1. Love What You Do
It's a good idea to select an area
which you already have an interest in, for a number of reasons. You
already have some knowledge and expertise in this area which is
invaluable and you won't necessarily be starting from scratch. If you
chose an area which is already of interest to you it won't necessarily
feel like work, especially when the going gets tough. No matter which
area you chose you will undoubtedly have rough patches, when this
happens you are much more likely to persevere because you have an
attachment, a vested interest and a passion. If you have no interest
you'll be much more likely to throw in the towel at the first sign of
trouble.
2. Prepare a Business Plan
A business plan is not
just something which you need to prepare to show to banks for a loan or
to investors. A business plan is necessary and useful as it also serves
as a guide to operate by. It's a great way to set goals, measure
progress and achievements and keeps you on track with spending. Keep
yourself organised and create a folder on your computer where keep your
business plan and other relevant documents that you'll be using
regularly, such as an invoice template or your sales documents.
3. Set Realistic Expectations
Don't
expect miracles over night. Searching the internet you'll find
thousands of people claiming to have generated millions over night with
one scam or another. Genuine business ventures take time, care and
persistent. There is no such thing as easy money or money for nothing,
cliche but true, if it were that easy everyone would be doing it. Know
that there will be obstacles and difficulties to overcome from the
start.
4. Just Do It
The best way to gain knowledge and
learn, is by doing. You can read all the books, take all the courses,
study and research for years but until you take that first step you'll
never actually know. It's like learning to drive, you have an instructor
by your side in every single lesson with their safety pedals as a back
up. You learn all the technicalities of driving but the real learning
only starts when you venture out onto the road by yourself. Nothing and
no one can prepare you for every eventuality. Research and educate
yourself in your chosen field by all means but there will never be a
right time to jump in. Even if you take a very small step into your
venture, the sooner you get started the sooner you'll be on your way.
5. Ask yourself Why
Work
out why you want to go into business for yourself. You need to have a
good list of all the why's before you get started. This exercise can
also be used as your goal indicator. If you're looking to have more time
for yourself for instance, your business venture could take up to a
year if not more before you can get a little time for yourself and your
family and if that is your main focus you may get disheartened as you
begin to build your business, when you realise your free time is not
only limited but you have a lot less of it. Starting a new business is
not your typical 9-5, it's more of a start when you wake, finish when
your head hits the pillow. If you prepare yourself for this, it won't be
such a shock to the system.
6. Budget and Finance
Looking
to set up a business with very little start-up costs isn't too difficult
in this day and age especially on the internet. You may be looking at
setting up an online business and the costs of a website are little and
nothing but once you have your website, whether you're selling products
or providing a service you need to advertise and whilst your initial
outlay may be minimal you have to be prepared to continue this for the
life of your business. Will you require help to run things? Do you have
marketing skills? Learning about marketing is going to be a fundamental
part of your business growth, you can hire someone but if this puts a
strain on your budget you may want to look into learning a few key tips
yourself.
7. Building your Network
Networking is crucial in
business whether online or in person. Every contact is either a
potential customer, or may be someone who has advice or inspiration for
you. You'll be surprised by the amount of successful business owners and
entrepreneurs who are ready to impart valuable advice and tips and can
point you in the right direction for all sorts of services. There are a
whole treasure trove of supportive business owners online, you can read
blogs, ask questions in forums etc and its all for free.
8. Learning to Adapt
Ensure
that you set a realistic budget for everything from your internet
connection down to stock or billable hours. Every single penny counts.
There's no point in spending thousands on advertising if you're not
seeing a return, you may have to go back to the planning stages. This is
all part of your learning, so test out strategies and don't be afraid
to adapt to the climate. There are all sorts of things that can impact a
businesses growth and income and if your business is not responsive to
the market or technology for instance this may cost you dearly.
9. Focus
It's
very easy to be side-tracked, there are so many ideas and new ventures
out there, so focusing on the goals you first laid out in your business
plan are crucial. Focus on one task at a time. You can always make notes
for ideas and projects you'd like to take up in the future but remain
focused, otherwise you may fall foul of procrastination, looking at lots
of different ideas and at the end of the day find you haven't achieved
anything or actually done any work.
10. Believe in yourself
Self-Belief
goes a long way, this is not whimsical advice this is fact, if you
don't believe in yourself and your product or service then you cannot
expect anyone else to. It may seem difficult especially when starting
out but you have to learn to believe in yourself, this will impact every
aspect of your business, from creating your Business plan right down to
networking. If you don't believe what you're doing this will show in
everything you do.
If you believe it, you can Achieve it!
Good Luck!