People wait to start a business for several reasons. Some wait for funding, some wait for the right time, others are waiting for the idea to launch.
Are you waiting to start a business? Don’t just wait. Consider doing these 5 things while you wait, so that you don’t just waste time.
1. Identify a safety net
How do you plan to survive when you start your business? Even if you were to get funding it is better to spend it on the business than for personal use. So, before you start, identify a source of income to keep you going till your business starts paying.
I wrote a blog post on this subject, find it here.
2. Start a blog
If you ask me why starting a blog is on this list, I will tell you why. Blogging is a form of marketing, in fact a good blog should help you generate over half of the content you can use for online marketing. Blogging could also force you into a research mode, thereby gaining experience even when you’ve not started the business.
Learn more about business blogging here.
3. Study your target market
Every business from the moment its idea was conceived has at least a rough description of who they want to serve. So you should use the waiting period before starting your business to study your target market.
Go here to see how to study your target market in 2018.
4. Study your competition
This study will show you the weakness and strengths of existing similar businesses. It will also help you figure out daily business operations such as how customers issues are resolved, how packaging is done, etc. Remember you are studying not copying. Don’t copy.
See this blog post on how to properly study competitors.
5. Start social media campaign
Yes, you should get on social media even before you start your business. Skip this step if you are planning not to do online marketing (who would ever plan not to in this century?).
Be on social media consistently to share helpful tips with your target audience so that when you launch, you really launch and people are all ready to patronize you.
See this article on how to use social media marketing to launch a business.