Making the Jump to Start Your Own Business
Updated: Feb 21, 2019
Many people who aspire to open their own business either delay the process or never end up making the move. The biggest reason is because they have fear, self-doubt, and are worried about things going wrong or failing. These mixed feelings are completely normal because no matter how much experience you have, these feelings don’t go away. It’s difficult for people to imagine leaving their steady jobs to pursue something that may not be as steady and take time to make a profit.
Other things that prevent people from making the jump to start their own business is the financial cost and amount of time it takes. Starting a business is time consuming and does have its costs, but it may not be as much as you think. If you worry that you do not have enough time, start it off as a side job. Set aside a bit of time for it during the day or on the weekends. As for cost, there are other ways to obtain money for your small business.
It’s important to look beyond these hurdles and understand that your full potential could be utilized in running your own business. Many small business owners have said that even though it was a big risk, they are much happier and the only regret they have is not opening their business earlier.
Before you can even start a business, you must analyze and evaluate yourself. Being an entrepreneur requires one to be a strong leader. You should have the ability to educate, delegate, motivate and solve problems. As your business grows you will have to a lot more responsibilities, therefore, you need to be aware of how much you can handle. Once you have been able to discover your strengths and weaknesses, you will be able to manage your business better.
Creating a plan
If you have an idea for your business, you have already saved yourself a step. If you don’t have one in mind think of something that serves a purpose. Was there ever a time when you had a difficulty doing something or dealt with an inconvenience? Think of things that could benefit you and others. Once you have your business idea, you can begin planning.
Start of by doing research on the market and industry. It will serve as a guide and will give you insight on the future of the market. If the market is weak or declining, maybe go for something different or bring something innovative to the market. The research will help you in terms of pricing, knowing your competitors, and what your businesses strengths and weaknesses are. Draft a plan on how you want to market your product, then choose where you want to place it, and how you want your business to be portrayed. Then make a plan for your business, where do you see your business in five years? How much do have to spend,? What is the timeline of expansion?
When this is completed, draft your product or service. Allow friends and family to offer feedback, advice, and opinions. At this point it should be something that you are completely confident in before establishing it.
Establishing your product or service
Once you have a finalized product, the next thing to do is make it official. To make it official, you’ll want to make sure that you handle all the legal things as soon as you can. This will allow you to make sure that no one has the same business name as you or that no one copies your products/service. You should hire a lawyer to help you in making sure that all information is right and complete. The lawyer will help you register your business, the structure of your business, federal and state IDs, licenses/permits, and trademark/copyrights.
Financing your business
Start off by saving up money, even a little bit at a time can add up. Find areas where you can budget and put money aside. During this time, it’s also great for you to find investors for your business. Network with people who you think could contribute to the growth of your business. If you save money and network, but still feel like you are not able to cover costs there are other financial alternatives available to you. These alternatives can be a small business loan or a merchant cash advance.
Find a location
Once you have the money for your business, next is deciding where to sell it. Will your products be sold online only or will you have a retail store? Deciding on the location of your retail store has a lot of factors such as cost, space, and population. You will want to pick a space that has enough room for you and your employees.
Building a team
Once you have a location, you can now begin to hire people to work for your business. The first type of position you should hire is sales. These people will pitch your product to consumers and bring in the money for your company. Next, you should hire someone in marketing to help market your product and build out your website and social media. Allowing them to market your business in a creative and unique way will make it stand out.
Finding a mentor
A great way to stay motivated is by finding a mentor for your business. Get to know these people on a personal level, if possible. Go to them for advice and allow them to offer direction. If you still feel stuck in managing your business, there are small business counseling centers that offer help and you may even find your mentor there.
Continue to grow
Over time, your business will continue to grow. The best way to keep this success is by understanding your customers wants and needs. As you identify these needs, you can implement them to retain customers. Developing brand loyalty is important for your business because it keeps it steady and will increase your return on investments.