Like all good things in life, a business is hard to start.
Though I am still learning, I am here to give simple advice that will help you in creating a steady plan for a successful business. I will provide 8 points, each with a simple evaluation, that will act as a guide. Before you continue reading, understand that this path comes with a lot of uncertainty, but if you remain positive and consistent, you will find yourself one step closer to becoming a successful business owner.
- Evaluate yourself.
Take this step to look deeper into yourself. Find your skills and figure out if you can turn that into a business. Can your skills be used as a service or product? If you’re having trouble, ask yourself these questions:
- What am I most passionate about?
- What skills do I have?
- Am I an expert at this skill?
- What type of business do you want?
Once you find the skill you want to turn into a business, the next step is figuring out how to put yourself out there. Ask yourself: What kind of business do I want to build? This step is about exploring how other business models are set up to get ideas and creating your own plan.
Branding yourself is a good way to put your business out there for people to know and remember who you are, what you do, and why you do it. Check out our other post The Power of Branding to really understand the big role branding plays in lifting a business.
An online presence is a simple start since there’s low costs to just having the name of your brand on the Internet. Depending on what you want out of your business, a physical location would come a couple steps after. Just know that there are a lot of stakes coming from owning a physical location. Details like startup money, inventory, furniture, employees, etc. make it difficult for you to recover that investment.
- Do market research.
Many people underestimate how important this step is in doing your research. Research is what teaches you what other businesses are doing and how they are doing it so successfully. Based on the information you gather, you can work to create your own original plan. If you do your research right, you’ll see the value of your market and how much you can potentially make from your business. For example, if your market is low, adjust your plan for a better success rate. Don’t allow the market to scare or discourage you. Just be inspired to do something better and different than others.
- Make the business real.
If you take the last 3 steps seriously, you’ll know it’s time to make your business real. Anyone can say they want to start a business and throw out some ideas, but once you put it on paper it becomes a whole lot more real. Doing all the legal processes is the next step in ensuring your business isn’t just “talk” anymore.
Legal processes include:
- Business structure (ex. LLC, S-Corp, C-Corp)
- Name of business
- Licenses
- EIN with the IRS
- Permits
- Business bank accounts
- Trademarks, copyrights, patents
- Logo, design, and website
- Using your website and business email.
Now that all your legal information is set, the next step is using your website and business email. Having a clean website is the display of what you do, what you offer, and methods of contact for anyone that’s interested. Your website is the key promotional feature of your business.
Many people make the mistake of using their personal email instead of a business email. Though the work will still be done with the same effort and skill, using a personal email looks unprofessional and you may not be taken seriously. It gives off the effect that you don’t want an online presence, which is the opposite of what you need. Using your business email makes your brand look more professional and real.
- Accounting system.
One of many features that go into running a business is budgeting and accounting plans. This lets you see what it takes to run your brand and lays out every detail of your expenses. What you do with your company expenses leads to your success or downfall. Avoid skipping this step; it will only slow you down and leave you unaware of where your company money is at or going. Learn how to budget properly or hire someone for bookkeeping to maintain plan stability and avoid tax time mistakes.
- Build a team
When starting your own business, you get high on thinking you can do everything on your own. You may think you can do everything at once or you can do it better than anyone can for you. Be wary of this ego; if left unchecked, you will find yourself not improving your skill or expanding your company at all. You will find yourself stuck in an overworked comfort zone with no improvement. This is why this step can be very difficult for most business owners to trust others.
Focus on the improvement of your brand. Learn to be the leader where people see your vision and want to work with you, not against you. Your team will be the force that takes you to the next level. There will be times in certain areas when you don’t know something, and your team will have the knowledge and skillset that you don’t have to help your company move forward. Be open to new ideas and people because they will make your business greater.
- Promote your business.
Congratulations for making it this far! You’ve followed the steps to make your business successful. Give yourself a confidence boost and promote yourself and your company. Tell everyone and anyone what you do. Though it may feel weird at first, be happy and proud that you’re doing something that is yours. To start off simply by using an email or social media account. Every self-promotion gives you momentum to continue what you do. At first, there will be lots of rejection. Don’t let it affect your confidence. Stick with your passion and be consistent. Those qualities are what make a successful business owner.
Here is a video to help you get ideas on your research phase and learn more about business. Keep the ideas flowing.
Be the R3BEL.