5 Tips When Starting Your Own Business

Tips to start your own business

When you are considering starting your own business, there are many things you need to put in place. From choosing the right product/services for the right audience, to developing a strong business plan and getting just enough funding to get you through tough beginning stage.

Let's look at the key components of building a strong foundation for your new venture.

1. Set strong boundaries right from the beginning

I've seen way too many business owners to jump ahead into building a business which backfired destroying their marriages, relationships, financials, and more. Keep in mind that you can't build a strong business overnight. Competition is big, trust takes time to build, plus there is a learning curve to set up your systems and processes, hire team and connect with the right people. Before you jump in, understand the cost, have a solid plan and decide how much you will invest (e.g. time, money, resources) and what will be non-negotiable (e.g. relationships, time, personal wellbeing).

2. Choose the right business

Yes, you can go the trial and error path, jumping from one idea to another until you find something that sticks. And you wouldn't be the only one to succeed this way. What I mean is not HOW you should find the right business, but what type of business you should choose. Make sure you pick something you enjoy doing, something you are passionate about. As I mentioned a minute ago, building a business is not easy. What's the point in building a business you will despise couple years down the road or quit along the way?

3. Don't put all the eggs in one basket

It's good to focus on one thing until successful, but when you're looking to build a strong business, looking at sustainability should always be in the back of your mind. Starting your business with one key customer can be great, but don't stay there for long before looking for others who can propel you to the new heights and bring more sustainability. How can you protect your business from unexpected forces? Build your business in layers, creating multiple sources of income, tightening your security, protecting your assets, improving your customer experience, investing in your people and growing the profitability.

4. Surround yourself with wise advisors

Running a business can be a lonely place. And frustrating at times. Having mentors, advisors and professionals around you who walked the walk, have experience or expertise to help you make wise decisions, can speed up your success and prevent many mistakes. Be willing to listen and learn. You will be glad you did.

5. Learn as you go

Don't try to figure everything out before you take a leap. I guarantee that you will never know everything, predict everything or understand everything. Sometimes you just have to be willing to take action, make things happen, learn from mistakes and move on. Choose to enjoy the journey and grow your business and yourself.

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