1) Be Passionate
You don’t have to love whatever your business is about (and probably shouldn’t), but you do have to be fired up about it. You’re going to devote a lot of time and energy to starting a business and building it into a successful enterprise in https://artdaily.com/bola88.html, so it’s really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery, or providing financial advice.
2) Start While You Are Still Employed
How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you’re starting a business means money in your pocket while you’re going through the start-up process.
3) Don’t Do It Alone
You need a support system while you’re starting a business (and afterward). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start-up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start-up program. For example, Futurpreneur Canada offers financing, mentoring, and support tools to entrepreneurs between the ages of 18 and 39.
4) Get Clients or Customers Lined Up
Don’t wait until you’ve officially started your business to line these up, because your business can’t survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can’t start marketing too soon.
5) Write a Business Plan
The main reason for doing a business plan first when you’re thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed.
6) Do Your Research
You’ll do a lot of research writing a business plan, but that’s just a start. When you’re starting a business, you need to become an expert on your industry, products, and services. Joining related industry or professional associations before you start your business is a great idea.
7) Get Professional Help
On the other hand, just because you’re starting a business, doesn’t mean you have to be an expert on everything. If you’re not an accountant or bookkeeper, hire one (or both). If you need to write up a contract, and you’re not a lawyer, hire one. You will waste more time and possibly money, in the long run, trying to do things yourself that you are not qualified to do.
8) Make Sure the Money Is Lined Up
Save up if you have to. Approach potential investors and lenders. Figure out your financial fall-back plan. Don’t expect to start a business and then walk into a bank and get money. Traditional lenders don’t like new ideas and don’t like businesses without proven track records.