Starting a new business is fun and exciting but also challenging. There are a million things you need to consider and plan out. While this is certainly not everything, we compiled a list of topics we found most important and points people don’t always consider when starting a new business.
Start while you are still employedNew business owners are never really sure when the company will break even or make a profit. How long can you go without a reliable source of income? Finding time to work on your startup while still being employed can be difficult, but being employed means you always have a reliable source of income while you work through the startup phase.
Make sure the money is lined upYou have your source of income from still being employed, but that doesn’t mean it’s enough to get you started. Many people say to just go for it or you never will. While this is a good point, you do need to make sure you have your finances figured out first, including a backup plan. It takes a while to either save up, find somewhere that will lend you money, or get potential investors. Know where your source of money is coming from before you begin.
Know the legal requirements for starting a businessGetting the legal and tax issues correct the first time will be a huge time and money saver. It’s much more difficult and expensive to correct the flaws after you’ve already begun. Different types of businesses have different requirements. Learn what your legal and tax responsibilities are before you start. Check out the ten steps to start your business from the U.S. Small Business Administration.
Don’t procrastinateWhile you might want to have every detail planned out and investigated before you start, there’s no need. You will never be able to predict exactly how your business will go so why fret about every little detail when your whole plan could blow up at the slightest change. No one ever really has all the pieces in place. You’d go crazy trying to figure out every possible route and solution. Do your research, scope out the market, have a basic plan, but don’t let perfection push you to procrastination.
Get professional helpOne of the reasons people start a business is for passion and drive. Being driven and passionate, however, does not mean you’re an expert on starting a business. A lot goes into a business that people don’t generally think about such as, accounting and contracting. You’re not going to be an expert on all things business overnight. Consider hiring a professional to do such jobs. While some might forgo hiring professionals and attempt to do it themselves, they are, in the long run, wasting time and possibly money.
Absorb everythingThere are others who have been in the exact same position as you, listen to them! They probably have some of the greatest advice since they know first-hand what it’s like to start a business. Smart entrepreneurs learn from the mistakes of others. Listen to your friends and family too, they know you and can help you work through things. Other people’s ideas and opinions of the business are important too as they can reflect what consumers think. As you listen and learn write things down, then take those ideas, opinions, advice, and work them out to make plans for your business.
Share your business – Put yourself out thereHow are you supposed to sell your business if you don’t share your business? It can be intimidating to share your business with others, but you can’t be worried about every person’s opinion.
Talk about your business. You never know who could be listening and the connections you could make to grow your business. People like to do business and support businesses of people they know. Be bold and speak confidently. If you want your business to succeed, you need to be able to convince consumers to buy from and support your business.
Make sure you are marketing and networking constantly. Put your business out there and don’t be shy!
Don’t fixate on mistakesSuccessful entrepreneurs learn from their mistakes and move on. Dwelling on your failures will get you nowhere. Anyone and everyone can tell you that in the business of creating a business, there is no room or time for self-pity. Realize your mistake, learn from it, and move on. Everyone hits roadblocks and mistakes; it’s how you react that matters.
Never stop learning and implementing new thingsPeople are constantly changing their likes and habits. In response, the market changes. Unless you want to be left in the past, you need to be constantly adapting to the new market. Keep your eyes and ears open for new things. Are there new ways to market? A different variation you could be offering? A new target market you could capture? Listen to your customers and pay attention to your industry.
We hope this list helps you better plan out your new journey and follow your passion!