Do you have a killer business idea and are thinking of your own small start-up? Sure, it’s an exhilarating thought, however, the title of “entrepreneur” is often linked to big names such as Richard Branson, Steve Jobs, Mark Shuttleworth and Zuckerberg – a little intimidating, right?
It’s a scary thought; stepping out of the office and into small business ownership is a ballsy move and worrying about the risks is normal. However, if you’re still in the thinking phase, you’re on the right track. There’s a lot of thinking to be done before starting a small business of your own.
There are so many tips for starting a new business out there that choosing which ones to follow can be a little confusing. Also, and here’s the kicker, there is no perfect formula. It is often a “learn-as-you-go” process.
The important thing is to balance passion with wisdom. Don’t let passion take over all your decisions; knowledge will point you in the right direction. Make sure to do your research, rather than starting your idea with what to sell, think about what it will solve – your start-up should fill a hole in the market. Ask experts and professionals in the industry for advice to see where you fit in. Smart entrepreneurs learn from the mistakes other business owners have made.
Hustle on the side. Don’t quit your day job just yet. Launching a successful business is a process. It will take time. Overnight success stories are just that… stories. If at all possible, keep your nine-to-five and work on the business during off hours. Once you have been generating enough money, you can start to transition your side hustle into a full-time gig. And yes, it will take a lot of determination and energy to juggle both. Also, start small and keep it simple. You don’t need all the bells and whistles of a giant corporation just yet.
Assess your skills. Up-skill or up-knowledge. It can be as simple as day-to-day Internet research to gain more knowledge, attending a course, or enrolling in a degree or finishing an MBA.
Don’t forget about the costs. Have money in the bank. While you may not need much to get started, you will need enough capital saved up to kick-start the business – rent, business insurance, supplies and marketing come to mind. Budget for at least six months’ personal and living expenses which includes a bond, school fees, medical aid and more. It’s better to be prepared than short on funds when the bills start to roll in.
Remember, starting a new business requires a lot of paper work. You need to set up an accounting system, open a business account, register the business and take care of business-specific tax liabilities. And, as you hire workers, you need to follow labour laws. Consider talking to a small business accountant or to a lawyer; you need to understand the legal requirements that come with a start-up.
Running your own business is one of the most fulfilling experiences for any entrepreneur, however, take your time to decide whether the timing is right for you.
Good luck on this life changing adventure!
Source: www.entrepreneurmag.co.za, www.forbes.com, www.thebalancesmb.com, www.planday.com, www.iwillteachyoutoberich.com, www.inc.com
