Is It Time For You To Birth a Business?
Starting a business is much like starting a family; it takes planning, preparation, a sense of humour and a never-give-up attitude.
Most people put off starting a business as they believe that they have to be 100 per cent dedicated time-wise to the business. But in reality, it doesn’t have to consume your every waking hour. In fact, it’s possible to work full time and have a small business on the side. And doing things this way means that the business is being run because there is a passion and desire to run a business. It’s not all about the money, and it gives you time to slowly transition from being employed to being self-employed, if that’s what you dream of.
Whether you want to have a business that you work on full time, or you want to only dedicate 10 per cent of your work time to a business, it’s still better than having a dream that you put zero per cent of your time into. Doing something is better than doing nothing at all.
No matter how much time you are able to, or want to, commit to your venture, being 100 per cent committed to your business in your heart is an absolute must!
So, you have an idea, where to from here?
First you need to ask yourself some hard questions.
- Your WHY?
Your why is very important. Your why for starting a business can’t just be to earn more money, to have more holidays, or to be popular. Your why goes deeper than that. In my opinion, it needs to be focused on your customer. I have a big why – it’s to make families happier and more connected to their community. A big why means that when the going gets tough, you can pull out your why and it will motivate you to keep going. Have it printed and put on the fridge, or on your mirror at home so that you are reminded of it every single day. My why means that even when I am having to put my family last to work on the business, I can justify it in my heart because what I am doing is making a huge difference to many families, so the sacrifice to me is justifiable.
- Your Lifestyle
It’s really important that you think about the lifestyle you want. If you want to start a business in a physical location, or the business’s main operating hours are going to be on the weekends, after a little while may resent the business if it’s impacting the lifestyle you want. If you want a business that can operate from anywhere in the world, you need to ensure your idea can cope with that and will work.
- Your Investment
All businesses will take some investment, the biggest one will be your time, in most instances. A lot of us want to start a business on a shoe string budget, and it’s certainly much easier to do these days, but you need to have a budget that you are willing to spend on creating this business. Investing in a logo, a website, business cards, business registration and trademarking, if relevant, are all essential first steps. And, of course, setting a marketing budget, purchasing accounting software and deciding whether you need staff initially are all costs that need to be considered as a start.
There are many, many other things too. Having a solid business plan to include all of your costings is important but to ensure the success of your business if things don’t go to plan you need a contingency. Look into the cost of all of the things you need to invest in, and then double it. However long you estimate to start the business, double that too. If you can manage the thought of the cost of the start-up at double what you think, and double the length of time it could take before you earn one dollar, let alone a profit, then you are good to go! If it freaks you out, good. This isn’t to say that you shouldn’t launch your business, you should, but you need to think of the worst case scenario and be prepared for it.
- Planning Time
You have your big why, you have found a business idea that will work with your lifestyle and you are prepared to put your hand in your pocket to pay for it. Now it’s time to do some testing to see if your idea has legs. You need to do some research online, talk to people, and research everything you possibly can about your idea. Is there anyone else doing it? Will you have a point of difference? Why should people buy off you instead? What do you like about what they are doing? What do you dislike about what they are doing? Can you make money out of this idea?
If the answer is still a yes, then it’s time to put it on paper. The dreaded business plan. There are many free templates online, especially ones provided by the Australian Government. Do one, you won’t regret it. Building a business without a plan is much like building a house without a plan – not a good idea. If you aren’t planning on getting a loan to start the business, then it doesn’t have to be too intense with a hundred pages, but it does have to cover the main things you need to think about, including finance and how you are planning on rolling everything out and by when.
Then, I’d suggest doing a marketing plan that covers a social media plan too.
And how do you want the business to end? Will you sell it, will you shut it down, will you amalgamate with another business and when would you like this to happen by?
Researching any insurances, talking to your accountant about the best financial structure to set up the business, and checking if there are any legislative things to keep in mind are all necessary to ensure you’re on the right track to business success.
Once you have these plans on paper, you can see what the work is going to take to do this business.
- Register and Roll Up Your Sleeves.
Lastly, it’s time to register your business name, a Trademark, buy the domain name, get a logo designed, get a website done, and basically put all of your plans into place.
Easier Businesses with Less Set-Up Stress
Buy a Franchise
All of the hard work is done with a proven formula, you have support of head office and with some training you are good to go.
Get involved with a Multi-Level Marketing Schemes
Things like Arbonne, Nucerity, Amway, Avon, Herbalife, Isagenix and hundreds more are all simple ways to have a sideline business.
Buying a license or management rights
Things like management rights to a hotel or property mean that you manage the building and earn money from it running successfully.
You can also buy the license to a product or service. Being the licensed seller of a certain software or having rights to print Micky Mouse on whatever you wish, for example.
Be a virtual assistant
Work from home and do errands for people all over the world.
Put your skills on websites like Fiverr
If you can do voiceovers, create logos, edit videos and more- then this is a great site to get some extra work.
Starting a business will be one of the hardest things you do… but once it’s born, you are going to love it, and through the infant stage, toddler stage all the way to teenage stage there are going to be highs and lows that you will have to roll with. Enjoy them, celebrate your wins and learn from your losses, and have as much fun as you can along the way. I hope that your business makes our world a better place for you, your family and anyone else you can impact in a positive way.
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