Six Tips For Starting Your Own Business
If you're serious about making your dream a reality, it's time to get real about what you'll be encountering. From one small business to another, it's no easy feat and you'll face what seems to be endless challenges. Not only do you need to have motivation and perseverance, but here are six tips to help you on your journey.
- Be a solution.
You need to go into this having a solution to a problem people have. It's not about what you sell, it's about how you help. What is the market missing that you can bring into play? For us, it is bookkeeping services. Although we love it, it's also a need for small businesses in surrounding areas.
- Absorb like a sponge.
Listen to everyone around you. Family, friends, people in the field you want to pursue, everyone. You'll receive feedback from all around. Absorb what people tell you, write it down, and reflect on it regularly. What are you hearing? Which ideas do you like? Tell them about your idea and see what their reaction is.
- Talk about it.
This is going to become the biggest part of your life, it's something you need to speak up about. Spread the word. Now is not the time to be insecure about your ideas and your business. If you're not confident about your idea, why would people buy from you?
- Estimate your costs.
Sit down and realistically write out your expenses. Include launching your business, operation fees, location fees, supplies, marketing, and more. Everything. This would also be a good time to come to terms with the fact that you'll likely be sitting on a big fat zero in your bank account for some time.
- Don't quit your day job.
It's important to earn while you build. Don't quit your job until your business is up and running and you're making a profit. It will be nice to have money coming in and putting it toward making your dream a reality. Without income, your dream will fade into nothing.
- Know the legal requirements.
There are laws when it comes to owning a business, having employees, and taking care of tax liabilities. Make sure you follow the law. It may not be fun to make sure everything is lined up legally, but you could face harsh penalties otherwise.