Undertaking a business can be exhilarating, exciting – and terrifying. We know it’s overwhelming, we did it ourselves.
So where do you start?
We’ve put together some of our critical need-to-knows for taking your idea and bringing it to life no matter what business your starting.
Business Costs & How to Keep Them Down
Let’s preface by saying that not all businesses need thousands of dollars to get off the ground. In fact, there’s no such thing as a start-up fee, and not all start-ups run the same. Keep in mind what you may need to budget for when you begin: licenses and permits, supplies, equipment, office space, operating expenses, legal fees and employees.
Before you panic, there are lots of ways to minimize costs, the first being to start small. Start your business from home rather than renting office space. Many a top company has started from the humble home office, sure you need a visual presence and that will come but build your base first, it’s also a great story to re-live to your future customers and clients. It’s all about the journey.
Keep your employee hires to a minimum until you’re making enough profit. When you do hire, choose the best of the best as they will be the back-bone going forward.
When extra hands can’t be avoided, look at hiring remote or freelance workers.
Also look at strategic solutions and business tools. If you only have one shared car, a tracking asset solution can help you keep abreast of who has what and who’ll need it next.
Don’t skimp on TECH, it really can be your best friend, automate as much as you can to increase efficiency and ROI. Tech products are perfect for this, if there is a task, see how you can it delegate to a tech solution. The other benefit is that automation helps when you’re sick, busy or taking a break.
However, certain expenses can’t be avoided and if you’re starting from scratch, it’s tough to imagine coming up with the money alone. Things like crowdfunding sites can help. They’ve become the norm for small ventures and projects to find funding. These 10 crowdfunding sitesare some of the most reputable ones for when friends and family are either already tapped out or not an option.
Networking, Branding, Content & Social Media
Some may not agree but these all fall under the same, or at the very least, similar category. Whether you’re networking face-to-face or creating content for your website and social media platforms, your message and branding must be unified. Nailing down your 30-second elevator pitch will not only help you sell your idea clearly, it’ll also keep your message simple and easy to understand. Be able to explain your vision to people in AND out of your industry. Use that pitch as a jumping off point for the rest of your content. Keep in mind who your target market is. Are they businesspeople? Are they tech-savvy? What income bracket do they fall under? When you understand who you’re targeting, your content and branding (for example, logo and visuals) will fall into place.
Believe In Yourself
Start-up life requires putting yourself out there and taking risks. If everyone could do it, they would. That’s why believing in yourself is paramount to your success. If you falter after the first rejection or expressed doubts from others, you’re guaranteed not to get far. You are the face of your idea, so own it. Know that as you grow, the business will be able to move to the forefront and your face can finally take a backseat.
When all else fails, build a strong support team to keep you buoyed but also grounded when things get too much. These will be the people – friends, family, mentors – who will be your sounding board, keep you on track and have you feeling your best when you’re at your lowest.
Love Your Idea
Belief in yourself is important but you need to believe in your business idea too. Things will get tough and your love of your business must trump the hard times.
For instance, we love Logitout (our company) and we KNOW that you and your team will love Logitout too! Feel free to schedule a demo!
Work/Life Balance Is Key
Business owners work hard and play little. This isn’t something you should be striving for. Working long hours is guaranteed but learn to spend time outside the office early. By stepping back here and there, you’ll be able to refocus quicker. Burnout happens to anyone who doesn’t know their limits and can’t set boundaries. Having a life outside your business will not only provide clarity but help keep things in perspective. Plus, with today’s technology, setting up proper management tools on your device can help you step away while never being far from pertinent information.
Planning and executing for success is not a sprint. This is for the long-haul. Take a look at resources on your government’s Small Business Administration site. You’re guaranteed to find business plan templates, checklists, and anything else you might need extra advice on. The Internet is a small business owner’s best friend for advice and resources that wouldn’t have been available before. Take advantage.