Perhaps you’re tired of the 9 to 5 grind or you’re just looking for a change in you life, starting your own small business can be rewarding and profitable. But, there is some planning to do and some questions to asked before you start.
The following 10 steps to starting a small business have been compiled based on my experience after having started 3 successful businesses that are currently doing very well.
1. Make sure you do something you love. Starting a business for the sole purpose of making money or avoiding the work force is a bad plan. Unless you’re truly in love with the products or services you are creating you will fail. Few people know this. Think of it this way; if obstacles get in your way, which they always do, only your passion, purpose and love of what you do will overcome any and all obstacles.
2. Don’t quit your job just yet. Most small business owners make the mistake of quitting their jobs before the money starts to roll and that’s why 85% of small businesses fail in their first year of business – because they run out of money. Most small businesses can be started in your spare time then, when the money starts to come, you can quit your job – not before.
3. Plan the work and work the plan. Sounds simple and familiar yet a well formulated plan with a clear outcome are the keys to success. Most people start a business without first putting to paper a clear plan of execution. Download a business plan template from the internet and study it. Then when you’re ready with a general plan, complete the full business plan.
4. Trial and error may be popular but it’s a waste of time. Sure mistakes are great because you learn what not to do. But, what if you could learn from the mistakes of others before making them yourself? Wouldn’t that make more sense? The quickest way to get where you’re going is to going to someone who’s already got what you want and ask them exactly how they got it. If they want to charge you for the information – pay it!
5. Marketing is everything. Based on my experience please don’t spend a lot of time formulating your product or service. Spend most of your time selling it first, then once you’ve sold it, you will have more resources to develop your product. Give the customer what they want, not what you think they want.
6. Hi-energy is the key. Have you ever heard the expression, “how you do anything is how you do everything?” If you have a poor level of energy for most things that you do then your business will fail. You must raise your energy level to 100% and do things with all the positive energy you can muster.
7. Focus on what’s going right – not on what needs fixing. If you focus on fixing problems you’ll get more problems. If you focus on the things that are working you’ll get more of the same. The law of attraction is an irrefutable law of the universe; use it to your advantage.
8. Help other get what they want first. If you are in business for personal gain only you will fail quickly. If, on the other hand, your business helps a great many people get what they want then you will succeed a hundred times more than they will.
9. Pay yourself first. You must always pay yourself first before anything else. Set aside money for you first and you will quickly realize that money will always be there. If you forget to do so or wait ‘till there’s money, there will never be any money.
10. Dream big. Nothing big ever got created with a small idea. Have a clear picture in your head of the outcome you want to produce and you will get there. Detach from what you belief are the failures and you will get there even faster.
I hope you’ve enjoyed these 10 steps to starting a small business. Naturally there are many others but these are in my opinion the most important and should be carefully considered before you start anything.
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The StreetSmart Marketer - Paul Tobey - provides free marketing tips for small business and more steps to starting a small business.
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