To follow up with my most recent post, about passions and the work it takes to make them a viable business. I figured along with my personal story of struggle I should also give some advise that can help and hopefully keep you on the chase.
I'm sure for most of you reading this it a dream, just like me i dreamed of leaving my 9-5 and becoming my own boss. I got 2 degrees in my field and decided yes this is the career choice that best suits me. Yes I was even ready to quit my job without any support or back whatsoever, I personally would not recommend that, but to I'm only going off of my personal experience and what I have heard and learned from other entrepreneur friends and colleagues. With that said, there are a few tips that I know can and will help you be successful. Or rather some mistakes to avoid making that can make or break you business.
1. Plan Well
Most new business owners feel that all they have to do is have a product or service and people will come. Well sorry to break it to you, there are thousands of other people doing the same thing an a lot them are probably better at it. Not to mention they have also been doing it much longer and have already built a brand. This is your first priority, building a brand, no one has ever just said i can do this and made a million dollars. Knowing your demographic and or possible clients better than they know themselves will save you a lot of trail and error. So go out there, see what the competition has to offer, I highly suggest you find an already thriving company that provides the same service or product, and see what they have done and are doing that works. There is nothing wrong from learning from a master. That's how everything works in life, you learn from someone is has been doing it and is very good at it.
2. Friends and Business Don't mix
Don't do it, its simple as that, its a very rare situation that friends and family make good business partners. I'm not saying it wont work, but eventually one aspect will spill over into the other and that's when things get ugly. Imagine having to basically boss up on your friend or family member or if they did that to you. The respect has levels to it, your friend and your boss, have two very different kinds of respect. When the two paths cross it may cause some tension in your personal relationship, that then leaves you with no co-workers or founders and sometimes no friends either. You would be much better off networking your butt off and finding like minded people that compliment your weaknesses.
3. Funding Your Business
Depending on what your business is, you may want to consider a loan, I wouldn't recommend that but a lot of successful businesses started out that way. Whatever you do, don't fund with credit cards, that might be the fastest way to put yourself deep in debt and losing everything. I personally had a miracle, no seriously, I am truly blessed. I will share that story one day in another post. Put Together a real business plan so you know exactly how much you would need to start your business. Then find loved ones and family that believe in you and your dream, or you can always find a online service like gofundme.com and kickstarter.com and have strangers fund your dream. If you just so happen to have a few thousand dollars laying around then use that. Invest in you and do it wisely, I still use money from gigs to fund my business. I always put it right back into the company, purchasing and upgrading equipment, marketing and promoting of the business.
4. Learn Your Market
There is no way you can get everyone, and that is a fact for every business. When you try to get everyone you more often then not loss more than you would gain. Know who you would like as a client, learn how to get their attention and keep it. That will in the long run save you a lot of energy time and money trying to reach everyone.
5. Your Idea Is Not That Amazing
Your Idea is not ground breaking and your not the first to think of it. You are not going to change the world, sorry to break it to you. No one wants to support someone who is too confident. Please be humble when approaching the start up, because only hard work and with a great plan and even better execution will guarantee success. These are a few of the things I have learned a long the way, and I hope they can help you going forward with your entrepreneur dreams.
No comments:
Post a Comment