6 things you should know before starting your own business
Making the leap from being employed to running your own business can be a challenging one and not something that should be done without careful consideration. Below, we’ve put together some of the things you should take into consideration before you start a business.
It’s going to take up a lot of time
Perhaps one of the most important pieces of advice we can offer is that running a business can take a lot of time and energy. Some small business owners start their ventures as a side hustle, working on their project when they’re still in full-time employment, but the truth is that if you want to give it your all, you’re going to need to set aside a decent amount of time. Be clear on what your goals and be realistic about how long it’s going to take to achieve them.
You can’t do everything
Though you’ll want to take on as many tasks and responsibilities as you can when you’re in the early days of running your business, it’s important to be clear you can’t do everything. It’s certainly possible to don many hats and take on different duties and responsibilities, but a good entrepreneur will know when to hand things over to the professionals. Whether that means outsourcing marketing or hiring a facilities management company to assist with cleaning, it often pays to use professionals rather than trying to learn everything yourself.
Knowing your audience is key
Do you really know who you’re trying to target and what they’re looking for? We’ve already put together some tips on knowing your audience and creating products and services that they will actually want to buy. Speak to your target demographic before you start promoting to them – understand their common pain points and develop solutions to help them thrive.
Leaning on friends and family can help you
Make sure that you have a strong support network at home who can support you through the challenges of starting your own business. It might be that you can lean on your loved ones for their expertise and for some emotional support, too, should things get difficult for you.
Having a back-up plan is worthwhile
Its all well and good launching a new business and quitting your job, but having a backup plan means that you’re covered should something go wrong. Indeed, setting aside some savings so you can live comfortably until you start generating income and thinking about your skills and how they could be best utilized elsewhere will make the leap less daunting.
Being resourceful could make or break you
It can be tempting to splash the cash when you start a new business – after all, you need a state-of-the-art computer to answer those emails, right? However, it’s so important to count every penny and make sensible decisions in regards to spending. The less you spend, the more you’ll get to keep in salary and dividends when your business starts making money!
Do you have any other tips? Let us know and check back to the Less Competition blog soon.