How to Start Your Own Business
You have good ideas—really good ideas—and you’re tired of keeping them to yourself. One wonderful way to share your talent with the world is by starting your own business.
For many people, running their own business is a dream. You call the shots, do the work, and get the credit. But the truth is that deciding to start your own business is one of the biggest decisions you’ll ever make, and it’s not to be taken lightly. But though it’s a challenge, it’s absolutely one you can take on! Running your own business takes hard work, yes—but the rewards can pay off handsomely.
Here’s how you can start the process:
Have a plan.
What is the nature of your business? Who are your clients or customers? How are you going to be profitable? Why should they care about you? Write up a business plan so you’re 100% clear on the purpose of your company before you do anything else.
Do your research.
Become an expert on everything related to your business so you’re prepared ahead of time for any surprises down the road. How have businesses like yours fared in the past? Who are your main competitors?
Pick a name.
Think creatively and practically. Is it easy to spell? Does it have positive connotations across languages and cultures? And perhaps most importantly, can you buy the URL for your business name?
Depending on the nature of your business, you may need to take care of legal matters before you get going. Often it’s a good idea to consult a solicitor just to make sure you’ve dotted your i’s and crossed your t’s.
You may believe your idea is golden, but there’s no harm in testing it before you invest lots of time and money. Prove that your concept works before scaling it up—and remember, bigger isn’t always better.
Think outside the office.
See if you can’t operate your business virtually before spending your valuable resources on a physical location. You can always set up shop later.
Set aside resources.
Most businesses cost some initial money to get started, but remember that your time is a resource, too. Plan ahead by setting aside enough time and money to get you started—but not so much that you let your other responsibilities (and revenue streams) fall behind.
Brand expert Marty Neumeier famously said, “When everybody zigs, zag.” The meaning? Differentiate yourself from your competitors in new and unexpected ways. It’s a cornerstone of successful businesses that will help set you off on the right foot.
Roadblocks and frustrations are par for the course when setting up your own business, but don’t give up. Find ways to stay positive and motivated. After all, the best rewards are the ones we have to work for, so don’t be afraid to work!
Don’t go it alone.
Whether it’s to save time, money, or energy, new business owners often think working solo is their best option. Not so! A coach can help you get your business off the ground faster and with more ease than you might imagine. Then, when you’re ready for employees, you’ll be better prepared to use their time efficiently and effectively.