Starting your own business is a great idea for people, but it’s much easier said than done. But, if you are willing to stick to it, you can get quite a bit of success. Numan Ataker is one of the most successful individuals in this day and age. At the very young age of seven, Ataker had already begun working at a ready to wear garment shop in the afternoons while attending primary school in the mornings. His skill was recognized by many workshops. The owner of a neighboring workshop proposed to pay better wages, which Ataker accepted. At the age of nine, he sewed his fully self-produced shirt. Ataker’s childhood was almost fully occupied by time-consuming labor. Besides working at a workshop after school hours, he sold chewing gum, bottled water and books on Istiklal Street in Beyoglu, İstanbul. But, he didn’t let his situation faze him. He carefully learned all he could about the business.
He eventually managed to start his own garment shop and took it from strength to strength. In 2012, he focused his attention on the brand John Paul Ataker and established a global fashion enterprise headquartered in New York, United States. According to a press release, “John Paul Ataker has been featured in numerous fashion and lifestyle publications including Vogue, W, InStyle, Yahoo! Style, People Magazine and more and worn by celebrities including Carrie Underwood, Taraji P. Henson, Olivia Culpo, Kelly Osbourne and others.”
Here are some simple ways to start your own business from scratch like professionals like Numan Ataker have done.
Validate Your Perception
We don’t do it alone. If you have a good idea for a product or service, first meet your potential customers to validate if your idea meets their needs and if they intend to pay for your solution.
Approach them with open questions in order to obtain maximum information from them. Perhaps you will identify the person (s) who will first test what you have to offer.
The mistake to make in such a case is to approach only those around you. Since loved ones tend to encourage rather than say the real substance of their thoughts, their comments may misguide you.
Identify How You Will Stand Out
We rarely arrive in a market that is not already occupied by competitors. So be sure to identify what will make you stand out. Will it be the price? Product quality? The possibility of offering tailor-made solutions? It’s up to you.
And this is not only true for products. We can also stand out when we offer a service, whether through customer experience, speed of response and quality of service, for example.
It is therefore important to know your competitors well and to identify how you will avoid becoming a second version, that is to say, a company that offers exactly what another offers, without distinguishing itself.
Evaluate the Cost of the Project
This is a complex but essential step. How much will your project cost you?
Entrepreneurs tend to underestimate the costs associated with a business. For example, they will underestimate the size of their working capital, or the cost associated with leasehold improvements. Some also overestimate their debt capacity.
To avoid a miscalculation, you will have to knock on doors! Turn to suppliers, companies and merchants who know your business. For example, a baker will meet with flour suppliers to assess the costs of raw materials. A real estate broker could inform you of the costs associated with leasehold improvements.
Your competitors, or the people who do business with them, may even want to help you. You must dare to ask them.
An entrepreneur should not stay behind his screen to learn about his market. He has to be out there and talk to people.
Estimate Realistic Sales Figures
The first sales may take a while. On the one hand, you will need to make yourself known to your potential clientele, but you will also need to grind each step of the production and delivery of your offer.
Take a conservative approach when it comes to forecasting sales, and use your market research to get there.
Again, don’t be afraid to knock on doors and ask questions to people who know your area. A franchisee, for example, will contact another to find out their sales figures.
These experts could tell you what “conservative” sales would mean to you.
Involve Your Loved Ones in the Process
Make sure you are well supported by your family members. It is very important to let your family members know what you are going through, but also to prepare them for the impact that your project could have on their lives in order to avoid unpleasant surprises. For example, your spouse should expect to make concessions in time and money. The deterioration of the work/family balance is one of the most important obstacles to the realization of a business project.