Dreams of entrepreneurship dance in a lot of people’s heads, but not everyone is truly prepared to make those dreams a reality. Understandably so, as being an entrepreneur and small business owner is not as easy as some might think. There are so many things to consider when managing a business, like hiring and firing employees, establishing efficient systems, developing solid marketing plans, etc.
Before all that, there are a lot of other things to consider before you ever even start your small business. Admittedly, entrepreneurship can be a learn-as-you-go experience, but making some smart decisions in the beginning can help you move the process along a little smoother.
Here are 3 things you should do prior to starting your small business.
- Eliminate the Excuses: there will always be a reason not to start your own business. Less stress to just be an employee, lack of money to start your business, fear of failure, etc. Whatever your excuses are, if you truly want to be successful as a small business owner, you have to put them aside. There are going to be some unsure times, and if you have those excuses still on hand, you will quickly turn away from your dream.
- Imagine having NO money: that’s probably a scary thought. If you’re an adult that has been working for years, you’re not used to having absolutely no money. You may be familiar with the concept of living paycheck-to-paycheck, but that implies that you’re making an income. However, there are times as a small business owner when you may not make any money at all, especially in the beginning. What is your plan for such a time? Are you mentally prepared to handle it?
- Balance Passion with Wisdom: while you may have a true passion for your new business (you should), that doesn’t mean you should blindly jump off of passion alone. You should still conduct research to make sure there is a true market for your business, and that your target customers will really be interested in what you will offer. Keep your passion high, but always have the numbers to backup your decisions.
Being a small business owner is no cake walk, even if you’re a baker. There is so much to consider once you get in the thick of it, but prior to that, make sure you have a solid mental foundation to support you and your dream.
Did you think about all these things before starting your business? Now that you’re fully involved, are there areas of your business that could use some extra help? Schedule a free 30-minute consultation with Lynda today.