11 Things To Know Before You Start Your Online Bus

So, you’ve made a decision to start your own online business. Excellent!

As you’ve made a decision, I assume you would be having an awesome business idea (if not, how do you plan to succeed?). But before you get started, be sure that making an online business successful is not an easy task. You must know what the market condition is, whether your idea is feasible and whether you have the right resources.

I have started multiple brands under Deshpee Group and here’s what I’ve learned while starting those:

 

1. You must love your idea

Before you get started, the first thing to make sure is that YOU are passionate about the idea. It’s your business and it’s a long journey; so if you’re not absolutely passionate about it, then nothing will work.

 

2. You should not be biased in research

Now, I know you are passionate about the idea but don’t become biased due to that. When you’ll start your research about the feasibility of the project, make sure that your research is practical. Don’t get carried away by your love of that idea. The business world is cruel.

 

3. Make sure you research (almost) everything

The only difference between a good business and a bad business for the same business idea, is the execution. And to execute your business properly, you must research every aspect of your business.

I’m not saying you should know absolutely everything, but confidence comes from knowledge. So, the more you know, the more confident you’ll become.

 

4. Think about differentiation

Almost all good business ideas get copied. It’s your business idea; but your branding, your USP and your service will set you apart from your competitors. You must invest some time to think about how you’ll make your product/service different than others.

 

5. Have a strategy even for the small things

I’ve seen people starting businesses only on the basis of ‘big things’. Means, their survey shows strong forecast for sales or consistent industry growth for next 5 years or ease of setting up the business etc.

One thing most people fail to understand is that every business is made up of hundreds of elements. There are customers, employees, finances, office management, work culture, product designing, competitors, changes in tech, fluctuation in resources and more. To be an intelligent business owner, you must understand these elements and have a strategy to use them optimally. This planning will set you apart from average entrepreneurs.

 

6. Know, or listen to those who know

I know most people would disagree over this with me. The tech revolution in recent years has made people believe that if you have a nice idea and you’re confident, you should get started right away and success will take care of itself. No need to know much, right? Well, not quite right.

I also started my brands without much expert help but I paid the price for it due to some initial immature decisions. Yes, eventually I corrected those, but now I think those could have been avoided easily with some help. So talk to real industry experts, ask feedback for your idea from successful people and you’ll learn a lot.

 

7. Be prepared for initial not-so-good time

No matter how great your idea is, it’ll take some time to be successful. Remember when Google was launched? Did a lot of people start using it on day one? Or the first month? Or even the first year?

Good businesses take time, even if they are online. So be prepared both financially and mentally for giving some time to your idea before it kicks off.

 

8. There will be ups and downs

Running a business is not a piece of cake, no matter what other people say. And unless you’re an experienced person, many things will be new to you. Setting up an office, designing the product, hiring people, managing finances have their own ups and downs. Don’t think that your road to success will be full of roses.

 

9. Know that you can’t do everything yourself

Even though your business idea was designed by you and you’re the best person to manage everything; don’t try to do everything yourself. Having a partner or a sharp employee is excellent from the management perspective.

It may take some time to train people or develop a system for effective work organisation, but know that it’s the right way to go.

 

10. ALWAYS have a backup plan

The tech industry has its own rewards, but it also has its own threats. A business that is successful today, may not be successful tomorrow if not executed right. So always have a backup plan if your idea doesn’t work, at least for the initial few months or years.

 

11. It’s hard, but you’ll have fun for sure

And that’s why I do this and recommend it to all the people who want to be successful. In the tech industry, it’s not just about money, but about having fun too. You’ll have freedom of working for your idea, you’ll make money and you’ll have a lot of fun. Where else do you get all these?

 

Even after all that I’ve written here, there’s no guarantee that your business will succeed. Or fail. It all depends on you, after all.

Your friends, your family may tell you different. Experts may be against your idea. But I think, talent and hard work can beat all odds.

So, if you have a nice idea, the resources, willing to do hard work and willing to stick to it for a long time, do it.

Let people say anything. Listen, smile, agree and then do whatever you were going to do anyway.

I wish to see you around in the list of successful entrepreneurs.

Ved for you