Investing Your Time, vs. Money, Into Your Business Idea

The dream of starting your own solo business is thrilling. You have a great idea of a new product or service and can’t wait to get it started. While you may not yet have the capital you need to invest in it, you can invest your time to get it started.

Learning, planning, and researching into your idea is a key component to the success of any business. Ideas for a business are just that – ideas. By taking the time to learn everything you can into what will make your business successful, you are investing in your business and getting yourself ready to make the next step.

Who is your target market? Who are your potential future customers? No matter how much money you have put aside to get your business started, focusing on the specifics on who you’re selling to, what specific item you are offering, how you will get it to market, and when is the right time to execute your business, you’ll be setting yourself up for the future success of your company.

There are 7 key things that you can start doing, today, to invest in your business success:

  1. Create a pitch for your business – By creating a pitch to your business, you will gain clarity on the type of business, or product, that you want to create and will help you determine how to build it. You can get started by imagining you are meeting an investor and are trying to gain their interest (and money) to attract them to invest in your business.
  2. Be prepared to answer these questions – What is the purpose of your business? Who does it benefit? Who does this business appeal to (i.e. who is your target market)? What does this business do that will benefit people? Who would care about this type of business?
  3. Speak with potential future customers – Find people to talk to, not just family or friends, who might be your future customers. Talk specifically about the market for your business and listen to their feedback. In listening to their responses, you will learn if your business is something they would be interested in buying.
  4. What do you NOT know yet – No one knows everything about everything. While you may have very strong skills in some areas, look for (and acknowledge) what areas you may have a weakness in. Be clear about where your knowledge gaps are and spend the time in increasing your skill levels in those areas.
  5. Invest your time, every day, in your professional development and skills – By spending 30 minutes a day in learning more about the business you want to start, you are expanding your knowledge. Learn specifics about the inner workings of the business or market you will launch your company into. You can spend that time by visiting similar businesses like the one you wish to start, reading articles online, listening to a business podcasts, or by watching videos with people already within the same industry.
  6. Network – Interact with people who have the skills you are lacking and see if you can learn from them. Maybe their weakness is something that is one of your strengths…perhaps you can help each other learn the areas where the other is lacking. Talk with experts who you can learn from and strengthen your skills that require more attention. Many people are more than willing to share their areas of expertise and it will give you an opportunity to share yours, as well.
  7. Insurance – All businesses need insurance to protect them and their company. Learn what insurance you are required to carry, as well as other types of insurance that will give you the confidence you need knowing you are safeguarding your business for the future. It’s important to protect the company you are building, as well as limit your risks and liability.

By comparing different rates for insurance coverage, you can save money by getting the best pricing for the policies you need. Insurance comparison sites, like Bizcover, make it easy for you by finding you the best rates for the policies your business needs.

Examples of insurance that you will need include public liability insurance, which is a critical component in your overall insurance plan. This type of policy protects your business if a customer, supplier, or member of the public is injured or sustains property damage as a result of negligent business activities. Comprehensive business insurance should be maintained, as well, in order to protect your overall business, and to give you peace of mind so that you can concentrate on making your company successful.

Quotes for insurance can be obtained from a range of sources. You can contact the insurance companies directly, however this generally involves a lot of running around if you want to compare quotes from a variety of insurers. A better option for many business owners is to use an insurance broker or adviser who can obtain quotes on your behalf from a wide range of companies offering insurance.

BizCover has access to a network of insurance companies and can quickly provide you many policy options to choose from to secure the most suitable insurance to your business. For additional information regarding the importance of insuring your start-up business click here.

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Ronney

Hi, I am Ronney Chowdhury; I am an entrepreneur, father, mentor and adventurer passionate about life. At this moment, I am working with depression and anxiety; here is my blogs how to recover from anxiety and how to fight with anxiety. I hope everyone will like my blogs.

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