visiting its website and putting yourself on its e-mail list and read articles about them.
Think about your budget a lot
Money is a major concern for anyone who is starting out in their office space in the Philippines. In order to get investors to fund your start up, you’ll need to convince them that your idea is worthy and also be willing to subject yourself to increased scrutiny and give up a percentage of your company. That’s why it’s a good idea to first ask yourself whether you really need a professional investor at all. You could also look into borrowing from your friends and your family for the same reason. If you decide your business can only get to the next level with the aid of a professional investor, then you need to figure out what a potential backer looks for in a young company. Start doing your research now and don’t talk to investors until you have a strategy that involves foreseeable future return of investment.
Seek advice from potential teachers
A mentor is truly invaluable to an entrepreneur in a wide range of scenarios, whether he or she provides tips on business strategy, helps you improve your networking efforts, or act as confidantes when your work-life balance gets out of whack. But the first thing you need to know when seeking out a mentor is what you’ll gain from the relationship. What can your mentor give you in return? You may want a sensei who’s a good listener, someone well connected, someone with expertise in, say, marketing, and someone truly accessible. Ideally, you could find a mentor with all of these strengths, but the reality is you may have to make some adjustments. After you are able to sort through the qualities you’re looking for in a mentor, divide that list into wants and needs. Who can be your mentor? My advice is to look within your family, friends, business community, academic community, and surprise— even your competitors!