Founder and CEO of Design Haus Medy, Medy Navani, outlines the risks to consider before setting up your own business
There are many aspects to consider while embarking on the start-up journey such as time, money and support. Yet anticipating the risks before jumping in is a frequently missed step.
Founder and CEO of Design Haus Medy, Medy Navani, outlines the risks to consider before setting up your own business:
1. Bye bye paycheque
Starting a business is a full-time job and while it is scary to have no secure monthly income, it’s something to consider in regard to expenditure. Because businesses rarely make money in the first few months or years, it’s important to have savings to live on, as well as moral support from those close to you.
2. Think it through
Conduct market research on existing goods and services that are similar to yours. If you are entering into a saturated market, differentiate your product or service to be competitive. Before investing time, money and energy, fully understand the market and its consumer, rather than trying to push something that is obsolete or of no value to your customer.
3. Financial matters
Your idea could be great, but without the money to get the business running, you will find it very difficult to bring your dream to fruition. Luckily, crowdfunding opportunities have increased in the region, with Kickstarter being one that can assist you in raising investment. Don’t be afraid to go out into the market and ask for what you need financially.
4. Choose your team wisely
Starting out solo is good, but you will eventually need to trust in others so you can expand. Find team members who you trust as they can make or break the progress of your business.
Recruiting can be a lengthy process, especially if you are just starting out and are not able to provide salary expectations of the industry. But you will need to rely on your team to be able to deliver without your constant supervision so take the time to find the right people who fit in with your company expectations.