If you are thinking of starting a new business, then you may only have to go as far as your kitchen table or your garage as statistics show that 69 per cent of new startups is started at home. While you may find yourself slaving away for long hours, you can build a successful business just like Jeff Bezos who founded Amazon in his garage, Pierre Omidyar founded eBay and Mark Zuckerberg founded Facebook. If you are thinking of following in their first steps, then here are some tips you might want to keep in mind for starting a business at home.
While you may have a fantastic idea for a new business, statistics show that having a partner makes you three times more likely to succeed. While you will want to make sure that it is a person that you can get along with well, consider people who have a different set of skills like the ability to use then you have in your repertoire. For example, if you have the ability to engineer a new product design, then you might want to look for a person with marketing or financial skills. One of the primary reasons that companies that have more than one founder succeed more often is that they scale their business growth appropriately. They are also likely to be able to raise more money.
Over 82 per cent of successful businesses started in homes were created using money from the entrepreneur or their family. Startups that can spend a lot of cash quickly are more likely to succeed. They are able to bring their products to market faster before a competitor has the same idea. They are also more likely to not lose customers to those competitors, and they can often show a profit before losing interest in the project. Of course, you will want to make sure to budget for the things that you need to operate the business like fast satellite internet, project supplies, and office equipment.
Many entrepreneurs must confess that their first business startup was not a success. They did not let that deter them, however, as they went back to the drawing board to come up with a better idea. In fact, the founders of one successful company are 30 per cent more likely to be successful when creating the second startup. Those who have failed at starting their first startup are 20 per cent more likely to succeed on their second attempt. Only about 18 per cent of founders succeed in building a successful company the very first time.
Create a Top-Notch Product
Some entrepreneurs try to race to market with their first product, and this can be a horrible mistake. Instead, concentrate on building a perfect product. The other mistake that entrepreneurs often make is that they create a product that customers do not need. Therefore, make sure that you carefully contemplate if there is a need for your product once you have built a perfect one. After all, you are likely to fail if you are trying to sell ice to an Eskimo.
Following these suggestions makes it more likely that you will be among the people who have successfully started a company from their homes. Using these ideas and your own ingenuity makes you more likely to be among the people who have been successful in starting companies.