Last Updated on September 10, 2019 by Jessica Adams
That’s it! You’ve had enough of the 9-5 rat race and you’ve made the decision to start a business of your own. Accept you have no idea where to start. In fact, the whole thing seems overwhelming and slightly intimidating. However, you are not alone. There are so many people who make the decision to start a business from home every day. It can’t be that hard… can it?
I mean, there are loads of perks to being your own boss. It’s also a lot of responsibility. Oh, and the work! There’s so much more of it when it’s your business. But the freedom… that, you cannot buy. Still, before you start trying to figure out all the different types of work schedule apps to try, take a deep breath. Now, I want you to grab a coffee and a notepad (paper or digital, either one works).
There are a few standard yet crucially important questions I’d like you to answer before you dive, head-first, into making your decision. You want to be able to say unequivocally, that you are absolutely ready to start a business…with no fear!
How To Be Unequivocal
In Your Decision
To Start a Business
What Type of Business Should You Start?
First thing’s first: what inspired your decision to start a business? In fact, what are some of the reasons you even want to start a business? Go ahead and make a list, answering each of those questions thoroughly.
Then, start another list of what your best qualities are, your talents, even your habits (good & bad). It can be difficult to be objective but if you dig deep, you will find everything you’re looking for, including your strengths and weaknesses.
For example, if you like to get up early and go to bed early, your chances of running a successful nightclub don’t seem to be in the cards for you. Follow your dreams, but try to be practical and above all, brutally honest with yourself!
Have You Found a Name For This Business?
Next up is your business name and it’s going to be with you for a very long time, so choose wisely! Remember that the name or some variation of it needs to be available on ALL social media platforms you want to market your business on. You’ll also need to check your options in a domain name search, a company name register and it definitely cannot be trademarked anywhere.
Aside from all that, the name should make sense in relation to the product or service that you’ll offer. If you are providing a niche service in your local area, you could try adding the city name to your business’ name.
Most important, be very clear about who you are and what you offer in your name. Choosing a sentimental childhood nickname may sound great at the time but your future customers will just be scratching their heads!
Also, remember that a rebrand can be a long and expensive process, down the line. You only want to name your business once so take your time and get it right!
Before Anything, Write Out a Business Plan!
Writing a business plan is more than drafting a piece of paper to parade out in front of bankers. When written in full and correctly, your business plan should become the blueprint to the next few years, the beginning phase of your business. It will absolutely help you to solidify a lot of integral information about your business.
This information is hugely important. In fact, this whole process should really remind you of why you made the decision to start a business in the first place. Take the time to spin your business model around a few times. Look for chinks in the armor and ask yourself, “where can I improve?”
What are the next 5 years looking like financially? Does it make sense? Have you thought of everything? Get a few people that you trust, friends, family & business associates, to read through your business plan. In fact, this would be a great thing to have a Mentor to take a look at…but more on that later.
What About Money… Do You Need Capital to Get Started?
A big mistake people make when starting a business is saying that “all the profits will go directly back into the business”. But, how is that going to work? If this business is your primary source of income, how will you pay your bills… like rent and food to start?
Unless you have some money saved, chances are you’re heading to a bank for a loan or seeking funding elsewhere. But take a look at all of your options and be smart when it comes to taking loans. Know what can you afford to pay back, monthly in loan payments, and right away IF your business fails.
Who Is Your Target Audience?
If you cast your net too wide, you will catch no fish at all. In this case, of course, the fish are your target audience! Not everything will appeal to everyone. If you keep narrowing down and aim your product at niche-specific audiences, you’ll have a higher chance of landing some “big fish”.
Once you have identified who you want to sell to, you must find out where they spend their money, etc. Focus groups are a great place to speak to your intended audience. The process of getting their input on how to target your product or service more towards their liking makes them feel like “part of the team” in your company, and that can be very powerful!
Social media is another great way to start a conversation and get a large number of people interacting. Engagement is critical for getting real feedback about your products or services – people love to give their opinion!
Have You Considered Social Media For Your Marketing Efforts?
A social media marketing strategy is going to one of the biggest tools in your new business arsenal – and you’re going to have to stay on top of it. Marketing is all about relationships but remember to build yours with care.
Not only do you need to find new customers, but you may also be taking some customers away from where they now spend their money. In order to do that, you need to have something that makes you stand out. Why should people spend their hard-earned cash on your idea, your business?
Just asking these questions can be difficult because it requires a lot of strength of character. This is another time when having a Mentor would be really helpful…
Consider a Mentor to Guide You Through the
Startup Phase
Finally, this section could have easily started this post, since deciding to work with a Mentor is something you usually do before you decide to start a business. But, since choosing a Mentor is a personal, albeit amazing decision, I saved this bit until the end.
Having a Mentor during your the startup phase of your business can be utterly invaluable. When it comes to straight talk about their years of experience across many fields, no one else really gets through to us like a Mentor.
They’ve had their share of significant failures and great success too. You could opt to work with someone who has been recommended to you or, you might prefer someone who is completely on the outside of all of your personal and business circles.
There are often organizations dedicated to giving you the best mentors for your industry or niche as well. Contacting an organization to help you find the perfect fit, would also be my personal recommendation!
When it comes to starting a business, the more you know, the more ready you can be for every eventuality. Starting a small enterprise can be tough but very rewarding, and you owe it to yourself to give it the best possible chance of it flourishing in the years to come. Good luck!
Jessica Rose Adams
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