Are you ready to Turn Your Idea into a Business? Taking the plunge and starting your own business can be both a rewarding and stressful experience. There’s a lot of information to learn about yourself, your product or service, and the market you are targeting. Don’t let the fear of the unknown stop you! The CGS Team is sharing 7 tips for first time business owners to help you feel confident, knowledgeable, and excited about starting your new business.
Tip #1: Make Sure You Love Your Business
If there’s one thing you need when starting your business, it’s a love of the business! You are going to need to love your idea, design, concept, product or service because that’s all that you will be thinking about day and night when building your business. Be passionate about your business and the success will come naturally. If you are only starting a business to make money, you may be discouraged by how much effort it’s going to take.
Tip #2: Before You Start, Establish a Savings
Do you plan on quitting your day job before starting your business? If so, make sure you have a well-established savings in place. Most start-ups don’t see a profit until after the third year of business. That means that you will need to cover your own personal expenses on your own. A good place to start is to have at least 6 months- 1 years’ worth of living expenses. If possible, get rid of your debt before you start your company.
Tip #3: Be Ready for the Ups and Downs
Unless you are one of the lucky few whose business blows up overnight, you will likely endure trying times of ups and downs. There will be periods of time where sales are non-existent and then a rush of orders come in. Prepare yourself mentally for the tolls that this type of work cycle can bring.
Tip #4: Keep a Close Eye on the Finances
Before you start the business, think long and hard about how much you will actually need in capital to get going. Give your business a fighting chance by taking out a loan, seeking an investor, or putting your own money into the company. Once your business is up and running, keep detailed accounts of every penny that comes in and goes out. This will be extremely helpful come tax time and for potential investors in the future. It will also make your life much easier when you need to make business purchases.
Tip #5: Be Open to Change
Don’t be surprised if your original business idea becomes something completely different when you actually launch your company. The ability to be open to change will allow your business to grow and develop with the customer’s want. If you keep your model the same throughout the life of the business, you may find it difficult to get where you really want to go.
Tip #6: Build Your Business as a Brand
Before you start your company, think of how you plan on branding it. Everything from your logo down to your fonts and text colors can have an impact on how your company is viewed. Think of your company as a brand and be sure that everything you do falls in that brand. Keep your brand consistent so that current and future customers will actually remember you.
Tip #7: Never Stop Grinding
A first-time business owner should never stop working hard. Even a well-established business owner keeps the hustle going! When you first start a business, prepare yourself for all of the hard work that will be required of you. There will be long days and nights of working, times when you want a vacation, and really hard periods of work with little recognition. It’s simply a part of the process. Get ready to work hard, the journey to success can be a long one.
Related: 4 Things Millennials Should Know When Starting a Business
The “American Dream” can be achieved by anyone! Anyone can be successful if they’re willing to work hard and stay motivated. Are you thinking of starting a business? What’s stopping you from actually implementing it? What questions do you have when it comes to actually starting and running your own company? We want to hear from you, so leave a comment below and we will reply to any questions!
1 thought on “7 Tips for First Time Business Owners”
“Make sure you love your business” – this is so important! You will live and breathe your new business, so you better love and enjoy it!