Start your own Business!
You want to start your own business, escape your daily 9-5 job and dreaming of independence? Hey “Welcome” to the Club! Most of us share the same dream, but only a few put in the work to make that dream come true. A lot of people are scared, don’t want to fail or don’t know where to start. These thoughts are common to to new starters, so don’t panic. We give you some tips to get you started as smooth as possible!
1. Honesty is the key to start your own Business!
Nobody can change your life except yourself. If you are not happy with your current circumstances change them! Don’t blame others for your life choices. You are the CEO of your life and of your future Company. If you are not happy with your job, quit. If you don’t feel fit, join a fitness club. There are so many things we blame others for, but at the end its our own fault. You want to be successful in your life? Start with yourself! We dedicated an entire post to this topic (7 important habits of successful people) so check it out.
2. Any Business ideas??
Write down all the ideas that come into your mind. Hobbies, your strengths, things you are interested in or always wanted to try or just ideas of different business-concepts. In order to start your own business, you need to know what it will be about.
After you created your list, try to combine your ideas. For example, if you are a fitness freak and love to eat ice-cream you can create a brand that sells “fitness-protein” ice cream. Do some research online if there exist any similar business concepts, how big the competition is and also to get some inspiration. Always remember, Google is your friend.
There are 3 common “guidelines” every Entrepreneur could use in order to find the right business for themselves. “Do what you know, Do what others do, Solve a common problem.” Nearly every business was built on one of these 3 guidelines.
What you know – Your strengths, education or hobbies. How can you use those skills in order to create and run a business?
What others do – Research other business concepts and find one that interest you. When you found a business idea you can identify yourself with, copy it. Try to re-create it with your own signature, improve it and make it happen.t
A common problem – Are there any problems around you which hasn’t been solved yet? Is there any gap on the market or can you offer a service or product which definitely should be on the market?
3. Your own Business plan!
Without a good plan you are most likely to fail. A good business plan can help you to gain clarity and often a lot of confidence! You will have your goals, strategies, all possible risks and your next steps visual in front of you. It’s also common that every business has a plan in order to be as efficient as possible on the way to the top!
A good business plan includes:
- Idea / Concept
- Goals / What you want to achieve
- Financial Planning
- Marketing Plan
- Timeline – What will happen next?
We know there are many more points but those are the most important ones you should definitly cover! You should definitly take your time in order to create a business plan. A good business plan can be a Gamechanger and is a must-have in order to start your own business! Read the post about 5 Ways to boost your productivity to know how to get more out of your work and time!
4. Who you want to reach with your own Business?
One of the most important parts of creating a business is to validate the market. Who is your product/service for? Whats your target audience? How big is your target market and how big is the competition?
Also ask yourself why should they need your product/service? Why should they pay for it? Will it enrich their lifes?
Research a lot, collect information, try to find your key audience and engage with them. Talk to your target group, listen to their needs and expectations. Try to use it as an advantage, because their needs can be your profit!
5. Financial Possibilities of your own Business
As a Entrepreneur you should never depend on other people. Try to build your business out of your own pocket, be your own investor. Therefore really take your time and do the financial planning right. Simple questions to start with are “How much money do I need to get started? How can I track my finances? How much money I have to spend in order to earn my first bucks? Am I able to spent so much money without ending on the streets? How high are the risks?”.
A lot of Entrepreneurs start their first own business while they work a normal 9-5 job in order to have financial security. We also recommend not to quit your current job if you don’t have any other income sources. What are the benefits if you keep your job till your business is booming? You have a regular income ( money you can invest into your own business), you can pay your rent and if your idea fails you still have a job and don’t land on the streets.
Connect with other Entrepreneurs and business owners. Build yourself a network of supporters, allies, advisors, partners and customers. Connect locally, internationally and on social media networks! Attend to events, help others in your network and make yourself a name. (For example you can start to build yourself a name on instagram!)
Get your word out! Try to market your business as best as possible. Tell your story and show them what your business has to offer. Don’t be shy! Use Social Media Posts via Facebook, Twitter, Instagram or Pinterest, internet marketing tools like newsletters, blog posts, speeches, ads and many more. There are so many possibilities to spread the word!
It’s hard to start your own business, no doubt, but you can do it! It just need some courage and a lot of dedication. Try to follow our tips and remember, every big business started from the bottom! So what are you waiting for? Go for it and never forget: 0% Smalltalk. 200% Grind. They talk. We Hustle.