By Han Huynh

The job market has changed drastically, and it has become more competitive than ever before. Besides working on a side-hustle, starting your own business is not a bad idea. Working a nine-to-five job handling tons of workload means you have less time to spend with your family and on your hobbies. With the dream of turning a passion into a profitable venture, many startup business owners have put out various creative ideas in our market. However, to be successful and consistent, you must create a plan before opening your doors.

1. Creativity in the thing you love

There are many businesses out there that share the same ideas with you. In order to be outstanding, you need to have something different than the others. It could be the impressive way you build relationships with your customers, engaging with new products that your customers need, or impressing them with your product campaigns and service. To build a consistent business, building long-term relationships with customers is crucial to keeping your clients interested in your services among many other competitive businesses. You can give solutions where your value meets their needs, create a specific business plan, and take advantage of social media to build your content marketing and videos to reach more customers.

2. Identify your market

Understanding your target audience is paramount before launching your product into the market. Doing market research helps you ensure whether there is a demand for your product or service. Having a specific demographic of your customer informs you how to develop your product properly and assist in crafting strategic marketing efforts that resonate with potential customers.

3. Funding

In reality, it’s hard to complement a business plan without capital resources. Securing funding enables a business to operate in the initial phase. It may include: personal savings, bank loans, traditional financing options offering interest rates, investors or venture capitalists who are individuals or firms who would provide capital in exchange for seeking private equity stakes in start-ups. 

4. Persistence

Managing your own business for the first time in early days will definitely come with hiccups and hurdles. You may not see the results right away, as business takes a long journey to succeed. Preparation and updating your knowledge are the greatest keys in navigating new challenges. You need to be resilient when you face any risks and willing to think out-of-the-box in front of unforeseen challenges. Failures help you identify your weakness and shortcoming points in your business. It’s a stage for you to grow and improve yourself.