How to Get Started On Your Business Idea

business startup

writer icon Paige Whitehead     ISB   |   Business     🕐 25. Jul. 2018

Competition amongst startups is fierce. This is particularly true in Sweden, where Stockholm is home to the second highest number of billion-dollar tech companies, second only to Silicon Valley. Knowing the best way to get started can give your startup an advantage over others. Here are some suggestions on how to get started on your business idea.

Think Before You Act
Sometimes, ideas are only great in the eyes of the people who thought of them. Talk with other business owners, colleagues, and friends about your idea and make sure to get honest answers. Narrow down what it is you want your business to do and make sure there is a market for it.

Do thorough research on where you want your business to start. If it is overseas, make sure to check with that country's regulations as well as their culture. For example, a bikini store might not be prudent in Saudi Arabia, despite the country having a suitable climate.

Consider what goods or services you are offering and question why there is not another one like it out there. If there is something similar out there, how will your idea be better? How will it beat the already established competition?

It may also be beneficial to look at similar businesses that have failed. You can analyse why they failed and create a plan to prevent the same fate.

While doing your research, try to network as well. Find potential co-workers, investors, or partners to help you along your journey. This will ease the pressure of starting a business on your own. It also provides several avenues and perspectives not previously considered.

Networking also provides future clients down the road, as well as referrals. It may also provide other opportunities for your business such as partnerships or joint ventures.

Start a Business Plan
Every great idea must start somewhere. A business plan is a way to cement those ideas and solidify your wants and desires for your company.

Business plans are outlines for your company, stating your goals and detailing how to achieve them. Unless you are immediately seeking investors or loans, business plans need not be formal or particularly long. If you are just getting started, it may be better to write something shorter that you can elaborate on as time goes by.

Love What You Do
While it is unlikely that any business has succeeded on passion alone, it is an important factor. Loving your business and loving what you do will give you strength to manage inevitable failures as your startup grows.

It will also give you courage and confidence to put yourself and your business out there for the world to see. Passion for your business will keep you excited and motivated.

Money can come from investors, commercial loans, crowdfunding sites, and more. What these financial institutions have in common are people. People will be reading your business plan, networking with you, and providing the means for you to carry out the business of your dreams. Passion plays a large part in all those factors. It makes starting a business go from a nightmare into a dream come true.

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