Six tips to start your own business.

With the influx of entrepreneurs and technology over the past decades creating a business has become easier than it has in the past. These are some tips when starting up a business and some things to think about.

1. Don’t fall for the pipe dream.

Over the past few years I have joined a few entrepreneur and business owner groups, and the first question I get all the time is what business should I start that will make me rich and fast. I’m here to tell you that is the wrong question. I have gone down several business ventures with that mindset, and in the end it was just job, it was not rewarding mentally, and eventually became that dead end job that I dreaded waking up to go to work.

I have seen a lot of video and articles over the last few years selling pipe dreams. “Warning this video will make you want to quit your job” with a guy and a camera following them in to a mansion showing off his Lamborghini. From someone that works in video production and advertising all those things can be rented. Now whether or not they rented it or it is legit they are just selling a pipe dream. Buy my course I will tell you how to become rich creating your own business. What happens is you buy their course and it makes them rich, and gives you information that is available online for free. All you have to do is put in the time and efforts to find that information read it, learn it, and retain it, and apply it.

If it is too good to be true, then it is too good to be true. It is very rare to become rich, overnight. Being a business owner is tough. You have to put in countless hours especially in the creation phase of starting your own company. By buying a course from someone else yes is convenient and good information in one spot but it is all information that can be found online for free. You will not purchase a course and read it and be rich tomorrow that is a pipe dream they try to sell you but it is not that easy. There are several business opportunities out there that are turnkey businesses, like franchises and eCommerce. But you still have to put in the time and a larger upfront investment. If you’re not willing to put in the time then just work for someone else and work your way up the corporate ladder.

Save your money when starting your business you will have some start-up cost some more than others. Cut those costs by doing your own research from what is available for free unless you have the extra money and want the courses for convenience. Don’t follow the money follow what you enjoy. Remember most of your day will put into your business if it is not what you enjoy then it will just become another job. The only difference is that you will have more time invested than you would have if you just worked 9-5 for someone else. When it is a passion or something you enjoy it will not feel like a job and you will be more motivated to go to work every day.

2. Make sure there is a market.

If you are reading my article you are like a lot of others. Your dream is to work for yourself and make your own hours, set your own wage. A vast amount of your time will be dedicated to all the ins and outs of starting your own business with a lot of time spent on market research. Market research will be a big part of your start up.

So you found your passion and what you enjoy. Now is the time to market research to see if what you have to offer would be a good business venture. It would not be a good business venture to create a snowmobile dealership in Florida. If your passion is a snowmobile dealership and your market research shows the best place for snowmobiles is Montana. Then set your goal to creating a snowmobile dealer in Montana.

3. Plan and Set your goals.

Make sure you plan and set goals for your business. A good business plan sets insight and helps you visualize your dreams. Make sure you periodically review your plan will help guide you and make sure your staying on track with your plan. Set specific goals that are measurable and attainable. By setting goals will also give you direction to your specific destination that you set in your business plan. When you periodically review your business plan also review your goals which will in return motivate and guide you to the end goal and the main reason you wanted to create your company.

4.Start small.

If you are like most and don’t have the financial resources to drop the initial investment into your company then start small. The first few years of any company are the hardest. You will have the initial start up cost and a great amount of customers will not even know your company exists. Start with only what you need and leave room for advertising and get your brand out there and noticed.

If you don’t have the money for startup, then do not quit your day job just yet. Use your day job to pay your everyday expenses. Save a percentage of your pay check to fund your startup cost. There is no harm in working a second job while you build your business to be able to support your lifestyle.

5.Don’t procrastinate

Don’t procrastinate. Not much has to be said here, if you have not already started your company stop procrastinating and get out there and start. If you don’t start it will never happen. Sometimes we have to learn as we go find out what works and what don’t work you don’t have to have everything figured out right away and every day you will learn something new. Make sure you have the legality and business structure in place and go for it. If you have to adjust things down the road you can and address any issues that arrive at that time.

6.Don’t fixate on failure

Failure should not be in your vocabulary. I heard an acronym for the word fail I believe originated from Dr. A.P.J. Abdul Kalam. Fail is First attempt in learning. You will fail don’t fixate on the failure. Fixate on the solution to the problem. I have never met a single business owner that from the day they open their door that something has not failed within their business. Learn from the failure and correct the issue and move on.

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