Many start a business after being sick of working for others. Many start business without knowing some of the basic rules. It might be important for you to learn some of the ground rules. Sometimes, having a successful business is not just about doing things you love, it is also about obeying certain entrepreneurial rules.
1. Have a goal in mind
One of the first and most important rules of starting a business is to have a goal. Setting up a business and just expect success to come might be a naive move. A successful entrepreneur always have a mission statement and a goal so s/he has something to work toward. When starting your business, try to define one for your business and make sure you know what you want to achieve in a year or so. Setting a deadline for your goal is just important as setting up the goal.
2. Your product or service must create value or solve a problem
If your product does not produce value for your customers, rethink your business.
3. Your must know as much as you can about your target customers
Start by Googling the demographic that you are targeting. Then set up a landing page to gather emails for your target customers and start surveying them.
4. You must have a sizeable market.
While you are Googling about your target audience, find out the size of the demographic. You probably don't want to only sell to a couple hundred of people.
5. You must make your target market aware of the value you have created.
Brand awareness is important. But more importantly, make sure your target audience knows what your company provides.
6. Delegate your tasks
No one is Superman or Wonder Woman here. Even super heroes might get tired from their tasks. Learn to delegate. You do not want to spread yourself too thin and leave the money on the table. Try to get as many people as possible with your business within your budget. Do what you know best and leave the rest to others. If you want to be planning and marketing your business, don't waste time developing the products too. Think about the best use of your time and learn to rely on others.
7. Learn the laws of your industry
Read more relevant information here. Besides laws, learn if there are current unions and activists in the industry that your business is disrupting that could cause trouble for you.
Review these rules of starting a business, and do not fear them. Use them as tips to guide you through your journey!
Related: Why Coworking Space is Vital for a Solopreneur