Back in the day, life was simpler. You stayed in school, earned a degree, found a job or practised your profession until the day you retired. Now it’s more complicated. There are more people and the competition is tougher in just about everything.
You graduate and then you start looking for a job but there are other people lined up for the same job. You either get the job because you’re qualified and you’re just starting out, which means you cannot ask for a higher salary than they’re offering, or you don’t get the job because you’re just starting out and therefore you lack experience.
There is also more competition in terms of business. The difference, though, is that now it’s actually possible to start a business and reach your market for a bit less money — at least for the time being — thanks to the Internet. When you decide to start your own company, however, you have to understand a few things.
Here are some ideas:
Work with the Right Service Providers
Don’t forget about the people who are not your employees but whose help you need. Work with the right ones as well. If you start a lending company, for example, find the right debt collection lawyer, just in case someone fails to hold up their end of the contract — and in a lending business, there will always be that someone. If you have a design company, work with a reputable printing company, and so on.
Online or Offline Doesn’t Matter
First of all, there is hardly any difference between starting a company offline and starting one online. Neither one is easier than the other. You may argue that if the business is online you can do it on the side and so it’s easier. This is not entirely accurate. First of all, if you start an online business it cannot be successful if you do it part-time, same as if you do it offline. Both will require your time, effort and focus if you want it to be lucrative. It will also require some capital and perhaps a few employees to start.
Hire the Right People
You need to surround your business with the right people if you don’t want to fail. Just because your cousin is always with you doesn’t mean they’re qualified to be manager. That’s a bad idea; hire the people who will help your company succeed and not just the ones who are close to you, who are the only ones available at the time or because you owe them a favour.
Going into business will make you face a lot more competition, but that doesn’t mean you can’t have an edge. The trick is to know reality from what you were told, and to always be realistic in your goals.