Getting Your Business Going: The First Steps
Do you feel like you are stuck in your job and can’t get out of it? Do you work for a boss that you know is incompetent? On Sunday nights are you dreading the fact that you have to work the next day?
If the answer is yes to any or all of the above questions, it is time to make a change in your life. We only get one shot at this world–let’s make it a good one. If you’ve ever had an idea of starting your own business, there is no better day to start than today.
Starting your own business is a big deal and a big commitment. If can cause financial burdens and stress; are you prepared for that? Before going all in, you want to make sure that you are set up for success.
Hire A Coach As You Are Starting Your Business
You want to be 100% certain that starting your own business is the right avenue for you. It is wise to speak to an expert ahead of time to map out a plan of attack. Check out my blog to read up on resources to help you start your own business.
Hiring a coach will help you gain confidence in starting this new adventure and ensure that no stone goes unturned. It is a big leap and a big commitment, but there is plenty of help available out there to you. This is a wise investment to make before starting your business.
The great thing about hiring a coach is that it can help you cut down on your learning curve. Sometimes investing in yourself in the form of a coach can be a bit nerve-racking.
However, when you do invest in a coach they can help you avoid some of the major pitfalls you’ll typically fall into while growing your business. This can help you take years off from your learning curve and save you thousands of dollars in lost profits in the long run.
If you’d like to learn more about having me as your coach, apply for a free coaching session here!
Decide on Your Kind of Business
What exactly do you want in your business? Are you in the service business or are you looking towards manufacturing? Are you hoping to franchise your business? Will it be predominantly online?
You need to have a concrete plan in place before starting. Create a list of pros and cons about the type of business you are starting so you can be sure to focus on how to overcome the negatives.
You’ll also want to spend some time researching and understanding your niche and target market. All too often people jump into business because they are excited about a product themselves, but have virtually no understanding of the market for that product.
Just because you are passionate about something, doesn’t necessarily mean it’s a good business idea. You might really love clothes for dogs, and want to start a high-end dog fashion business, but most likely the likelihood of that business succeeding is pretty low.
Educate Yourself on your Plan
As the famous quote goes, “It’s a marathon, not a sprint”, the same can be applied to your business. There is no need to rush into things. It is important to understand that this will take time and will not be an immediate success.
You need to study up on the competition you may have. Are you focusing on a niche that isn’t overly popular, thus hurting you financially? Are you trying to start up a business in an area where your idea is already heavily populated?
Those who try to rush right out of the gate tend to get burned in the long run. Be methodical with your methods. Is the demand for what you are trying to do going to be able to withstand the long run?
These are all things that you need to consider when beginning a business. Your vision needs to expand beyond the here and now. Keep in mind things like how does your industry perform when the economy isn’t that great? Are people spending money on your products or services when a recession is going on?
For years I was very passionate about health and wellness and had a business in that, but when the economy to a major dip around 2008 so did our customer base. When the average person was struggling to put food on the table, they weren’t investing in weight loss and supplements.
So again, just be aware of all aspects of your kind of business, and industry before throwing everything you have into it. Plan for ups and downs and don’t expect continuous growth forever just because you are passionate about it.
Write a Business Plan
This can be time-consuming and arduous, but it needs to be done. There are tons of templates out there available such as Simple business plan templates that you can download and use. You need to be able to answer questions such as:
- What is the purpose of your business?
- Who is your target audience?
- What problem does your product/business solve?
- Who is your competition, what do they look like, and how can you do better?
- What are the financial expectations of starting the business and what are your projections moving forward?
This would be a good exercise to complete with a business coach. They will be able to talk you through the many questions you’ll need to answer to fully outline your plan. This will allow you to reflect on whether or not this is a feasible idea or not.
Financial Beginning
One of the biggest things new business owners need to think about is their financial obligations to start up the business. There is a good chance that they may lose money in the first few years. Do you have enough money to sustain a possible hit for a few years?
That is a huge question you need to answer and going through your business plan template can help you see how much this may cost to start up.
What is needed to start your business? Do you need to rent a space? How many workers do you need to assemble for your team? What kind of equipment do you need?
Will you be in need of document scanning services, copy machines, computers, laptops, phone lines, etc.? What is most needed to make sure that you can get your business off the ground and running?
You may consider starting a business online, such as affiliate marketing. The great thing with this kind of business is that it has very low overheads and you can build it part-time. If you don’t yet have an affiliate marketing business, but you would like to start one check out this free training on the first steps to getting started.
I’d also suggest checking out my Affiliate Marketing Beginners Guide and the video below!
Paperwork
There are certain tasks involving paperwork that you will need to tackle before getting your business started. There are licenses and registrations that need to be completed for your state’s government.
You want to be able to acquire any trademarks and patents to prevent you from having issues from other competitors down the line. It is important to set up business insurance and do your research on seeing if you are qualified to obtain any government programs that help provide startup capital.
Once again, consulting with a business coach can help you make sure you cross your t’s and dot your I’s.
Get The Tools To Scale Your Business
Most people wait too long to invest in the right tools and systems to scale their businesses effectively. As entrepreneurs, we often try and bootstrap everything and keep things as cheap as possible.
A mistake I definitely made in the beginning was trying to be so cheap with my business, that it actually ended up costing me money in the long run. While there is always the option to do things for free in your business, just because it’s free, doesn’t necessarily mean there isn’t a cost.
For example, when I started to set up an email marketing aspect to my business I tried to do everything manually and with free resources. It worked for the first month or so until I was spending hours of time on it that could have been better spent on higher level income producing activities.
When I finally decided to invest a small amount into an email autoresponder, I ended up getting better results and saved myself hours of time each month. This is one tool I’d highly recommend getting in the beginning, so if you don’t yet have an email autoresponder you can get your first 30 days of Aweber here.
I’d also recommend checking out my post on 9 Online Marketing Investments I Wish I Made Sooner, to make sure you avoid some of the mistakes I made early on while building my business.
Be Confident While You Are Getting Your Business Going
Finally, have confidence in yourself. Know up front that you are going to experience a lot of ups and downs. But, if your business is something you truly believe in and can give 100% of your energy to the business, you can be successful.
It is extremely important to set realistic expectations for yourself when starting your business. Trying to reach for unrealistic expectations can lead to disappointment and a lack of confidence in your business.
Do your homework ahead of time, prepare for some of the downfalls, and be financially able to get your business off the ground. Decide on how you will attract and keep customers to keep the momentum rolling from day one. The beginning of your business lies in your hands. How ready are you?
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P.S. If you don’t yet have an affiliate marketing business, but would like to learn how to start one and make money from home, CLICK HERE
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