Do You Dream of starting your own business?

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Things to consider when starting your own business

AM I READY? This is a question many ask themselves but most certainly in the last couple of years. In fact, studies have shown, “the # of “Microbusinesses” started during the pandemic reached 2.8 million more than in 2019. Microbusinesses are defined as, businesses with a discrete domain name and an active website.” Brookings.edu.com

So how did so many find the courage or the “know how”” to get started on this venture? Well, I can’t speak to that as there are so many contributing factors and likely unique to every situation. Such as, job loss, inflation, people taking time to assess their lives and exploring what they may have been contemplating for some time. Even just the shift in how accessible things are these days via the web may have motivated them. But the bigger question is how did they know what to do or how to take what they want to do and create a business?

Here is some of what WE do know:

They made it a priority.  They stopped procrastinating on what they really want and committed the time and energy into formulating their idea into a vision.

They created a “First Steps” plan to taking action. If you don’t map out some clear action points to getting started you will find yourself being swayed in many directions.

They began sharing their vision with others. It’s one thing to have a vision and create a plan but how do you know if its really what you want? By talking about it with others and not just your friends and family, you can determine how excited you are for it and what is resonating with them.

Here are some things to consider when starting on your own:

First ask yourself, do you want to own and run a business OR do you want to only occupy the creator and visionary seat? Figuring this out will help you determine if you need to partner up or collaborate from day one or can you begin on your own.

You will wear all hats: creator, sales, marketing, and bookkeeping, BUT just for some time. As your business grows so will your team.

You can work as a contractor or sole business proprietorship. You do NOT need to be incorporated unless you are concerned about potential legal issues.

Have a plan and be organized it will serve you well. Setting up even a weekly or monthly plan on how to progress your business will be a game changer in the beginning stages. For example, I will get crystal clear on my who I want to target and how I will reach them.

You should get comfortable with self promoting. Everyone is busy with their “stuff” so, get comfortable promoting your milestones. Whether big or small it is worth promoting so others can see you and understand what you are up to.

You don’t need to spend a lot of money (depending on what your start up is) for example a service business can be a minimal cost if you don’t need a lot of equipment to run it.

In the very beginning stage, don’t be afraid to offer some freebies to begin building awareness and recognition. It will also help build your credibility with proof of concept.

Is this feeling a bit overwhelming? It may, but the intention is to help give you some insight into decisions that should be thought through in the very early stages. To help you make decisions that can set you up for success in the long run. Believe it or not, there are entrepreneurs out there who say, “ I would have set this up differently if I had taken the time to consider this in the beginning”.

Here are some tips to reduce the overwhelm:

You do not have to quit your current job to get started as an entrepreneur. You may be learning valuable tools in your current job that will lend themselves to the business you want to create. Plus you need cash flow.

You don’t need to work on this every hour of everyday outside of your current job. You can be strategic and plan it, so you make the most out of the time you are able to dedicate to it. Without affecting your wellbeing and burning you out.

Simple action steps are key when starting out. You don’t climb to the top of the stairs in one fell swoop. You take each step at a time……or maybe skip one here or there.

Starting your own business is such an exciting venture. No business starting from scratch is a well-oiled machine. Don’t force yourself to stick to something in the process that doesn’t feel right just because someone else is doing it or is telling you to do it. The beginning is where you have the grace to pivot and change as you grow and learn what works for you. Take your time in the process and embrace the chaos when it comes but most of all learn and celebrate each and every win along the way.

Download the FREE GUIDE to getting started and building clarity from the start.

All the best on your journey!