So you have the next big idea for a business, congrats! Now, where to begin? Starting your own business comes with a lot of hard work, perseverance and reward. With that being said, everyone needs advice on where to begin, and some key things to keep in mind. We’ve compiled what we believe to be the top 5 bits of advice that any new entrepreneur should keep in mind.
Start with a business plan
Writing down your ideas helps you solidify your business. You won’t forget your great ideas, and you will be able to cut the not so great ones. Not only should you write down your ideas, but also your research. Include budgets, timelines, locations, suppliers, and even potential partners. By creating a business plan that covers all of the important details, you can make sure nothing is forgotten. A business plan is always the first step in starting your own business.
With your business plan completed, you are now ready to find a partner, mentor or even an investor. Other entrepreneurs are looking to work on other projects to work their creative muscles. They bring their industry contacts, knowledge, technology or even capital to a new project. Having someone who is experienced can help bring your business plan to life.
Having a business plan to show to these important people is also key to success. Showing that you have done your research, set realistic goals, and budgeted your business will help investors know the direction of the company and see if they are a good fit with your project. Also, without a plan, many investors will not even begin to look at your project. When starting your own business, partnering up with someone will help bring in new ideas, and open up new opportunities in the market.
Don’t quit your day job
As much as anybody wants to quit their day job to pursue their dream, it’s definitely not a good idea to do so, at least right away. In the early stages of a business there are a lot of expenses and costs that arise before you can even begin to start paying yourself. A general rule is to have at least 6 months of expenses in the bank. This gives you flexibility in case anything unexpected comes up.
The world changes, and so should your business
The world of business is an ever changing ecosystem. It is constantly evolving, changing, and growing. It’s important to allow your business to change, even if it wasn’t part of your original vision. It doesn’t mean you need to sacrifice your core business, mission and vision, it means that as you learn and develop your business, it may evolve into something much greater than originally imagined.
With new technologies and trends, come new efficiencies and markets to tap into. As you take your product into the marketplace, you may find that your customers are looking for another feature, element, or aspect that you may not have thought of before. Look into these changes and see if your business can take advantage of them.
Do what you love
If you go to work everyday doing something you don’t love, you won’t succeed. The best part about being an entrepreneur is taking your passion and turning it into a reality. When you are doing what you love, you are able to pour your heart and soul into and see an incredible outcome.
When starting your own business, everyone faces challenges and feels like it might be easier to give up and go back to the grind. Remember to persevere through these challenges and keep your sight set on why you started your business in the first place. In the development of Repree, we have faced hurdles that we have overcome, and even changed parts of our business to fit our customers needs. All of this has helped us solidify our mission, vision and the core of our business. Is there any advice that you would give to a new entrepreneur?