Sohrab Vazir
Consultant | Founder | Global Citizen | Writer
Tag Archives: Entrepreneurship
How to Come Up with a Business Idea
Starting your own business can be an exciting but daunting prospect, and many would-be entrepreneurs never make it past the idea stage. If you’re stuck in this rut, you’re not alone—this happens to plenty of people who have great ideas but don’t know how to turn them into profitable businesses. Luckily, there are plenty of ways to get past this hurdle so you can start actually taking steps toward turning your business idea into the next big thing on the business scene. Avoid the Biggest Pitfalls There are many pitfalls that entrepreneurs encounter when they start out. One is not having adequate funding. It’s difficult to get financing if you don’t have customers, and it’s almost impossible to pay for overhead when your business isn’t generating revenue. Understand What You Like Doing If you’re having trouble coming up with business ideas, try sitting down and really thinking about what you enjoy doing. Don’t worry about whether or not it will be profitable—just think about what is enjoyable. Know What You Don’t Like Doing If you’re searching for business ideas, look around your life and see what you do that you don’t like doing. This can be both professional and personal. Make an Effort Not to Get Stuck in The Middle If you try to please everyone, you won’t end up pleasing anyone. Make sure your idea falls in line with your passions and skills. Can I Do it As A Side Hustle? Don’t worry If you’re interested in turning your passion into a business but aren’t sure if it’s feasible to do as a side hustle. Build A List A great way to come up with business ideas is by thinking about problems you encounter regularly and brainstorming solutions. What’s something you hate doing? What takes too long? What could be easier or more efficient? Narrow It Down To One Idea (or Two) This is an important step, because having too many ideas can lead you down too many paths and you’ll never complete anything. Instead, try focusing on one idea that has promise and see where it takes you. If another good idea comes along later, you can always come back to it or pursue multiple projects at once. But don’t let yourself get bogged down in too many options. The less time you spend trying to decide what to do next, the more time you have for doing something. If you need help coming up with a business idea, get in touch today. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. As a solo founder, I grew my business to 30+ UK cities, with a global client base across 100+ countries. Following the Pandemic killing my precious work/business, I now transfer my knowledge to other entrepreneurs.
The Challenges of Being an Immigrant Entrepreneur
Starting a business as an immigrant entrepreneur can be challenging. There are many uncertainties along the way that might make it difficult to take the leap and start your own business. In this article, I’ll explore some of the challenges you may encounter when starting your own business abroad as an expat, and what you can do to ease the process! The hardships of being an immigrant entrepreneur Starting your own business is hard enough, but add in the challenges of being an immigrant entrepreneur and it can seem downright impossible. From finding the right visa to accessing capital, there are a number of unique hurdles you’ll need to overcome. But don’t despair – with careful planning and a bit of tenacity, you can make your migrant entrepreneurship dream a reality. Here are some of the challenges you may face, and how to overcome them. One of the first challenges you’ll face as a migrant entrepreneur is finding the correct visa. Depending on your country of origin and destination, there may be a number of different visas available to you. However, not all visas will allow you to start your own business – so it’s important to do your research before making any decisions. Once you’ve found the right visa, the next hurdle is accessing capital. Without the right financial backing (though the amount varies depending on the destination), it can be difficult to get your business off the ground. You may need to consider alternative financing options such as crowdfunding or small business loans. Another potential challenge is language barriers. If you’re not fluent in the language of your destination country, it can be difficult to communicate with potential customers or partners. The Road to Success As a migrant entrepreneur, you will face many obstacles on the road to success. But, with hard work and determination, you can overcome these obstacles and achieve your goals. One of the biggest challenges you will face is finding funding for your business. Many banks and investors are reluctant to lend money to immigrant entrepreneurs because they perceive them as high-risk. However, there are a number of organisations that provide loans and other financial assistance to immigrant entrepreneurs. Another option is to raise funds through crowdfunding platforms such as Crowdfunder. You will also need to deal with visa and immigration issues. This can be a complex and time-consuming process, but it is essential to ensure that you have the right to live and work in your chosen country. Another challenge you may face is cultural differences. This can be a barrier to networking and building relationships with potential customers and clients. It is important to research the culture of your target market and adapt your communication style accordingly. Despite the challenges, being a immigrant entrepreneur can be a very rewarding experience. You will have the opportunity to build something from scratch, create jobs, and make a positive impact in your community. With dedication and perseverance, you can achieve success as an expat entrepreneur. End of the Challenge As an immigrant entrepreneur, you may have faced many challenges along the way. But don’t give up! You can overcome these challenges and be successful in your venture. Here are some tips to help you end the challenge: 1. Stay positive and motivated It can be easy to feel defeated when you’re facing difficulties, but it’s important to stay positive and keep going. Remember why you started your business and what your goals are. This will help you push through the tough times. 2. Seek advice and support There’s no need to go through the challenges alone. Seek out advice and support from family, friends, mentors, or other entrepreneurs. They can offer valuable insights and help you find solutions to the problems you’re facing. 3. Be persistent Success seldom comes easy, so it’s important to be persistent in pursuing your goals. Don’t give up when things get tough. If you keep working hard, you will eventually achieve your objectives. If you’re seeking help with setting up your business abroad and require consultancy, check out my services or contact me to find out how I can help! About My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats.I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme (similar to the current Start-Up Visa). Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (which was replaced by the Innovator Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.
How to Start Your Own Business
Thinking about how to start your own business? Don’t know where to start? The this article’s just right for you I started my own business, an internet start-up called StudyFlats, as a solo immigrant founder at the age of 22 with very little professional experience. Not only did I have to overcome the hardships of starting my own business as a fresh graduate, I also had to deal with a rigid set of immigration rules. (But hey they say whatever doesn’t kill you makes you stronger) Undoubtedly, starting your own business involves (and demands) a great deal of ambiguity, risk, mistakes and sacrifice. I know this because I’ve gone through this journey One of the most difficult stages is actually getting started. Some questions that you may be asking yourself are: What business should I even start? How much money do I need to get started? How to market it? Should I leave my regular job? 1) Start with a “pain point” So we all know that most businesses are essentially solving a problem or simplifying a process (e.g. UberEast simplifies the process of ordering food online). Think about something that has bothered you personally, particularly if it has done so on multiple occasions or if there’s a pattern of that inconvenience. 2) Alternatively, think about what you’re personally good at Okay let’s say you can’t really think of a pain point. Or you did and you discovered that a solution already exists in the market. Another way to start your own business would be to think about your personal skills, strengths and attributes. For example, you’re a two-time national champion in a sport and are a fitness enthusiast. In this case, a good idea would be to start your own (online) personal training business, or something relevant to that area. This is a really good way to start because it involves the things that you’re passionate about. We’d all love to do what we’re passionate about as a career, yet sadly most of us don’t. 3) Market research Regardless of how you find a business idea (steps 1 and 2 above), the next step is validating your idea with actual numbers and facts. This is the process that’s called market research. Market research is about understanding everything that concerns your customers, their characteristics and defining features in addition to the competitive landscape. Make sure to make use of online tools such as Mintel. There are also plenty of online guides about how to do market research such as this one. 4) Think about the business’ operational structure Now that you’ve discovered the idea, it’s time to think how you will implement and execute it. Depending on whether your business provides goods or services (or both), it’s key to think how you will provide them. Is it online over a website? Is it e-commerce? If yes, which platform to use? And if it’s providing products, some relevant questions would be how to source your products? What about storage? And so on… 5) Choose a business name (AND think about your digital marketing strategy) Okay so in my experience, this was the part that things started to get slightly annoying. As you’re planning to start your own business, things are generally exciting and on the optimistic side. However, choosing a name is, in my opinion, where things start to get tricky. Now, the extent of how difficult choosing a business name is will depend on the nature of your business. However, here are some of the things to keep in mind when choosing a name: As a general rule, keep it to less than 10 letters Your chosen name must be rememberable It cannot infringe any existing rights (i.e. if another company is already using that name) It should be available on social media channels No association with any events,. individuals or content that may harm the company’s reputation The latter and additional factors are even more significant if your business is primarily online-based. Some factors include: The availability of domains (we all know the preference is for the .com extensions though this is slowly changing) Social media user availability Once you choose a name, it’s also important to think about your online presence, with some of the key things to consider being: Creating a Google Business profile Website Social media channels 6) Consider the legal structure of your business Once you’ve taken the previous steps, it’s now time to think about the legal structure of your business. Depending on factors such as your circumstances, number of people. involved and so on, this part is highly dependent on each business. In the UK, there are a number of options such as limited companies, partnerships or self-employment. It’s important to consider all the legal implications of any path you decide to take. Make sure to obtain professional advice from an accountant or a solicitor if necessary. 7) Prepare your business plan It’s important to create a 3-5 year forecast and planning for your business. This is where your business plan comes in. 7) Register your business After deciding the legal structure of your business, it’s time to register it. Once again, make sure that you do so after you gain a thorough of understanding of the implications and details of your chosen structure. Here are some of the key steps to take towards starting your own business. As I mentioned before, starting a business is a demanding journey but if you’re passionate about your venture, it’ll all be worth it. You might also like another article of mine about 5 brutal truths about being a founder. Additionally, If you need help with starting your own business, contact me.