What Does It Take To Start Your Own Business?
Everyone has either thought of or dream of being an entrepreneur at some point in life. Some of us even pursue the thought and manage to gather some capital too. Sometimes, the capital of business owners is large enough to start a big business or one or two small businesses at the same time but they never reach from a dream to reality.
The only stage that bars your thought from execution are some of the well-known questions like, “Is becoming a small business owner easy? What does it really take to establish entrepreneurship? The answer to such questions is complicated and takes more than a “YES” or “NO” as an answer. To make you better understand this, let’s break the process into stages; from thought to execution.
But before we get into the stages of running your own business, let us remember the lessons given to man by ALLAH (SWT). The fact is there is no small or big reward in life. Everything you need in life, it puts a price on it. As a Muslim one must believe that Allah (SWT) tests different humans with different strategies.
Whenever the question — is starting a business easy? — come up, believe that it’s Allah’s (SWT) will which makes simple things hard and impossible things effortless. With that learned, let’s turn to a two-stage thought process to make your business starting experience a little smoother than the conventional method.
Stage 1: Information and Inspiration
Make sure you, whatever business you are about to start, have enough information about the technicalities, difficulties, and marketplaces that you are going to enter. Always remember that “knowledge changes the execution”, in this case having the right information will make your decision-making process more easy and reliable for you, which also plays another key role in starting a small business.
One of the universal facts well known across the face of the earth is that you come across hardships in everything you do. Be it a business or simple workout routine, the first step has never been easy. Right reasons and enough information are two key factors to make your upcoming journey of starting a business easy. First thing first, always look for the motivation and reasons.
Ask yourself, Why do you want to start a business in the first place? Is it for more financial stability and money? Is it for your family and loved ones? These questions will later provide you with the fuel to be persistent against the hardships. Whenever you are having a bad day, these reasons to start your business will remind you to stay strong.
For example, if you start your own business to help your community or someone else, whenever you are about to give up, just remember how much your business creates jobs for people around you. The idea will automatically create a positive attitude towards obstacles.
We are well aware of the fact that thanks to modern-day technology, finding the right information and some experience mentors for your niche won’t be the devil of a job. But finding inspiration for starting a business is a step where negative thoughts start to test your nerves. To simplify this process too, here are some of the benefits of building a business that will help you find the motivation.
Is Starting Your Own Business ReallyWorth It?
You have gathered the capital for your business after a long wait and hard work, but the question keeps popping up in your head, again and again, Is starting a business really worth your life savings? Let’s put the concept of new business into a simple comparison of what your passion for the business will make you lose and what you’ll get.
9-5 Cycle Vs. The Freedom
When you get hired for performing a series of routine tasks not only takes an entrepreneurial spark but freedom of living the best of yourself is also at stake. Having a business for yourself gives you control over your actions and most importantly it lifts away the devastating impacts on your thought process. Own a business and you can schedule work at 10 AM every day, wake up at your own time, and spend a workless weekend with your family and loved ones. You’ll be the only one in charge of your career and its success. Nothing beats the freedom of running your own business.
Working Under A Boss Vs. Being A Boss
The perk is much more than just getting rid of your boss and being one yourself. When you work under the boss, you are an employee and an employee’s perspective of things is much different than a boss’s. In a business, you get to be the leader, there are people who’ll work under you.
This really shifts the mindset of a person from an employee to management. It changes a person’s perspective of looking at things and the effect is not only constrained to your business life, you’ll even see the results in your personal life. Some of the successful businesses are owned by ex-employees from different corporations. This clearly shows where their long hours of work have brought them to the end.
Pushing Your Limits & Skills
It’s true that you need to assess your limits and skills before your business takes off. But there will always be something to learn every single day. With a startup of your own, it pushes the horizons of your capabilities and equips you with a number of exceptional skills as being a founder of a new idea requires much more effort and time. A business’s most precious gift to its owner is “Risk Taking & Risk Analyzing” skill. This is something that one can say 90% of the people around your society lack.
A resistant passion for the personal business will always give you much more than the sales profit and revenue growths. It changes your whole thought process along with your attitude towards hardships in both your business and life.
Stage 2: Time Your Business
A well-timed business idea is a well-executed business idea. A successful business largely depends on its starting events and how it responds to the hardships in the beginning. If you want a smooth ride along the journey, pay close attention to every little detail of your business’s initial operating period. Always check some of the facts that influence your business; directly or indirectly. A few basics that you need to keep a close eye on the information and market shits that you are going to land your business in. Here we have created a checklist of the essentials that will help you open a business in the right market and most importantly at the right time.
1 – The Mental Shift
Start from within yourself! The mental shift means preparing yourself for the major lifestyle & financial changes. Your business idea might be the only escape from your life circumstances but always remember it still takes a lot more time and effort to establish and make it reach the top. A business’s sole purpose is not catching the customers.
Depending on the type of business and marketplace you are going to operate in, it can mean many relentless and sleepless nights, working 10 or more hours per day. In the worst-case scenario, it can even compel you to sell your favorite car to make up for minor hiccups along the way. If you feel ready to meet such kinds of challenges head-on, you are more than ready to start a business.
2 – The Right Opportunity
Remember when we talked about the marketplace shifts, you can also call them the new opportunities. As we have seen, the world has gone through some major changes in recent times. Where calamity like Covid-19 has called a halt to supply chains, it has destroyed economies and many small and big businesses, the pandemic has also created a number of opportunities for new businesses and ideas that have never been heard or seen. Whether it is pandemic or normal circumstances, the innovation never stops.
Time keeps on creating countless opportunities around you. Try to build your business around such opportunities. Not only these kinds of businesses are almost guaranteed to attract a huge number of customers even sometimes your industry can last longer to become the need of the hour for future times too. In today’s world where technology has taken over routine tasks, opening a new business has never been easier than it is nowadays.
You instantly have access to international markets and customers. With social media evolving more and more, businesses are getting an exposure million times more than they used to back in the days before the internet.
3 – Customer / Client Validation
When analyzing cost, market place an opportunity, make sure to gather enough customer or client validation too. By far, you have developed an idea of how much the market and customer research is important before you open a business. One of the important purposes of this research is to gather enough customer/client validation. This means that you need to make sure that your product or service is filling a gap in the market and in your community.
The method has helped much successful businesses create more and more customer. Always be a giver more than a taker. This also one of Isam’s Golden Idea to live in prosperity. In order that your business will do well, you have to be the founder of ideas and products that are either not available in the market or better than existing products and services.
An efficient way to do so is to look at the market and find your strengths. Specifically, mention the uniqueness of your solution you provide for a certain problem. Customer validation not only ensures sales but causes exponential growth.
4 – Tawakal Allah
Make “Tawakal-Allah” your most important point of the checklist. We know that God’s will is the ultimate fate of our lives, let alone our business. In the Holy Quran, Allah (SWT) has mentioned several times that all our supplements come from him and he’s the superior provider to every living being he has created since the beginning of the universe.
Whatever your purpose of business is, always keep in mind that you are going to face many obstacles. Some of these really test your nerves. You must know that all such hardships are only here to make it worthy of the reward that Allah has promised. As they say, “if it is easy, it’s not worth it”.
The Holy Quran also talks about Allah’s (SWT) plan and how humans have been ungrateful for what comes their way. Every time it seems that circumstances are getting out of your reach, don’t forget that Allah (SWT) never tests a man more than his ability. Allah (SWT) wants you to keep on going the path you have chosen.
Start a Business for a Beginner
Feeling a little scared to invest your money is natural which happens to anyone who steps into the world of business. When you are a beginner with little to no experience, you can start a small business that demands little investment, time, and skills. This way you can gain the basic skills, knowledge, and experience to start setting yourself as a bigger business.
One way to do so is that you choose businesses that have multilevel operations, you can start from a lower and much smaller scale or level and then move up as you gain the necessary skills and experience. One such good example is providing packaging material for different products. Once you get enough experience, you can set up your own packaging and assembly house for the same products.
All you need to do is to offer your existing client a reasonable price or come up with new and effective ways to present and pack their product for them. If you find these businesses hard, below is the list of some of the businesses which are considered easy and give you a lot of understanding of the business world.
- Online Freelance Business
- Car Wash Service
- Small Cafe
- Home Restaurants & Delivery Centers
- Selling HandMade Art & Crafts
Starting your own business is neither easy nor hard, it’s your attitude that makes a difference between reality and your dreams. How you respond to the hardships faced by your business decides your business progress and future. Once you start a business, you’ll see the benefits of being your own boss right away.
The benefits of trading your 9-5 job with a business do not just stop here, owning a business always pushes your limit and equips you with exceptional skill. Success doesn’t have a shortcut so you know the challenges are going to be there in front of you.
Train yourself to believe in Allah (SWT) and trust HIS plans even if it seems impossible at the moment. There’s a reward system set by Almighty (SWT) to keep in mind that your hard work would never be wasted. You put your best into business today, you’ll reap the reward later.
Ali Haider Shah is a business graduate with specialization in market research. He holds 4 years of experience in business writing where he served renowned online publications like “Digital Diplomacy”. Currently working as a business writer and a market researcher.