Starting A Business: The Essential Guide For Entrepreneurs

Starting A Business: The Essential Guide For Entrepreneurs

starting a business
Starting a business can be challenging. In fact it can can feel like sheer madness to leave the security of a full time employed position, a steady wage and excellent career prospects.

However, sometimes you may be struck by pangs of “What if?”

Suddenly you don’t want to be chained to a desk and 9 to 5 schedule. Instead you’re keen to embark on an entrepreneurial adventure.

The essential guide to starting your own business

Launching your own venture doesn’t have to remain a dream. If you’re curious about how to turn your passion into profit, then you’ll benefit from reading these key steps below.

1. Create A Strong Business Plan

starting a business guide to success
You need to start with business plan.

Use this business plan as both…

  • a working document to help you figure out your business
  • a tool to help you acquire investment for your venture

A buoyant cash flow is vital for any startup to succeed, no matter what the sector.

With a good business plan, you can demonstrate the viability of your business.

As a result, you can hopefully secure a preferential rate on any loan that you are after – or find supportive investors.

Remember…you’ll be more likely to get that initial cash injection if you…

  • Study your business plan and become highly familiar with your gross versus your net (before you pitch your business to your bank manager or investors!)
  • Dress to impress – not only in clothing – but in all the documents you present.
  • Channel your nerves into enthusiasm.

2. Do The Business Research

starting your business motivation
Just because you think you have a great idea for a product or a service doesn’t mean that everyone else will think so.

Many products sound good in theory – but they don’t translate to a business proposition.

  • Consider setting up some market research through surveys and focus groups.
  • Get people’s opinions on your product idea.
  • Allow people to see your product in action – so they can experience it fully.
  • Research the right price point.

You could be onto a winner and money maker if your product…

  • solves a problem, need or fear
  • brings something new to the market
  • makes life easier, more efficient or quicker

3. Do Everything You Can To Upskill

Just because you are following a passion, doesn’t mean you don’t need business acumen and strong skillsets to turn it into a reality.

Whether you are heading into the street food sector or the artisan craft sector, it’s a good idea to learn more about financial qualifications and the variety of skills that are needed in today’s competitive business world.

You must be constantly upskilling

If you want your business to expand in the future, you need to be aware of all the various skills required to grow your business. If you don’t know everything – it’s time to upskill! Either study up and learn things yourself. Or hire a strong team who can help you with everything.

And by “everything,” this means you must find people who are savvy in business budgeting and accounting – as well as marketing and branding. After all, you want to be able to make the most informed and effective financial decisions for your startup.

marketing team start business
Outsource what you can’t upskill

If you need to add a new marketing branch to your venture, think about outsourcing these skills rather than hiring directly. 

In fact you might want to explore hiring me as your one-on-one branding and marketing consultant!

When you hire a one-on-one branding consultant, you enjoy more freedom to use these marketing services when you need them – without having to pay out an annual wage. Plus, of course, it’s a tax write off. Learn more about my Brand Honey Consulting Program!

Stay Calm While Starting Your Business

Try the relaxing 2 minute meditations in my bestseller Instant Calm

 

Think happier. Think calmer.

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