You want to start your own business, realise your dream of independence and making yourself a name out there?"Welcome" to the Club! Most of us share the same dream, but only a few put in the essential work to make the dream come true. A lot of people are scared, don't want to fail or don't know where to start. These thoughts and worries, so don't panic. We have some tips for you to get you started!
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 business. 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!
2. Any Business ideas??
Write down all the ideas that come to 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 which direction you are going to go.
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 online research if there exist any similar businesses, how big the competition is and to get some inspiration. Never forget, 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 you have a interest in. When you found a business idea you can identify yourself with, copy it. Try to re-create it with in your own style, improve it and make it big.
- 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 visualized in front of you.
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 solid business plan. A good business plan can be a Gamechanger and is a must-have in order to start your own business!
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 niche and the competition?
Also ask yourself why should someone need your product/service? Why should they pay for it? Will it enrich their lifes?
Do a lot of research, 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 business won't work out you still have a job and don't end up 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! Attend to events, help others and make yourself a name.
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, marketing tools like newsletters, blog posts, 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! You just need some courage and a lot of dedication. Never forget every big brand had to start from the bottom! So what are you waiting for?