So, you want to start your own business? Or perhaps you are in the process of starting your business? I dreamed of running my own business, actually multiple businesses, but I didn’t have the nerve to actually start for a long time. I would make up excuses, like I am too busy. Or, I’m overwhelmed with just living my life.
Yes, I knew that having my own business would be more money in my pocket instead of the company I was working for. Which helped to motivate me. Also, I wanted to be my own boss, and have my own schedule. Yet, to actually do something to start my own business ventures required a lot of initial thought and follow through on my part. I needed a plan. I needed help and guidance.
A plan is very important to help you focus on what you need, and to figure out what you have already to get started. For one, do you have the product or service to start with? How will you maintain continuation of the product or service? Simply put, what are you going to do to keep in supply. If it is a service, is it something you are going to do personally, or are you going to need other people?
Then there is the business plan. A business plan is required if you decide you need/want financial backing from a lender, usually a bank or credit union. Putting together a business plan can seem pretty daunting at first. But it is a great way to tell if you have thought of everything you need to get started and to be successful. Things they may want to know is:
What you are selling?
Who is your demographic?
How much money do you plan on making in a year?
Where do you want to have your business located?
How much are your monthly expenses?
Do you need insurance?
What do you already have for your business?
How do you plan to advertise?
How much do you want to borrow?
Having goals will help you stay on track. It is good to have long term and short term ideals in mind. Especially when it comes to money. I know it is easy to say “Don’t spend more than you earn.” Honestly, in the beginning it will be a challenge to not over spend. You may even be able to justify what you do spend. It will be critical for you to be mindful of your expenses and to see how your business is doing. Keeping track daily of your bank/credit union account and cash on hand is ideal.
I personally enjoy finding great deals on inventory for my physical and online shops. I do have to reign myself in buying inventory sometimes, especially since I have just started my shops this year. Let’s just say my spending is equal or more than what I have gained back from sales. I put everything that I earn back into my businesses and more. It takes time to build up a presence.
Educating yourself about money through reading online sources, talking with successful people and studying books is a great way to start. You will see a common theme building that is hard to ignore. a pattern that you will follow and notice because successful people generally follow a form of the pattern itself. A success formula if you will. The challenging part is aligning yourself to a similar pattern that works for you. You can also learn a lot by conversing with people you trust on how they manage money.
While building your business, it helps to surround yourself with positive people. I have my favorite people that I trust, to listen and advise me regarding my various business endeavors. Lucas with Simmons Soul Selections at Simmonssoulselections.com is one of those people. He has helped me tremendously to get the nerve to actually start my businesses. Which was the hardest part in my mind. The people you surround yourself with make all the difference. With that being said, another thought in this regard is avoid people who suck the life out of you emotionally and mentally.
Also worth considering is what are you planning to do with your day job if you have one per se? I personally love the idea of not having to work for other people while I’m building my businesses, but it is a necessary evil for me at the moment. I like having the safety net of a steady paycheck to live on while my businesses are getting off the ground. If you don’t have to work a 9 to 5 gig, all the more power to you. Be thankful, and use your time build your business quicker than most people including me (smile).
It is important to work with what you have financially or other assets like your older computer that will do the job for now and save you the cost of buying a new one for awhile. Determine to make it enough, especially if you don’t have the credit score or desire to go into debt for a business loan. Budgeting is your friend. Planning your budget for the week, month and year is sound practice. Knowing how much you spend, and how much you can save are important factors. Educate yourself and go for it. Never give up. If one way doesn’t work, try another. Saving even just a quarter a day is a good habit to practice to help master saving money.
You will also need to question trends in the market place. Is your business going to make money consistently? Is there a demand or market for it? Can you see people wanting your service or products? Networking with others to figure this out is also a very good idea. Perhaps you may require the services of someone who can help you build an ecosystem?
With all of this in mind, I encourage you to have faith and have a business plan. Be responsible with the resources you have and live within your means. Goals are vital and necessary for staying on track. Schedule your life for what is important to you or someone else will plan your life possibly in another direction that may not align with what is important to you. Arrive on time, as a way of showing respect to yourself and others time. Good luck and go for it!