Deciding to start a new business, whether big or small, can be one of the most exhilarating things you decide to do. Although exciting, it may come with some trepidation and wondering where to begin. Below are a few guidelines that are useful to get you started on your entrepreneurial journey:
Go for It
Don’t procrastinate. Take that calculated risk and challenge yourself. You are your own limit. It’s a good idea to first research your market to evaluate if your product/service has market appeal and is aimed in the direction of the most viable and profitable business route. Then, go for it! Be prepared to put the hard work in, working for yourself might give you flexibity but will increase the number of hours you will need to work to ensure success.
Do a trial run to see if you successfully manage to execute what you plan to offer on a small scale. Implement a business plan; a blueprint to document how you will accomplish each milestone on the way up to reaching your goals. I know many a successful business person who started with their ‘business’ from the boot of their car!
Assess your Capital Requirements
Will you be investing your own capital, securing a bank loan or attracting an angel investor? Perhaps you have fellow business partners who are willing to invest. Then you will also need to make some other important decisions such as the type of work space you will be using, what equipment is needed and staffing requirements. If you can save costs by starting form a home office as an example it would really help in the early days.
Stay relevant by attending workshops, network meetings and enrolling in uplifting educational short courses. Surround yourself with like-minded people. They can be your source of information, encouragement and inspiration as starting a new venture requires a will of steel and perseverance. Make use of marketing apps such as LinkedIn, Instagram and Facebook and invest in a powerful website where all your online traffic will be directed. These marketing strategies level the playing fields with your bigger competitors.
The world is constantly changing and so should we. Being adaptable is important so stay open to new business techniques and ideas and don’t be afraid of change. Stay on top of your competitors, plan your time constructively and always keep the end goal in sight. Don’t allow minor setbacks to put you off course. You might need to diversify a little to bring additional income in, but stay within the boundaries of your specialisation and industry.
Creating a successful ‘small’ business doesn’t have to remain a ‘dream’. Many have succeeded in seeing their business dreams come to life. It’s all about combining your passion with proper planning and never giving up. The first 3 years are tough, if you make it through 5 years you should be well set for the future sustainability of your business, have grit!