4 Things To Do Before Starting Your Business
Starting your own business can be one of the most exciting times of your life. You have this great idea, and you are ready to hit the ground running and share it with everyone. Sometimes you realize down the road that you may have missed a step.
If you are currently thinking about pursuing life as an entrepreneur, you’re not alone! I am all for going after your dreams and pursing your goals. Here are a few things you should do before getting into entrepreneurship.
(1) Ask yourself, “is entrepreneurship right for me?”
The recent glamorization of entrepreneurship by celebrities and “social media famous” individuals has made it seem as if anyone can be an entrepreneur. Yet the reality is, it’s not for everyone. Running your own business is very time consuming and it can often displace the usual list of priorities that you may have. This can and may include less social time and more time spent at home working on your business. When choosing to become an entrepreneur it is important to ask yourself if you are doing it because you’re passionate about what you are doing, or are you doing it just because it seems cool and you don’t know what else to do. Make sure that you are mentally and financially in the space to dedicate the required time and self discipline. Nothing about starting a business is for the faint of heart. There is no guarantee of success or even a steady paycheck.
(2) Set goals.
The most important thing when starting a business is writing down and setting clear and measurable goals. Writing down your goals helps to clarify priorities. It is important to figure out what you want for your business and what you need to achieve to get there. Take a moment to document your vision and what it looks like. Don’t be afraid to think big. What does your company look like in year “X”? Where will it be located? Setting and writing down your goals makes it easier to measure your progress and celebrate once you accomplish them.
(3) Do your research.
Starting your own business is an exciting time, but not doing your market research will cost your business in the future. Before you start your business conduct some research to see if your idea is really feasible. This involves analyzing your market and your target audience. One of the ways to start your research is by finding out if there is a need for your business, and if people are interested in buying your products or services. It is also important to find out who your competitors are and see what is working for them and what isn’t without actually going through the process yourself.
(4) Seek Investments.
In the beginning it’s wise to bootstrap your business and go on a shoestring budget for as long as you can. Try not to cut corners on important areas that are mandatory for taking your business to the next level. When it comes to taking your business to the next level, there is only so much you can do on your own, and sometimes it’s more beneficial to seek funding elsewhere. Additional funding can include assistance from family, friends, banks, and even crowd funding organizations. Having an increase in finances can give you access to better resources, and flexibility of time so that you can delegate some of the more mundane tasks in your organization. Delegating tasks will allow you more time to focus on those things that make your business better and more competitive.
Check these things off your list, and you’ll be all set up for a future of success as an entrepreneur. Then go reward yourself with that crazy thing you’ve been wanting for forever. You deserve it.
