For many, getting started is often the biggest hurdle to jump. And that’s not just limited to starting a business.
Starting anything new and different can be difficult. Think back when you wanted to change a habit, make a significant career move, or relocate to a different city.
All of these things can be intimidating and overwhelming at first, because often, you just don’t know where to start. There are too many moving pieces to figure out how to get going.
When it comes to starting your business there are a number of different ways you can approach the problem.
- Go to your local library or bookstore and start getting educated on the topic.
- Go online and read what others have done.
- Utilize government small business resources and put the pieces together.
- Hire a consultant to help you with the process.
While you could do all of that (and I think you definitely should use some of these resources) there is something else you can do… go within to find the answers.
What do I mean by that?
You will get your answer to “How do I start a business” by figuring out what it is that you really want.
Not what somebody else thinks you should do or what some business guru thinks is working right now. Get your answers by tuning in to what you know is right for you and in alignment with what you want to accomplish.
Clear your schedule, sit down and start asking yourself 3 basic questions. Whatever your answers will be, they will determine if, what and how you should start your business.
Be brutally honest with yourself so you can be sure that you’re doing this for the right reasons.
Maybe starting a business is not for you… If that’s the case, it’s far better to know this now rather than later – trust me.
Anyway, here are the 3 questions to ask yourself.
1. Why do you want to start a business?
Know your Big Why – “You can do anything if you have a big enough reason”
Knowing your motivation, drive and purpose for wanting to start your own business is priceless. The greater clarity you have, the greater your focus toward your goal – starting and building your business.
It’s important to know where you are, where you want to go and why you want to go there. The more clarity and focus you have about your goals and objectives, the easier it will be to create your vision for your business and to make it come true.
I see so many people starting something they thought would be their business. However, the business they picked is not aligned with what they really what to do or accomplish.
Giving energy and focus to something that’s really not that important to you is difficult over the long haul and hard to sustain.
Answer the following questions; don’t censor yourself, but write down what comes to mind and flush it out later.
- Why do you want to start your own business?
- What are your reservations (if any) about having your own business?
- How will having your own business benefit you on a professional and personal level?
2. What’s your plan?
You must have a plan!
“If you don’t know where you’re going, any road will take you there” Yogi Berra
Too many new business owners get started without a plan and end up flying by the seat of their pants.
Most of us wouldn’t start a trip across the country without a map, yet many start their journey into entrepreneurship without one. Please don’t do that!
Your plan at minimum should address the following:
- What will your business look like? What products or services will you offer and at what price points?
- Who will you be selling these products or services to? Who are the people in your target market?
- How will you be selling these products or services in your business? Online, offline?
- Who is your competition?
- Where will your business be located?
- How will you be running your business? Will you have employees or will it be just yourself?
Try to answer these questions in as much detail as possible.
If you cannot answer these questions, you may not be ready to get started with your business.
3. Do you know your numbers?
The language of business is “numbers”.
Do you speak that language? Perhaps not yet, but are you willing to learn?
While there are many things you won’t know in the beginning, you still need be able to answer 3 basic questions about the financial aspect of your new venture.
- How much money will you need to start your business?
- Will you need to borrow funds or can you bootstrap?
- How much revenue will you to generate – to break even, to make a profit?
By now you probably realize that the answers to the financial questions totally depend on how you answered everything previously.
After all, how much money you need to start your business depends on what you’re going to start. If you’re starting a brick and mortar retail store you’ll need way more money compared to starting an online affiliate business.
Go through all three questions and answer them to the best of your ability. This means you will have to do go out there, do some research and collect the appropriate data.
Once you have your data pull it together into a spreadsheet and build some projections. I realize, for the most part all of this will be based on assumptions. However, since those assumptions are based on your research, that’s ok.
Going through the projected numbers for your business allows you to determine if you want to move forward with starting your business or if you need to make adjustments.
Get started now and you will have your own answer to “How to start a business”