It’s a great adrenaline rush when you decide to start your own business. Maybe you are disenchanted with your corporate job and your entrepreneurial spirit is coming on strong so now is the time.
STOP! Don’t go any further on that thought until you read these tips from our Guest Blogger Penny Redmond on getting ready to launch your own business.
I don’t want to kill your enthusiasm because it is super exciting when you want to start your own biz. But first go into that journey with some knowledge to make sure you are successful.
Where to start? Some coaches may say quit your day job and go full in. I understand where they are coming from but consider these tips before quitting your day job.
Tip #1 Start writing down your plans and take the time to really outline your vision
Write down your business vision on a piece of paper. There is so much power when you write down your dream rather than just saying it out loud or in your head. Ask yourself is this really what you want to do? Take your time.
Tip #2 Create a financial plan for at least the first year of business
This is the biggest tip! Do you have your finances in order. You hear all kinds of great stories where people start businesses with hardly any money. Remember there are more people you don’t hear about that didn’t make it because they didn’t have the funding. Create a financial plan for at least the first year of business. List every expense you can possibly think you will have and list how much money you need to live. Pretty basic but it will give you an idea what kind of cash flow you will require. Very few businesses grow super fast unless there was a lot of planning before they launched their business.
Tip #3 Get right into the heads of your potential customers
What is going on in their lives that you can offer to make them happy? Are you solving a problem? Is there a need for what you are going to offer? Is the idea unique? Take the time to go deep and create a customer avatar. A customer avatar is basically the demographics and psychographics of your ideal customer. Focus on the psychographics as it will help you understand how to market to that segment.
Tip #4 Talk to people about your business who you trust that will give you honest feedback
Don’t only share your vision but share what your fears are to start your biz. If you are saying you don’t have a touch of fear, then be realistic and think about all the barriers or challenges you might have. It is very normal to have fear. Listen and be open minded. They may flag a challenge or an opportunity that you did not consider.
Tip # 5 Give your business a name so it feels real
So often I see entrepreneurs get stuck at this point. I strongly suggest you get a name before quitting your day job. The process may take longer than you think. Begin with writing down what names you would like and then start searching on google to see if the name is being used. At this point you should see what else comes up. For instance, if you see a company with a similar name and it is super popular then it probably isn’t the right way to go. Next go to WHOIS.com and type in the name. You are checking is to see if someone already owns the URL. If someone owns the URL then check for other available names.
Here is a tip within this tip. Always get the URL for your first and last name. It doesn’t matter if you are going to use your name as the company name or not. If you have a common name, then add your middle initial.
These are only 5 tips to get you thinking about the gravity of your decision to launch your business. There are many other tasks that need to be done before launching your business, but these tips will get you started, I wish you the greatest success as you begin this exciting chapter in your life!
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