Starting your own business especially after you have already been in a job or career, can be daunting, but if you have the irresistible pull in the direction of entrepreneurship, don’t squash it. You are not alone. For many it is just not enough to work for someone else, build someone else’s dream. If you continue to feel you have a product or service to provide, you should answer the call by becoming an entrepreneur – starting your own business.
What does it take to start and sustain your own business? There are many directions this answer could take, with just as many opinions about it, but in my opinion, there is a core to what it takes:
Start with acknowledging what excites you and where you excel. Often the two are the same. If you can’t quite put your finger on what it is, look at where you put your energy in your current job. For example, do you spend a lot of your time volunteering to plan company events and get-togethers? Explore what it takes to be an event planner. Are you especially adept at organizing?Individuals and companies need this type of expertise to organize their space. Do you have ideas, can spot trends? You may have the next hot product. The point is, you should exploit what you love to do and are good at. Remember, when you start a business you are going to be the only one that prods you to get up each day.
Do your research to determine the demand for your business and where it will be sustainable enough to provide the lifestyle you want for you and your family. After all, having a business, even one that you love, won’t keep the lights on or a roof over your head if it’s not something others want to buy over the long term. Just because you love it, doesn’t mean others will.
Develop a vision followed by a plan. Your new business may need to start off as a side hustle and that’s ok. In addition to helping you gain experience and customers, a side hustle can help you determine if what you offer really is a product or service that is in demand. You can’t rely on your gut instinct alone nor can you rely on the hope that it “happens” when you are starting your own business.
Seek help; look for others who are already successful. Learn from their experiences. Join a Mastermind group or seek a mentor. Don’t overlook joining associations that are related to your new business.
Be very focused on doing what it takes to grow your business. Invest the time. Invest in education. Invest in networking. Success will not happen overnight, without effort.
Explore funding options for your new business. There are many ways to fund a business today, including crowdfunding. This is where your use of social media will come in handy as well.
Be cognizant of when you need to increase your staff and then do it. Stretch when it’s needed. You want continued growth and sometimes that means strategically increasing your staff, even if only on a contractual basis.
Outsource projects; don’t hesitate to use outside resources as you need them. Companies like Exceptional Transcription and Business Solutions exist to help you with activities you don’t have the time or the expertise to complete. As a new entrepreneur, you can’t do it all.
We would love to hear about your experiences as an entrepreneur or new business owner. Fell free to leave a comment.
Audrey Dixon is the Founder and CEO of Exceptional Transcriptions and Business Solutions and has been helping new and existing businesses succeed for over 20 years.