Maybe you want to be your boss, perhaps you’re tired of the 9-5 grind, or perhaps you just feel like it’s time for a change says William D King. Whatever the reason might be, starting your own business is no easy task.
The first step? Believe in yourself and what you can offer to potential customers or clients. And that’s okay! Sure, there are plenty of checklists out there on how to start a business with ease, but at some point, most entrepreneurs find themselves stuck somewhere along the line before they even get started.
If you plan on taking this plunge into entrepreneurship, make sure these five things are in place before starting your own business.
1) Experience
“Do one thing every day that scares you.”
William D King says, no one is born knowing their way around the ins and outs of running a business, but if you’ve worked in a small business for years or even decades, it can help to have some experience before starting your own. Even if it’s just dealing with employees or customers at a retail store, there are lessons we learn from simply observing and participating in other people’s work lives.
Take advantage of internships and co-op programs at school to get some real-time experience under your belt. You’ll likely meet potential mentors who will guide you through the process throughout college too.
2) A Solid Foundation
Running a small business requires discipline — especially when no one else is holding you accountable. Sure, it’s easy to put something off until tomorrow, but if you don’t have a plan or strategy for tackling your day-to-day tasks and deadlines, you’ll find yourself falling behind quickly.
3) Education
There are plenty of free online resources that can help you brush up on the basics for starting a business — from understanding what type of business entity is right for you to keeping track of expenses. In addition to those helpful how-tos, taking related courses at school or through continuing education programs will equip you with the necessary skills to take charge of all aspects of your small business.
4) Personal Time Management
Time management is key to juggling work and family life. Owning a small business and making time for yourself allows you to stay energized, happy, and healthy, which will help you run your business more efficiently.
5) A Financial Plan
Before starting your own business, prepare a financial plan to map out goals and potential challenges. If you’re the sole owner of the company running things without help can be tricky. Having an assistant or hiring outside support should be factoring in your budget for this reason (and many others).
But before you hire anyone else in your company, make sure that you’ve covered all of your bases by understanding what it takes to start a small business in today’s increasingly competitive marketplace explains William D King.
So, what are you waiting for? Go out there and start your own business!