You may be overwhelmed at first, but we’ve attempted to pick apart the early days of a business, and to offer you advice that’ll fare well right through your time as an entrepreneur.
Evaluate yourself
There’s a lot more to consider when starting a business besides the financial and practical aspects of it all- you in yourself will also play a massive role in if your business will flourish or fail.
An easy way to suss out if you’ve got what it takes to start a business is to write down the pros and cons of your personality, or strengths and ‘weaknesses’ if you like. If you consider yourself to be motivated, confident, resilient, and able to adapt to whatever life throws at you, you’re good to go.
Think about your motives
If you find yourself wanting to start a business purely to earn a profit off a current trend, drop it. The majority of successful businesses are fuelled by a passion or love for the business, as well as the financial gains.
At this point, it’s also highly advisable to ponder over plausible of an idea your business is. If you believe that your business will be something that people will want or need, will generate a profit, and will last a fair amount of time, you’re ready for what many consider to be the trickiest part of starting a business…
Get planning!
The original formation of a business can often be the most taxing and confusing part. There’s dozens of things to consider, including financial and legal aspects, connecting with investors, and securing permits and licenses.
The best place to start is with an official business plan. As well as being a not-too-overwhelming way to begin your business, they’re the best and most professional way to present your idea for a business to potential investors. Your business plan should include a mission statement, a company summary, an executive summary, a list of service/product offerings, a description of a target market, financial projections, and the cost of the operations, at a bare minimum. If you’re still feeling stuck, many websites and other resources will provide a template, checklist, or other form of structure for writing a business plan.
After you’ve tackled all of that, there’s a mountain of legal and financial areas to focus on. In terms of investors, find ones that you believe in, and listen to what they have to say. It’s important that you don’t go on the defensive- investors do have a say in your company after all.
It’s all well and good having people who’ll happily use their own money to fund your business, but you’ll also need a support system to keep morale up. Keep friends and family informed on your business ventures, as its likely that a lot of your time and resources will be sacrificed for it.
When deciding on a business name, it’s important to think about trademarks. The initial process of trademark application will most likely be a breeze, but disputes can occur. In this case, contact a trademark solicitor such as Baron Warren Redfern in London for help and advice.
To find out more about the legal and financial aspects of starting a business, the internet has many great resources, as well as the option to contact professionals on the matter.
So you’ve managed to survive a monumental amount of planning, and your business is finally on the go! Unfortunately, you’re still going to need to work extremely hard to ensure that it thrives and survives.
Attitude is everything
Like anything in life, you’re always going to get people who’ll insist on sharing their negativity with you. You’ll also probably have to deal with rejections from investors on the side. The key to remaining positive is to ignore all of the above, and to take any remarks or rejections with a pinch of salt.
If you’re finding it tricky to react to rejections in a reasonable way, consider this; it may simply have been a case of pledging your idea at the wrong time. Always ask for feedback as to what you could improve on- it’ll show your determination and desire to do well at the very least.
Regarding people who feel the need to criticise your plans, and to do so in a not very constructive way, the best idea is to ignore them. Learn to differentiate between constructive criticism (which you should take on board), and pointless quips with the intent to drag you and your business down.
You may often find that your social life, as well as behaviour from family and friends, is affected negatively. Remember that people who truly believe in you (and your business) will understand the sacrifices you have to make- be it missing an event, or being slightly grouchy after a busy day of work.
Even though your business is faring well, there’s still a world of advice you can benefit from.
Make sure that your reliability is constant
Always deliver your product or service as quickly as possible, and don’t be afraid to over deliver at first. If you use social media in your business, or plan to, make sure that you post constantly, and reply to any customer queries as quickly as possible.
Don’t get too cocky
Starting a business out of nothing is an amazing feat, but accept early on that you can’t do it all by yourself. If an investor acquires a stake in your company, accept it. You’ll have to give up some (or all) control of your business at some point, anyway.
If you’re in any doubt about your writing skills, a copywriter can be life-changing. They’ll be able to compose emails, blog posts and even press releases, all tailored specially to boost your business.
As well as copywriters, ensure that every other employee you hire (if applicable) is skilled, motivated, and as passionate about the business as you are.
Constantly educate yourself
Be it employment law, business transactions, or how to purchase an office/commercial building, there’s so, so much to be learnt, enough to fill more than twenty articles of this size. There’s always something you could be reading up on, or contacting a professional about.
At the end of the day, companies could offer you advice constantly. However, it’s often the case that you’ll learn best through trial, error, and experience.
