7 Tips to start your business with confidence
Starting a business must be a terrifying thought for a lot of mums out there. The list of obligations we have to juggle is already pretty extensive, right? Well, yes and no. If anything, going self-employed might just be the only way you’ll ever be able to marry your job with your family.
Besides – more than 11.6 million women in the U.S. have already succeeded in this endeavor. Why wouldn’t you join their ranks? Here are a couple of useful tips that should help along the way.
Do your research
Not even the best idea in the world can help some product get off the ground if the market is not ready for its arrival. So, before doing anything else, save yourself a lot of trouble, and perform some quick research that will tell you just how viable your ideas are. Also, it is useful to take a look at some existing business plans to get the sense of what you should be looking for.
If you have problems with the logistic of the whole matter, tools like Quora and Reddit can prove to be of tremendous help.
Write your own business plan
While you are digging through all those plans, do your best to pick up a trick or two, and try writing your abbreviated version once you’re done. Starting a business without a written plan is a recipe for disaster. You won’t be able to raise the funds, you’ll have a very hard time finding partners, and you’ll have nothing tangible to measure your progress against. So, consider this your obligatory step no. 2.
Find a partner
Seriously, sharing your responsibility with someone will take so much weight off your shoulders. Now, finding a partner may reduce the independence you seek, but it’s still worlds apart from your regular 9 to 5 job. If you manage to find someone who already has some experience and established contacts in the field you want to tackle, you’ll do yourself one ginormous favour.
Don’t forget the insurance
Insurance makes your business a credible partner and keeps it going in times of misfortune. In the case of a sudden disaster, it’s in your best interest to be able to get back on your feet quickly with the premium that covers total loss. But, you have to make sure that you are not overpaying or underpaying or all these benefits will amount to very little.
Fortunately, property insurance premiums can be easily determined through professional building insurance valuation. Do the same with the rest of the assets as well.
Know thy limits
One of the worst things you can do to your aspiring startup is to try to bite off more than you can chew. In the world of business, the stories of overnight success are surprisingly rare, and building a successful establishment takes a lot of care, patience and restraint. If you’ll find it easier, break up your plan into small manageable steps and never take more than one at the time.
Establish a strong support network
A support network is nothing more than a wide circle of acquaintances, family members, suppliers, associates, investors, employees, partners and all other persons with valuable insight into your business’s operations. What this unofficial body does is to provide guidance, support and variety of outlooks you can tap into in the times of need.
A support network can also play a huge role in the early adoption of your product by taking part in the referral marketing.
Be ready to adapt
We’ve already mentioned how important the business plan is. However, you have to remember that no plan is set in stone. Sooner or later, there will come the time when you’ll need to say goodbye to ego and stubbornness, shred that piece of paper and start from scratch. The more you are prepared for such occasions and the more backup plans you have, the better.
Well, nobody said it’s going to be easy. But, if you remember these seven tips, you will have a rock solid foundation for whatever may be crossing your mind right now. The job you have always dreamt of may be waiting just around the corner. It is now up to you the find the courage of a lion to grab it.
About the author:Mike Johnston is a lifestyle blogger and DIY enthusiast from Sydney. He is a regular writer at Smooth Decorator and also a contributor on several business, family and eco-friendly blogs. Mike’s goal is to create and share meaningful content that helps and inspires people.
