Do you talk a good game about starting a business? Maybe you chat to friends about how great it would be to be your own boss. Or maybe you spend hours talking to your family about your various business ideas. You would have taken the leap into entrepreneurship already, but you’ve just been waiting for the right time to start your business.
There is no better time than now! Don’t worry, we can help you avoid the pitfalls and become a true boss in 2018.
Are you dismissing a brilliant idea?
Just because your idea is out of the box, doesn’t mean it’s not a great one. After all, someone is making a mint selling the Shamwow® and the people who created the Snuggie® did pretty well for themselves.
Don’t talk yourself out of the next great business idea just because you’re afraid of what others will think. Instead, figure out if there is a market for your idea by getting feedback from others, conducting focus groups with friends, and doing a test run of your product or service. If there doesn’t seem to be a viable market, you can move on to your next idea.
Are you relying on your gut alone?
Your gut is often right, but data is always right. Rather than go with what you think is the best strategy or business idea, be more analytical and systematic. Whether it’s your product, service, or your marketing strategy, test variations and monitor how potential customers, or your friends, react. You might love the version of your product that comes in pink, but if no one says they’d buy it, you’re better off going with a different version. The same thing with marketing strategies — test different messages to see what resonates best, then continue to analyze data after you launch. If you keep looking for ways to improve based on feedback, your business will keep growing and getting better.
Are you over-researching?
Yes, research is important. Focus on doing enough research, rather than researching every last detail. If you want to start a jewelry company, you don’t have to research jewelry trends for the last 200 years. Most successful entrepreneurs learned a great deal on the job.
What is essential research to do? Researching suppliers, testing the market, and costing out your products or services are critical areas. So is figuring out the demand for your product and the cash flow necessary to ensure you have enough working capital. When it comes to sourcing suppliers, Alibaba.com is a great place to start, and there are online guides to help price your products. Crowdfunding sites like Kickstarter and Indiegogo can be great places to test the market. Need help calculating your cashflow? There are a number of great resources online to help.
Are you prioritizing your business?
One of the classic wantreprenuer excuses is not having the time to launch your business; however, deep down many wantrepreneurs don’t prioritize their businesses. If you want to be an entrepreneur instead of a wantrepreneur, then you need to make your business a top priority. You are a limited resource, so starting a business will mean trade-offs. You might have to give up a few things you enjoy — like going out with friends or sleeping late on weekends — but it will be worth it. Find ways to block out time on your calendar specifically to work on your business.
Do you keep changing your business idea?
When you’re thinking about starting a business, every new idea can feel exciting and better than the last. But if you keep jumping from one idea to another, it’s unlikely you’ll be able to start a business. Pick one idea and stick with it. See it through. Pivot if necessary. Repeat. Pick the one that’s easiest to do right now, then build on it or change it. The hardest part is starting…so starting with the easiest option.
Are you worrying about the paperwork?
Setting up and running your business involves a lot of paperwork. If you’re spending hours creating invoices and tracking expenses — no matter what your business challenge — there’s a service to help save you time and money. For starters, streamline your invoicing and accounting with Wave. The best part? It’s free!
Is the registration process confusing you? If that’s what is keeping you from starting your business, the answer is simple: Ownr. We’ll help you register your business so you can get started quicker.
Excited to make your business a reality after reading this article? Use that excitement to propel you forward, but don’t get too far ahead of yourself. Starting a successful business takes time. You’ll be more successful and won’t burn out if you start slow and do it right.