The steps on how to start your own business can vary based on the type of the business you are endeavoring to begin. My wife, a Life Coach, and I have started two businesses in the last two years. As well, I grew up with entrepreneurial parents who began and operated several small businesses.
Step 1: Stop Complaining About Where You Are Now. When you are working for someone else and wondering how to make it on your own, I can tell you how what will not assist your endeavors. Complaining about how your current employer is taking advantage of you is not how you want to begin. I am not saying that your upsets are not justified, but in many cases your boss is successful because he or she took the risk to start their own business. They are now entitled to the riches that come about from hard work, dedication and growing it with more staff. Start with a positive mindset and study their success, not bemoan about it.
Step 2: Know Before You Go. Market research can be the make-break aspect of any business. This is one of the steps of how to start your own business that too many omit or conduct superficially. Developing a real business plan, based on study, investigation, seeking business mentors and successful entrepreneurs is crucial to knowing the terrain. Intelligence gathering is the key to winning in war. The same is true in business. Gather, study and know every single factor you can before your launch your new business. Interview those who are making it and find out why and what are the pitfalls to avoid. Get a great lawyer, CPA and marketing expert as part of your “dream team”.
Step 3: Expect To Work Hard & Long. When I was 19, I worked at a family owned business for several years. My mother had a sign on her wall that read, “Why work for someone else for 8 hours a day when you can own your own business and work 12 hours a day.” The fruits of entrepreneurship will only come to those who work hard and long, day in and day out. There is no substitute for hard work. Champions train beyond mere athletes. Their dedication and hard work is why they are able to play like a Greek god and amaze us with their skill and dexterity.
Step 4: Have A Realistic Marketing & Sales Plan. Having the better mousetrap will not have the world beating down your door. I know many people in business who are amazing at what they do and are broke. As well, I know people who are average at what they do and who are millionaires. The difference in most cases is that the millionaire knew how to conduct marketing and sales competently. Too many business sink and die on this one point alone. As a marketing strategist, I could talk endlessly on the stories to prove conclusively that this step is crucial.
Step 5: Deliver Superb Customer Service. A key part of your marketing is customer service. Now with reviews being shared online and being read my tens of millions, you need to truly listen to and service people beyond their expectations. Of course you will make mistakes, but how you handle it will show people you care to conduct yourself ethically. But there is a step above “customer service”. It’s called hospitality.
Step 6: Adaptability; Moving At The Speed of Business. Slow businesses will not survive in this age of “real time” communication. Moreover, you need to adapt your business to what people need and want, and those trends and needs can change from year to year. I suggest that you consistently survey, listen to the industry reports and news, as well as pertinent blogs and customer reviews. You need to be on top of changes so you can adapt and survive.
Step 7: Humility & Persistence. This is onne of the steps on how to start your own business that rarely gets mentioned by business coaches and mentors. Owning a business can and will hurt your ego many times over. A few people out there are mean, can become quite revengeful and will blatantly lie to hurt you. You will need to not seek blame, but to review your actions so you can see how to avoid those types of situations from happening again. By being humble, and persisting despite all odds, you will be generate business success – given these other points are also in and operational.
You can succeed. If you need help, contact me.