Top 5 Things That Will Help You Start Your Business Off Right
Starting a business offers a lot of challenges and considerations. There isn’t always a one-size-fits all approach. It all depends on the type of business you’re starting, and whether it’s virtual or in a physical location.
There are a lot of pieces to put together, and it can be overwhelming trying to figure out what to do. How do you decide on what to prioritize to make sure your business launch is a successful one?
No matter what type of business you are starting, there are always elements to consider that all businesses need to have in place to succeed and to thrive.
Here are the top 5 things that will help you start your business off right, from our experience as entrepreneurs.
1. Business Plan
Before you launch, you should lay out your business plan. This includes information about startup costs, any legal documents you need, inventory, costs of running your business and pricing models. It also can include having a marketing plan, getting your branding complete, and giving you a plan of actions to help you get from where you are now to reaching your goals.
If it’s an online business, especially a service based business, some of these elements will not be as important, such as inventory. And you won’t need as many legal documents or licenses as you would in a physical location. But you’ll still need a business plan and an idea of costs, including website maintenance and setting up your portfolio.
2. Find a Mentor or a Coach
A mentor is someone who can help guide you through a process. Usually, mentors are people who have done what you are trying to do, and know what it’s like on the other side.
Ideally, find a mentor who runs the same kind of business you are wanting to run, and is willing to show you the ropes. Not only will they help ease your mind about things, but they can show you your mistakes and point out your successes in a clear way. You’ll learn from your mistakes faster than someone who doesn’t have a mentor, and you’ll understand what they are and how to fix them. You can also work with a coach to help you work on your mindset, learn how to implement new skills, and empower you to take the right actions at the right time.
Just because you can reinvent the wheel doesn’t mean you should. Finding the right mentor or coach can help you to be successful without having to learn things the hard way.
3. Passion
Nothing kills a business faster than a lack of passion. The truth is, running a business is hard. A lot of businesses never make it past five years because it’s a lot of work, and takes time to get off the ground. 95% of businesses fail within the first 5 years and losing passion is part of why that happens.
You have to be committed to your business in order for it to succeed, and in order to have that commitment you need to have some passion for what you’re doing. Otherwise, what’s the point of doing it?
Of course, you won’t love everything about your business. Paperwork, customer service, taxes. Whatever those tasks are for you, there will always be some boring or unpleasant part in any business. What matters is if your passion and commitment outweigh those parts. If you prepare yourself for the hard work and are willing to put in the effort, paired with passion and motivation you’ll be well on your way to success.
4. Surround Yourself with a Motivating Network
Your network is a key part of your success. Your network is anyone you know and interact with. However, it’s best to look at how to expand and build a solid network when it comes to your business. A network of people who understand the unique challenges and stressors of starting a business for yourself.
Biz to Biz offers a great opportunity to get involved with a networking group, something we consider an essential part of starting your business on the right foot. Networking is an investment of your time, and it’s important to choose the right group for you. Our chapters are designed with entrepreneurs in mind, with a strategy that brings success and a viral network of word of mouth referrals.
Even if you feel a group isn’t the best fit for you, you should still consider finding people in your industry to connect with. When you need motivation, advice or support, they’ll be there for you. And when you feel like giving up, they’ll be there to remind you of how far you’ve come, and all the reasons why you should push forward.
Your network will support you and challenge you in ways your family and friends can’t. That’s why building and surrounding yourself with like-minded entrepreneurs is so important to your success.
5. Keep Track of The Numbers
Accounting isn’t exactly a glamorous part of business, but it's an essential one. No matter what type of business you’re starting, you’re going to need to keep track of expenses and sales.
One of the biggest reasons is for tax season, but another reason to keep track of your numbers is to see if your business is profitable, and by how much.
It can seem redundant at first, especially if you aren’t making any sales or gaining new clients. But the longer you put this step off, the more complicated it’ll be to figure out and log later. This is why it’s important to make sure you start on day one keeping track of everything. Tracking things can also help you know where you need to focus, if you have more clients who purchase one service over another or some customers who purchase a different product, it can give you insights in how to grow, and steps to take to help you improve.
Starting a business isn’t easy. You are going to make mistakes along the way, and chances are you won’t be an overnight success. But by doing these five things, you’ll start your business on the right track.
Are you thinking about starting a business, or have recently started one? Are you looking to find a community of support and advice? We have Biz to Biz chapters with openings available in non-compete spots throughout Montana, Minnesota, Washington, Utah and Colorado. Learn more about our chapters or register as a guest to see if a Biz to Biz Chapter is a good fit for you.
And hey, if you want to grow your business and build relationships within our COMMUNITY of small business owners and sales professionals focused on their businesses, community & personal GROWTH and on giving/receiving MENTORSHIP with other like-hearted people, then make sure to check out Biz to Biz networking groups!
Learn more or contact us directly by email at info@biztobiznow.com
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