If you want to start a new business, what’s holding you back? Maybe you’re waiting for the perfect time, maybe you’re not sure if you can afford it or maybe you have a ton of ideas and just don’t know how to get started. All of that is very normal.
Starting a new business is both exciting and terrifying at the same time, but it will also be very rewarding when you get started. There are a lot of emotions involved in making a life changing decision like starting a new business. You’re probably scared, nervous, excited and happy. That’s OK, but you need to get over it so you can start your business.
Could you imagine if Steve Jobs didn’t invent the first Macintosh computer model because he was afraid no one would buy it. Think about what the world would be like if Mark Zuckerberg was too busy in college to create Facebook. Steve Jobs took a chance on his idea and Mark Zuckerberg made the time in his schedule and because of it they’ve forever changed the world we live in.
If you want to start a new business here’s how to get started:
It all starts with an idea
This is fairly obvious. You can’t create a business if you don’t have an idea. However we need to go beyond that. Think about your idea and turn it into a business model. Ask yourself who needs my product, is the business sustainable (i.e. repeat customers), can it eventually expand with other products and who will I sell to. The answers to these questions will help you create a business plan.
If I’ve learned anything from years of watching Shark Tank it’s that if you want to make money you need to hustle. Don’t ever take no for an answer. As Mark Cuban would ask “What’s your grind?” In other words what are you going to do to get your new business of the ground and make it profitable?
The answer is everything. If something isn’t working, learn from it, adjust your method and go back to market. Always refer to your business plan and make sure you’re meeting your milestones.
Get some cash in the bank
People always say that need to spend money to make money. I don’t know if that’s great advice because I don’t believe in spending money that you don’t have. However it does take money to run a business. Depending on the type of business you’ll need some start-up cash for initial expenses such as a website domain and hosting.
During the initial business planning phase research how much money you’ll need to get started and how much you’ll need to keep it operating each month. This will help you plan how much to save and also give you goals as to how much income you need to generate every month.
Starting a new business is time consuming and you’ll need to give up personal time to do so, however it will all be worth it when you have a profitable business to call your own.