Today is National I Want To Start My Own Business Day, so let’s celebrate! Owning our own business has become analogous with the American Dream. We work hard, (most likely) go to college, find a business niche and before long, dream of being on the cover of Forbes.
If the idea of starting your own business has piqued your interest, then I Want to Start My Own Business Day is the perfect time to get going! Here are 10 tips to help you get your company off the ground today:
1. Address procrastination.
Millions dream of owning their own businesses but never make it happen. If this sounds like you, figure out why you keep putting off your dreams. Examine your procrastination, then work towards a solution to help you get started instead of making excuses.
2. Be a sponge.
When it comes to owning your own company, knowledge is paramount. Therefore, absorb all the information you can about being an entrepreneur. Take notes, keep concepts handy, and develop your business plan.
3. Perform low-key research.
Use your loved ones as sounding boards. Read their visual cues when you discuss your startup. Do they look excited or do they simply smile and nod their heads? Encourage your loved ones to provide honest feedback – it will really help you in the long run!
4. Solve problems.
Instead of just tossing products into overcrowded rings, fully plan out your business model. Does your idea solve a problem? It’s much easier to build your client base when your company fills a void in the market.
5. Keep your business simple.
You’re ready to run with your amazing idea! That’s great! Before you get too carried away, though, focus on selling your good or service without getting caught up in all the bells and whistles. Organic, seamless growth is sustainable, so when you start, keep it simple.
6. Analyze costs.
After you develop your idea, review every cost that your business might incur. Factor in production costs, marketing, and any additional overhead. Once you have an estimated cost, triple it so that you have a cushion. Also, plan for unforeseen expenses!
7. Imagine yourself broke.
Seriously, you won’t become a millionaire overnight when you start your own business. You may overdraft your checking account or max out your credit cards. Look for ways to cut back on your personal expenses before you launch so that you’re not struggling. Also, don’t quit your day job because you don’t want to end up homeless if your business doesn’t take off.
8. Sell yourself.
Spreading the word about your business can feel intimidating, especially if running a business is new to you. Drink a cold glass of Get Over It and break out of your comfort zone! If you can’t sell yourself, you’ll never find success, so get the word out there!
9. Know the rules.
Even though planning for the future can feel exciting, reading about the rules and regulations you need to know as a business owner can seem downright dull. Consult lawyers and veteran small business owners about local, state, and federal laws and regulations. While you’re at it, speak with an accountant, too. You don’t want trouble with the law or the IRS!
10. Find a balance.
Passion is arguably the most important factor in determining your success. It will drive you when you feel exhausted and broken. With that said, though, don’t allow passion to make all of your business decisions. Make intelligent and knowledgeable choices. Finding the balance between passion and rationale can mean the difference between your business’ success or failure.
If you want to start your own business, congratulations – you’re already on your way! Follow these tips to push past your fear and finally start working towards your dreams.