Countless articles have been published on how to Start Your Own Successful Business; however, in this article, we will concentrate on how to start a business correctly. We’ll probably go against the grain and investigate real-world solutions that will increase the likelihood of a positive outcome.
We’ll take a look at this topic from a business standpoint and walk you in via the processes. These steps are based on our personal observations and countless discussions with startup entrepreneurs.
In this article we will cover the following topics:
- What no one tells you
- Benefits of becoming your own boss
- Checklist for success when starting your own business
- Useful resources to get you started
What no one tells you: Start Your Own Successful Business
Being a business owner is perhaps one of the most difficult things a person can do; it isn’t all sweetness and light, and there isn’t always a flashy sports car at the end of the journey.
Although many entrepreneurs fantasise about becoming millionaires overnight, this is not the case. Here are the most essential things no one teaches you about starting a business:
Do not Write Business Plans
Business plans are absolutely pointless, and no one will bother to read them. If you google for “how to start your own business,” you will almost certainly be bombarded with websites providing business plan tools, all attempting to persuade you to complete your business plan. In the actual world, all of stuff is absolutely pointless.
That isn’t to say you shouldn’t have a strategy or plan in place for your business idea. The importance of planning and strategising in the corporate world cannot be overstated. However, instead of a lofty strategy and lengthy document created to persuade someone else about your business, it should be approached from a practical standpoint with specific milestones and targets, as well as objectives that must be met.
Plan carefully what your expectations are, what your targets are, and what you want to accomplish. Read more on OKR Planning for your Business here and the key components of a successful business strategy here.
As opposed to looking at business planning from a dreamy angle, consider it from a practical and strategic viewpoint so that you can focus on the important things and start working on them to ensure your success.
Double The Time: Start Your Own Successful Business
Though they don’t write down their ideas in a business plan, many entrepreneurs have an idea about the length of time it will take to achieve success.
I anticipated I would be where I need to be by the end of six months. In short, I had saved enough money to cover my expenses for a year, since I, as a decent manager, had built in 100% contingency into my finances.
In my first business, just a small amount of money took nearly two years to produce. After a year, my family and I were ready to sustain ourselves.
An entrepreneur’s journey is like diving into the deepest part of an ocean. You learn things as you kick and struggle when you don’t know how to swim. Eventually, you realise that certain actions allow you to float better, while others sink you faster. Among the lessons learned in entrepreneurship will be your savings, livelihood, family, and years.
flashy at the end of the Tunnel
To illustrate this point, I will use one of my favourite quotes:
“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance…. Unless you have a lot of passion about this, you’re not going to survive. You’re going to give it up. So you’ve got to have an idea, or a problem or a wrong that you want to right that you’re passionate about; otherwise, you’re not going to have the perseverance to stick it through.” – Steve Jobs.
It is safe to say that Steve Jobs is one of the most successful entrepreneurs of all time. He has built a company that is currently one of the most valued companies in the world. His key words are persistence and passion. If you are struggling to remain motivated and the estimated six months to success has turned into three years or more, this is what you will need.
The benefits of starting your own business
- The ability to direct your own destiny – Owning your own business means making all the decisions. Compared to a traditional job, you have a feeling of control and ownership.
- Increased earning potential – A successful business can generate unlimited income. Depending on the demand for your product or service, you can earn as much as you want.
- Flexibility – Having your own business gives you the flexibility to work wherever you want from any time. A flexible schedule can be an advantage for anyone who has a family or other commitments that require a great deal of your time.
- Pride in ownership – The feeling of accomplishment and pride that comes from owning your own business is indescribable. The satisfaction of knowing you have built something from scratch can be very rewarding.
- Making a difference – Build a company that changes lives, creates jobs, and stays in business after you leave.
Checklist for Success
Our checklist was compiled from research from content, blogs, and interviews with successful startup founders and from experience starting multiple businesses. While the underlying ideas might be applicable to many industries, this is geared towards technology companies.
Financial Stability: Start Your Own Successful Business
This is the most crucial item to address before leaving your job and taking the leap of faith. If your company hasn’t produced any money in two years, you’ll need enough savings, assets, and investments to keep it going.
Team : Start Your Own Successful Business
This is significant, but not essential. When numerous people are striving to make a business successful, it has a better chance of succeeding. There are many examples of incredibly successful solo founders, but generally, your odds are better when you have a solid team to help you and share the weight. Investors prefer larger teams, which increases your possibilities of generating revenues.
Establish clear objectives and targets for your entrepreneurial journey and document your business strategy. Do not rely on intuitive feelings alone. Gather all of your business’s get a good, Business Management Software to keep track of your day to day.
Validate your idea early
A good business idea is different from being able to raise money for it. You may even find that clients find your idea great, but are unwilling to pay for it. The best way to validate an idea is to see if people put their credit cards down. In this case, you should build quickly and test your product to determine whether it will be adopted and paid for.
80% Marketing Rule
According to the 80-20 rule, marketing accounts for 80% of what entrepreneurs need to do to be successful.
Start dialling those phones! Yes, pick it up and get to work. In today’s digital age, marketing may be via social media, cold email outreach, direct calling, SMS marketing, or even event networking, depending on your business.
Focus on Making Revenue
You should always ask yourself “am I going to generate revenue” as an entrepreneur at every stage of your business. If the answer is no, you can push that down your priority list. Focus only on actions that will generate revenue. Founders often spend too much time applying to accelerator programs and seeking funding or mentoring, which might seem obvious. The only thing you need is to start selling, not mentorship or funding. Rather than you seeking out investors and mentors, you will find that they will seek you out.
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Curated list of start-up resources for founders: https://www.founderresources.io/
TechStars Startup Toolkit: https://toolkit.techstars.com/
Ycombinator start-up school: https://www.startupschool.org/
Startups Library: https://www.startups.com/library