Would you love to start a business but don’t think it’s possible?
Have you always dreamt of setting up your own business but the thought of entering the big wide world of entrepreneurship simply scares you more than Freddy Kruger popping in for supper on Friday 13th?
Would you love to escape the humdrum of working 9 to 5, being told where to be at what time, when you can eat and when you are allowed to take much needed time off with your family?
Well, your dream to start a business needn’t be so scary. In fact, whilst it will undoubtedly be hard work, it can also be quite exciting and give a new lease of life that leaves you energised and looking forward to each day.
But first things first. There are a few things to consider if you want to make your journey as smooth as possible and go from fearful to fabulous.
What’s your passion?
The start-up businesses that have the best chance of success are those that are based on a passion that will carry you through the difficult times. Doing something you love day in and day out doesn’t feel like work. It feels like fulfilment.
So, think hard about what you love doing. What can you see yourself doing in 10 years and still loving?
What are you good at?
Now here is the tough question! What are you good at? It’s no good having a passion for something but not being very good at it. People simply won’t part with their hard-earned cash.
Putting passion and talent together, I know that I love walking my dog, but keeping her under control is a challenge and I am sure if I tried to start a dog walking business, my passion would turn into a chore. You need to think about this carefully. It’s no use starting a gourmet burger bar if your cooking skills are akin to flipping burgers at McDonalds, no matter how much you love being in the kitchen.
What will people pay for?
The third piece of the start a business jigsaw is considering what people will pay for, and enough people to make you a profit. You may love crocheting tea cosy’s but if everyone is now making individual cups of tea rather than using a tea pot, you are not going to make any money from your business idea.
I started my business consultancy because I have an absolute passion for helping other women build a life and income stream that gives them the freedom to do what they have always dreamt of. I knew I was good at this as I had a proven track record of helping hundreds of people start up and build their own successful business. And I knew that if people were serious about their business, they would willingly pay to get the help and support they needed to kickstart their success.
So now you have your idea to start a business. But what next? There are a few key steps you need to take if you really want to give yourself the best chance of success.
The first step is self-belief. You must:
- Believe you are good enough
- Believe what you sell is worth it
- Believe that your clients will gladly pay you
Because quite simply if you don’t believe in yourself and what you are doing, then why the hell should anyone else? This can be a real challenge for women starting their business so take the time to write down all things you have achieved in your life, all the compliments you have received, qualifications you have gained etc. Look at this on a regular basis and start to believe in yourself.
Create a plan
Remember the adage ‘fail to plan, plan to fail’. Yes? Well it applies to you when you start a business.
It’s all too easy to become so enthused and excited about your new idea that you dive in without any real thought and planning. This invariably leads to a rude awakening down the line.
You need to plan:
- How much you want to earn
- Your capacity for how much you can make
- What hours you are going to work
- Who you need to help you and what resources you need
- How much it is going to cost to get your idea off the ground and to keep it running
- What you are going to charge
- How much profit you will make (and will this be enough for you to live off)
- How you are going to be better and/or different from your competitors to stand out from the crowd
- Who is going to buy your product or service and how you are going to get them to know about it
- How you are going to take payment and deliver to your customer
Test your idea
To minimize the risk of failure, try testing your business idea out on a small scale before going all in. This will provide you with valuable feedback as to whether others love your idea as much as you do and if they are willing to pay for it. You can then tweak your idea if necessary and minimise the risk of a spending far too much blood, sweat and tears on something that simply isn’t going to work.
If you are currently in a day job, by testing your idea out of working hours on a smaller scale, you can continue to earn a salary to pay your household bills each month and ease the financial pressure whilst getting your business off the ground.
If you’re serious about starting your own business and making it a success, find yourself someone who has been there and done it and made it a success to help you on your path. Trying to go it alone will be both be lonely and quite likely a very expensive mistake. Find someone with the experience and independent perspective to help you steer clear of the numerous start-up mistakes so many make.
If you follow these top tips then you can start a business. It ain’t gonna be easy. It’s going to be a rollercoaster of a ride. I remember the days of going from a feeling of euphoria that I was going to be a millionaire by the end of the year to the depths of despair that I was going to be bankrupt by the end of the month all in the space of 5 minutes! But if you are brave enough to hang on tight, you will make it to the end and the feeling of achievement will be worth every single bit.
There is nothing better than working on your terms, at the hours you want, and setting your own ceiling of income to live the life you have always dreamt of.
I’m one of the lucky ones. I have survived the hard times. I now have a business and life that I simply love and could not be happier. If you would like me to help you build the same for yourself, take a look at all The Small Business Kit has to offer.