Maybe you’re tired of the 9 to 5 grind or just looking for a change in your life, starting your own small business can be rewarding and profitable. But there’s some planning to do and some questions to ask before you get started.
The following 10 steps to starting a small business have been compiled based on my experience having started 3 successful businesses that are currently doing very well.
1. Make sure you’re doing something you love. Starting a business for the sole purpose of making money or avoiding the workforce is a bad plan. Unless you are truly in love with the products or services you are creating, you will fail. Few people know this. Think of it this way; If obstacles get in your way, which they always do, only your passion, purpose, and love for what you do will overcome any and all obstacles.
2. Don’t quit your job yet. Most small business owners make the mistake of quitting their jobs before the money starts flowing and that is why 85% of small businesses fail in their first year of business because they run out of money. Most small businesses can be started in your spare time and then when the money starts rolling in you can quit your job, not before.
3. Plan the work and work the plan. It sounds simple and familiar, but a well-formulated plan with a clear outcome is the key to success. Most people start a business without first putting a clear plan of execution in writing. Download a business plan template from the Internet and study it. Then, when you’re ready with a general plan, fill out the entire business plan.
4. Trial and error may be popular, but it’s a waste of time. Sure mistakes are great because you learn what not to do. But what if you could learn from the mistakes of others before you make them yourself? Wouldn’t that make more sense? The fastest way to get where you want to go is to go to someone who already has what you want and ask them exactly how they got it. If they want to charge you for the information, pay it!
5. Marketing is everything. In my experience, don’t spend a lot of time formulating your product or service. Spend most of your time selling it first, then once you’ve sold it, you have more resources to develop your product. Give the customer what he wants, not what you think he wants.
6. High energy is the key. Have you ever heard the expression “how you do something is how you do everything”? If you have low energy for most of the things you do, your business will fail. You must raise your energy level to 100% and do things with all the positive energy you can muster.
7. Focus on what’s going well, not what needs fixing. If you focus on fixing the problems, you will have more problems. If you focus on the things that work, you’ll get more of the same. The law of attraction is an irrefutable law of the universe; use it to your advantage.
8. Help others get what they want first. If you are in business for personal gain only, you will fail quickly. If, on the other hand, your business helps many people get what they want, you will be a hundred times more successful than they are.
9. Pay yourself first. You should always pay yourself first before anything else. Set aside money for yourself first, and you’ll quickly realize that the money will always be there. If you forget to do it or wait until there is money, there will never be money.
10. Dream big. Nothing great has ever been created with a small idea. Have a clear picture in your head of the result you want to produce and you will achieve it. Step away from what you think are failures and you’ll get there even faster.
I hope you enjoyed these 10 Steps to Starting a Small Business. Of course, there are many others, but these are, in my opinion, the most important and should be carefully considered before starting anything.