Are you considering starting your own business? Well I’ve got some great news for you, there is no better time than now to start your own business. There are so many options out there for inspiring entrepreneurs and the economy is doing pretty darn good.
But I get it, starting a business can be very intimidating. You may be thinking, well what if my business fails? Where do I get money to start up my business?
If you’ve been on the fence about starting a business because you’re unsure of a few things then listen up, I’ve listed my top tips for starting your own business down below.
Find Your Passion
Behind every successful business is a driven, die hard person with a passion burning deep down inside of them. They lay awake at night thinking about their business, dream about their business then wake up and make their dreams happen step by step.
Can you relate? Or are you just looking to make a quick buck?
What it all boils down to at the end of the day is your passion. If you have a burning passion and you believe in your business 100%, despite all odds, you can make ANYTHING happen.
On the flip side, if you’re just in this to make a quick few dollars and you don’t have any true connection to what you’re doing then things may not go as planned. You will get bored. You’ll procrastinate getting orders out the door. You will dread going to the post office to drop off packages. Bad ratings will follow. You’ll lose interest all together and the business will fail.
Don’t Quit Your Job
If you’re currently employed then stay with your job as long as you possibly can while building your business on the side. A job is (usually) secure. You have set hours, set pay, and a gaurenteed paycheck every two weeks. Oh and don’t forget about health insurance!
It takes a long time to build a business up to the point where you can pay yourself a salary. All of these overnight success stories out there are scams! Please do not quit your job thinking you will make a fortune tomorrow. I spent a year and a half building up my business on the side before I was able to quit my real job.
Learn All That You Can
Knowledge is power and it’s the ultimate key to success. Learning everything and anything that you can about business will really give you a step in the game. There is a ton of information available.
Stop watching TV and grab a book to read. Listen to a podcast, watch videos about business on YouTube. Read more of my blogs 🙂
Get Rid of Negativity
If there’s any negative people that you associate with that don’t believe in you or your dreams then you need to cut that out real quick. Not saying you should cut these people out of your life completely, but any negativity in your life will reflect in your business (and of course your personal life).
Find a Support Group
Find some inspiration by joining a local support group for like minded entrepreneurs. This is seriously one of the best things you can do to invest in YOURSELF. When you associate with more like minded individuals you will be motivated to accomplish things you would have never imagined before.
Joining a local group is also an amazing opportunity to network yourself and your business. You can find local support groups via Meetup.com
When it comes to investing in your business from the start, one of my biggest tips is to bootstrap it. Bootstrapping is a term used by many entrepreneurs and it simply means to pull yourself up by your bootstraps (your own resources and not via an external resource). Don’t take out a business loan or use a credit card if you don’t absolutely need to. Use what you have.
The only investment that my business had at the start was a computer that was actually given to me as a Christmas gift from my husband (thanks boo 😘). Now I have many machines and equipment that I’ve been able to invest by using my profit that I’ve made from that one computer.
It’s incredibly important not to dive in too deep in the beginning because you’re not really sure if your business will bloom as fast as you’d hope.
Hopefully this doesn’t scare you, but According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. So be very careful with your spending in the beginning.
Speak with an Accountant
One of the most important steps of building a business is getting your financials right from the get-go. I highly suggest speaking with an accountant to get you situated by starting you off with the most fitting business structure and to give you advice about taxes.
A good accountant will help you save as much money as possible. You don’t want to be throwing all of your profits to Uncle Sam!!
Don’t Compare Your Business to Others
One of the most common mistakes that I notice people make in business is comparing their business to another.
Don’t. Do. It.
Seriously, what good does that do? That business may have taken 10 years to get to where they are. They might have 15 employees who are doing a lot more work than you can do by yourself.
Comparing your business to another often leads to copying ideas and designs which is no beuno. Instead, just focus on you and what you want to offer the world that’s absolutely unique. Standing out in the crowd is what makes a business thrive.
Test Things Out
Before diving in head first I would really recommend trying things out with people that you’re close with. Give your product to your sister, your aunt, uncle, best friend, etc (give it to them for free of course). Have them try the product and ask for their honest opinions. Ask them if there’s anything about the product that you should improve. Use this feedback to improve your products before going “live” to the world.
Just Do It
Finally, the most important tip that I can tell you about starting a business is just do it. Don’t let any fear hold you back. Owning a business is a learn as you go experience so just do it one step at a time. No excuses!
Hopefully these tips have inspired you to move forward to starting your own business. Is there something holding you back? Feel free to send me an email via my contact page and let me know what’s holding you back and we can work it out together 🙂