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How not to start your own business!

Have you ever wanted to start your own business? You are not alone. In fact, most people think that owning their own business means achieving freedom as well as having a better financial and professional outcome. The fact is that many of the people who want to start their own business don’t go through with it either because of lack of stability or just plain fear. I started a business and I am here to give you 3 tips on the truth about starting your own business.

Many failed startups arise from the fact that starting your own business takes dedication, time, and money. The order of those may vary, but I specifically listed those words in that order. When you start your own business, it requires your full dedication. It can be easy to lose momentum if the dedication is not there. The biggest lie you will hear about starting your own business is the immediate freedom it brings. Starting your own business will take up most if not all of your time. It requires full DEDICATION of your TIME. With this in mind, your business will eventually reach a place where it will bring you the freedom you long for. Money is the last factor in the equation. You want to make sure you are prepared for a huge impact to your income and therefore lifestyle. Be strategic with your startup investments. Think twice of personal funds that are being invested to fund your new business venture. Most importantly, keep track of every single penny that is spent.

Tip #1
Don’t assume starting a business is easy, but rather be prepared to dedicate 110% of your personal resources and time to running your startup. Write a business plan detailing when, how, and on what your investment money will go. Keep track of all your expenses. Don?t be afraid to consult with a business advisor if you hesitate on any of these steps.

Having business connections is essential when starting your own business. You want to not only focus on providing a great service or amazing products, but also have a positive presence in your business community. To run a successful business, you need to connect with other local business owners in your
community. Having business connections can bring about advice on your local community including effective methods of thriving businesses in your community.

Tip #2
Don’t avoid meeting local business owners, but rather visit their place of business and bring a small gift. You want to establish a positive presence with your business community.

The last piece of advice I can give you is patience. It seems that patience is the key to every successful process there is and will be. We are so used to the instant gratification and having everything at our fingertips. Starting your business will require patience in every aspect. You need to be patient in the development of your idea. For me it took over a year to fully develop and execute my idea. You need to be patient with gaining credibility. You need to be patient with establishing a customer base. When running your business, always take a step back and look at the big picture. Take the time and patience to see how actions will affect your business.

Tip #3
Don’t feel like your business will be making millions the day after you started, but rather focus on being patient and following the right methods to be able to get your business to eventually make millions.
Starting a business requires you to be fully aware that you need to establish rewards that outweigh the risks. You need to be fully conscious on how you will develop the ideas that make you unique. Seek guidance and don’t be afraid to ask for advice.

Let’s Talk Soon!

Article featured on GABIZ May 2018 Issue
Profiling Growing Business in Georgia

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