Amjad Khanche on Developing a Business
You will face many difficulties when developing a business. Starting my first business was no small task, but that is what being a business leader is all about. You must be ready to invest great amounts of time into the business, and discipline yourself to take on the new commitments you will have. Before you begin, ask yourself:
- How much money can you invest into the business?
- What skills do you require?
- Who is your competition?
Investing in your business
Before developing your business, you must look at your capital and consider how much you are willing to put at risk. Consider how much you will invest into your business strategy. Starting a business with little capital is a risk, and without it, succeeding in with your business venture is a difficult task. Prepare your figures and your budget, and seek to generate the capital you require to cover your startup expenses.
It is important to remember your core skills, whether they be skills in finance, designing, writing, coding, marketing or sales. These skills will be crucial when you begin launching yourself, as the skills you require to build a business will be unique to that business. One of the many mistakes I’ve seen people make is trying to do everything. They spend more time attending to something that isn’t a core skill. While it is important to fill in the gaps in your skill set, you must never forget about your core skills. Successfully developing a business involves engaging with your skills and using them to drive your business.
Identify your competition
Identify your competition before you begin developing a business because this will identify if there is already a market for your service. Competition is a good thing as it tells you that you’re on the right path. Don’t be afraid of competition, because when you’re a small you have nothing to lose. Identifying your competition allows you to identify which segments within your niche are worth targeting, and you can then identify how your service or offering sets you apart from your competitors.
Being prudent and having a thoughtful approach has gotten me through the many challenges I have faced. Successfully surviving your first year in business is only the beginning.