You’ve got a great idea for a product. You know that once you get the ball rolling, it’s going to help a ton of people. The only problem is getting your company off the ground.
You’ve never thought about running your own startup business before now. The idea can be a little daunting. There’s so much to do that you don’t know where to begin.
You’re also worried about leaving the day job that you’ve had going on for 5 plus years to go off on your own. Is it even possible for you to make it?
It is if you don’t go it alone. We’re here to help you through every step of the way. Check out this guide for a few awesome tips that will make your small business successful.
1. Ask for Help
The first step of creating a business is accepting the fact that you can’t go it alone. You’ve got a bunch of strengths that you can play off of, but you’ve got just as many weaknesses.
For example, you might be great at all the creative stuff, but you can’t do math to save your life. It won’t take long for your finances to go spiraling out of control unless you seek out a professional accountant.
Business professionals aren’t the only ones who can help you. Don’t rule out asking your family and friends for favors. They might be willing to put money toward your startup.
You can pitch ideas to them and get honest feedback from them. They can be a shoulder to cry on when something goes wrong.
You should also try to get in touch with a mentor in your field. There’s a good chance that they’ve already been through the exact same process that you’re going through right now. Their advice will be invaluable to your success.
2. Take the Plunge
The idea of starting a business and going off on your own is pretty scary. There are a million and one things that can go wrong. You may find yourself making up excuses for why you shouldn’t push forward.
You’ve got no time to invest in creating a startup. You’re low on finances. You could take out a loan, but you’re still paying back for the financial aid you got in college.
Instead of dwelling on these excuses, address them. Accept that they are excuses that you’re using to hold yourself back and handle them.
If you’re worried about your finances, refinancing your student loans might give you some breathing room. Working on your credit for a few years or so will increase your chances of the bank giving you a business loan.
As far as time goes, make time. When you’re sitting at home with nothing to do, get on your computer and start mapping out ideas for your business. We know that it’s not the most glamorous thing to do on your days off, but if you’re truly passionate about what you’re doing, the planning process won’t feel too much like work.
3. Get Fired Up
Speaking of passion, nothing will motivate you more than loving what you do. This being said, you don’t have to adore every aspect of your business, but you should be excited enough about it that you don’t see yourself doing anything else.
You’re going to devote a lot of time and energy to your startup business idea. If you don’t enjoy what you’re doing, your motivation will fizzle out. You’ll stop before you even get a chance to begin.
So, sit down and ask yourself, “do I love this idea?” “Am I passionate enough about it where I can see myself devoting my time and limited resources toward making it happen?”
If your answer to any of these two questions is no, it might be a good idea for you to put your business on the back burner for now.
4. Don’t Quit Your Day Job
Perhaps the most important piece of advice we have for you when it comes to creating a startup is don’t quit your day job yet. It’s going to be a hot minute before your business starts bringing in any form of income.
It will be hard for you to work on your business idea when you’re hungry and stressed about paying your rent. By keeping your day job, you’ll be bringing in some money that you can throw at your startup as well. Granted, it won’t be much after you pay your bills, but every little bit helps.
5. Start Small
If this is your first business, you may overwhelm yourself if you try to get too complicated. Narrow your focus into a single, concrete idea. Don’t let it turn into something so convoluted that you don’t even know how it works.
You need to be able to pitch your idea to clients. If they don’t understand what you’re talking about, they’re not going to pick up your product or service.
Having a bunch of unnecessary features will also blow your already limited budget out the window. Once you’re established and have funds coming in, you can add on all the bells and whistles that you cut, but for now, keep things simple.
This even applies to creating your business plan. This is a blueprint that lays out everything involving your business, from building location ideas to where you’re going to get your funding.
As you can imagine, the word count on this can get a bit hefty. Try your best to keep it at only a few hundred words for now. You can always develop it more as you go along.
6. Be Observant
When you’re pitching your ideas to your family and friends, you want to be observant. They’re likely to tell you that your idea is amazing so that they can be supportive. That’s why you’ve got to look at their body language.
That will tell you everything you need to know about how they really feel. Do encourage them to be as brutely honest with you as possible. You can’t improve if you don’t what you’re doing wrong.
This doesn’t only go for family and friends. You want to do the same thing with potential investors.
Remember, reach out to a mentor as well. They can give you great advice that you should make sure to write down. You want to be a sponge during this step of the process.
7. Get a List of Potential Clients Lined Up
Don’t wait until launch day to get a list of potential clients ready to go. Promote your business on social media to gain a few followers. Give out business cards to interested people.
Network with other professionals in your field on websites such as LinkedIn. Offer promotions on your products or give away samples if you can. If people know that your product actually functions the way that you advertise, that will establish trust.
8. Get the Legalities Out of the Way ASAP
This is most likely the least fun part of creating a business. You’ve got to get all the legal paperwork out of the way. If you miss a single detail, it could end with your business being shut down.
Most states require you to register your business. If you’re going to have any employees, you’re going to need worker’s compensation insurance. It’s a good idea to get general insurance while you’re at it too.
You’re going to need to get your tax requirements squared away. If you’re self-employed, you won’t need an EIN, but if you’re going to hire anyone, that’s a different story. Look into section 83(b) for founders.
9. Remember That You’re a Professional
If you’re going to get a good following of clients, you’re going to need to establish yourself as a professional from the beginning. Invest in quality business cards that you can give out to potential customers.
Don’t use your personal email address for your company matters. Create your own business email. The same goes for your phone number.
10. Keep Track of Your Finances
Sit down and come up with a list of all your expenses. Find out how much it will cost to rent a building. If the answer is too much, you might be able to save a bit by working out of your house.
Think about what equipment you’ll need. You’ll have to pay money to get your business license and other legalities out of the way.
You might not be able to get exact numbers, but do your best to get a rough estimate before you head to the bank to ask for a loan.
Get Your Startup Business Running
Do you have a great product idea that you want to bring to the public’s attention? There’s more to creating a startup business than marketing your item or service.
If you don’t keep the tips that we’ve talked about in mind, it will be hard for you to remain motivated and successful. This is especially true when it comes to the financial side of things.
We can help you stay on track with your business funding. Check out our blog daily for all the latest tips and tricks.