Starting or doing a business has loads of information on various aspects out there. There are lies, norms, misconceptions, assumptions & misinformation amongst many others things. With that in mind it becomes vital for you to tell the grain apart from the chaff. In all the noise of what people say business is all about you must be able to quietly discern what really matters. Do you know that most people hesitate to start businesses based on fear inspired by obsessing over things that are actually unnecessary? Today I shall be discussing some of the things you shouldn’t necessarily worry yourself with in starting your own business. Just a brief disclaimer here, all the aspects I shall mention herein are all important (especially moving forward) but you shouldn’t worry about them too much when starting a business. You might wonder what I mean by worrying too much probably. It’s obsessing over something to the extent that it makes you abort a mission.
Office Space And Branding
When you want to start a business never find yourself having headaches over office or working space. Many people make this mistake of musing on where they are going to setup offices or working space. Remember that renting out a place or space will spike your overhead costs significantly. At the onset of a business you wouldn’t have even started realizing revenue. Many successful businesses today were started and operated from home for quite a while before moving into more formal settings. It’s wise to limit your overhead costs especially when starting out so seriously consider a way to operate from home if possible. There are many businesses that operate full-time from home – think along those lines.
Then there’s the branding issue which many worry a lot about. Things like company name, logo, business cards, letterheads and so on. Those things are important but don’t be too hung up on them that you lose sight of what really matters. A thorough understanding of the market and aggressive marketing can eliminate the need for catchy business names, logos and business cards amongst other things. Bear in mind that branding requires money and that will definitely surge your overhead costs.
Staff And Management
There’s always this hype about being an employer; it’s a good thing actually but it mustn’t be rushed. Human resources can constitute one of the largest chunks of your subsequent operating costs. When starting out this is one area you must never worry yourself with, in fact, avoid hiring employees by all means possible. A lot of people achieve that by tapping into their families as manpower because it really keeps costs at bay. Staffing and management needs can be effectively covered by a family unit. If needs be the other better alternative would be to outsource required expertise (when need arises) otherwise hiring of full-time employees mustn’t be your worry at the beginning.
Social Media Metrics
Social media is no doubt the holy grail of marketing especially in this day and age of digital marketing. However, when starting out a business don’t be too hung up on the results of your social media efforts. Building a following and having high engagement isn’t an overnight thing. Especially here in Zimbabwe don’t be worried if your social media drives aren’t doing that well. There are many possible reasons why your following and engagement rate can be low. In fact locally, your social media metrics are largely inconsistent with what’s obtaining on the ground. Don’t completely ignore social media but don’t be too hung up on it.
It amazing how most people when they start businesses they’re so focused on revenue more than anything else. Your primary concern should never be revenue but rather profit – are you making profit? You can obsess over revenue and probably get high revenue but whilst operating at a loss. Worrying too much about revenue inflows can actually blind you from noting areas that need attention e.g. your operating costs or pricing regimes.
The demands and even cost of company registration can fizzle out someone’s efforts at starting a business. I always advocate for registering businesses but early on it might not be something to worry on much. The truth is a lot of people actually operate businesses without the need for registration. There are many possible reasons some of which are the type of business being done. Take for instance a hairdresser, she can successfully run a business without necessarily needing to register the business. So it’s important to know that registration is vital but probably much later on as the business gains traction. In fact, if you check on what’s required you’ll notice that worrying about registration too early can be a wasted effort. For example, things like directors and company secretary details can be required yet you don’t even have all that. That would clearly show you that you mustn’t be obsessing about registration just as yet.
There are so many software systems that make the running of a business smooth. Particular examples can be payroll systems, accounting systems or database management systems. All these you can do without when starting a business. After all, they require money and that won’t do you good since your overheads will just go through the roof. Wherever possible, just find effective ways of using low-cost means to collect, process, store and retrieve data.
So these are some of the things you shouldn’t worry yourself with that much when starting a business. As the business grows they’ll announce themselves that it’s time – the circumstances will just inform you. So relax because you can’t afford to exert unnecessary pressure on yourself when you’re still in thick of starting out a business. All in all, there are two things to remember, don’t set your focus on premature matters and limit overheads as much as you can. In doing that you’ll get rid of misplaced worrying.