1. Love what you do
It’s a good idea to select an area that already interests you, for several reasons. You already have some invaluable knowledge and experience in this area, and you won’t necessarily be starting from scratch. If you choose an area that already interests you, it won’t necessarily feel like work, especially when the going gets tough. Regardless of which area you choose, you will undoubtedly have a hard time, when this happens you are much more likely to persevere because you have an attachment, a vested interest, and a passion. If you’re not interested, you’re much more likely to throw in the towel at the first sign of trouble.
2. Prepare a business plan
A business plan is not just something you prepare to show to banks for a loan or to investors. A business plan is necessary and useful, as it also serves as a guide to operating. It’s a great way to set goals, measure progress and achievements, and keeps you on track with expenses. Stay organized and create a folder on your computer where you keep your business plan and other relevant documents that you will use regularly, such as an invoice template or your sales documents.
3. Set realistic expectations
Don’t expect miracles overnight. Searching the internet you will find thousands of people who claim to have generated millions overnight with one scam or another. Genuine business ventures take time, care, and persist. There is no such thing as easy money or free money, cliché but true, if it were that easy everyone would be doing it. Know that there will be obstacles and difficulties to overcome early on.
4. Just do it
The best way to acquire knowledge and learn is by doing. You can read all the books, take all the courses, study and research for years, but until you take that first step you will never know. It’s like learning to drive, you have an instructor by your side for every lesson with their safety pedals for backup. You learn all the technical aspects of driving, but the real learning only begins when you venture out on the road yourself. Nothing and no one can prepare you for every eventuality. Research and educate yourself in your chosen field by all means, but there will never be a right time to jump in. Even if you take a very small step in your business, the sooner you start, the sooner you’ll be on your way.
5. Ask yourself why
Find out why you want to start your own business. You should have a good list of all the why’s before you start. This exercise can also be used as a target indicator. If you’re looking to have more time for yourself, for example, your business venture could take up to a year, if not longer, before you can have some time for yourself and your family and if that’s your main focus, you may become discouraged as you begin to build your business, when you realize that your free time is not only limited but you have much less. Starting a new business isn’t your typical 9-5, it’s more of a start when you wake up, end when your head hits the pillow. If you prepare for this, it won’t be as shocking to the system.
6.Budget and Finance
Looking to set up a business with very low start-up costs is not too difficult these days, especially on the Internet. You may be looking to set up an online business and the costs of a website are minimal, but once you have your website, whether you are selling products or providing a service that you need to advertise and while your initial outlay may be minimal, you should be prepared to continue this for the life of your business. Will you need help to make things work? Do you have marketing skills? Learning about marketing will be a critical part of growing your business, you can hire someone, but if this is putting a strain on your budget, you may want to learn some key tips yourself.
7. Building your network
Networking is crucial in business, whether online or in person. Each contact is a potential customer or could be someone who has advice or inspiration for you. You will be surprised at the number of successful entrepreneurs and entrepreneurs who are ready to impart valuable tips and advice and can point you in the right direction for all kinds of services. There is a whole treasure trove of supportive business owners online, you can read blogs, ask questions on forums, etc. and everything is free.
8. Learn to adapt
Be sure to set a realistic budget for everything from your internet connection to stock to billable hours. Every penny counts. There’s no point spending thousands of dollars on advertising if you don’t see a return, you may have to go back to the planning stages. This is all part of your learning, so try strategies and don’t be afraid to adapt to the weather. There are all sorts of things that can affect a business’s growth and revenue, and if your business isn’t responsive to the market or technology, for example, this can cost you dearly.
9. Focus
It’s very easy to get sidetracked, there are so many ideas and startups out there, so it’s crucial to focus on the goals you first set out in your business plan. Focus on one task at a time. You can always take notes for ideas and projects that you would like to undertake in the future, but stay focused, otherwise you may fall into procrastination, look at many different ideas, and at the end of the day find that you have accomplished nothing or not really done any work.
10. Believe in yourself
Self confidence goes a long way, this is not whimsical advice this is a fact, if you don’t believe in yourself and your product or service then you can’t expect anyone else to. It may seem difficult, especially when starting out, but you must learn to believe in yourself, this will affect all aspects of your business, from creating your business plan to networking. If you don’t believe what you’re doing, it will be reflected in everything you do.
If you believe it, you can achieve it!
Good luck!
