When starting a new business, it helps to do your research. Like, if you need a logo maker you know where to come! Here are useful tips from real business owners who have tips to share for someone who is about to start their own business. If that is you, then this is a multi-part business roundup that you will want to read from start to end. Hear from people just like you and learn from what they've already been through. This is part 2 of our series. See Part 1 here: https://logo.com/blog/top-tips-before-starting-a-business
This might seem like a no-brainer, but my absolute "top tip" for anyone looking into starting their own business is to have a clear business plan. You have to really sit down and determine WHY you want to start your own business. Is it a spur of the moment decision you made because you're frustrated with your current job? Or is it something you've always wanted to do but never got around to doing? Finding genuine passion and purpose is essential to starting your own business because the process will be anything but easy. I'm not going to sugarcoat it, starting your own business will undoubtedly present you with a lot of problems that more than likely won't be worth the trouble if your heart isn't into it. You're going to have to take a serious look at things such as finances, business opportunity/ sustainability, legal procedures involved with starting a business, marketing strategies, etc. This may seem a little daunting, but it's all worth the blood, sweat, and tears if you genuinely want to commit to starting your own business
Many people would talk about having selling skills, negotiation skills, marketing skills, and business acumen before starting a business. I don't disagree with these people, but coming from the background where I learned from my mentors who made millions of dollars in their businesses for decades, I believe that the following three components are critical for someone to become a successful business owner or entrepreneur.
The first component is "INTENTION." Business owners are there to provide solutions to solve others' problems. It is not about what business you are in but what your business can do to provide solutions to other people. That's the first one, which is dealing with the word "WHAT."
The second component is "PURPOSE." After you have figured out the "WHAT," you have to ask yourself WHY you do what you do. If the purpose of any business is to make money, that's having a short-term focus, and that business won't be sustainable in the longer run. So, figuring out the "WHY" allows the business owner to be supported with a more significant cause or reason and therefore, he can keep it going. The late Jim Rohn has this famous quote, "The BIGGER the WHY, the EASIER the HOW!".
Only you have figured out the "WHAT" and the "WHY," then you focus on the "HOW," i.e. the strategies and tactics. This is the appropriate time for you to find out what skills you already have and what additional skills you need to have so that you can achieve your business goals and milestones.
So, in short, my successful formula is IPST – "INTENTION," "PURPOSE," "STRATEGIES & TACTICS."
The last thing you should do before ending each day is to plan your next day. The first thing you should do each day when you wake up is to review your plan, reevaluate and add any missing details.
It's easy to have ideas in your head about what you will do. But writing them down is the first step to bringing your ideas to life. I have found that if I begin a day without specific, actionable steps to take, I am more likely to get overwhelmed, and efficiency goes out the window.
When making a plan for the day, keep it simple, and don't set the bar too high. Set 2 or 3 reasonable goals for the day, and follow through on them. If you are like me, the process of setting reasonable daily goals and meeting them will take practice. So don't be hard on yourself if something doesn't get done the way you planned. Reschedule and move on. Eventually, you will understand you and your business enough to set and keep daily goals.
One top-tip for someone who is about to start their own business is to make sure that their brand/business name is available to be used. This can be done by conducting a comprehensive trademark search through experienced trademark counsel. The search has two benefits. First, it will tell you if there is anyone else out there who is using the same or a similar mark for a related business. This is important because if someone else is using the same or a similar mark for the same type of business, you could wind up on the receiving end of a cease and desist letter. Knowing what is going on in the marketplace will allow you to create a business name/brand that does not infringe on someone else's rights (since the test for infringement is whether are likely to be confused, the fact that your name is not identical to someone else's does not mean you are not infringing).
The search is relevant for another reason. Assuming that the name/brand is available for use, the search will give you an idea of what obstacles, if any, you might encounter in the Trademark Office if you file a trademark application. It is better to find out ahead of time than to submit an application and have it rejected by the Trademark Office based on someone else's trademark registration.
Starting a business isn't an easy undertaking, especially when it's your first.
Entrepreneurship, in general, can be a tough one. No formal education can mould and prepare you for it. Most of the experience and learning take place when you immerse yourself in the business world.
Take more of a practical encounter than theory.
There are quite a lot of elements needed to make sure you start your entrepreneurial journey on the right path.
It doesn't matter whether you're about venturing into a fashion business or a restaurant business, the below essential tips for starting and running your business will serve even to the weirdest or boring industry.
1). Focus on Values
First of all, you need to be aware that it's not about you but about the lives and well-being of people you want to impact.
Your ultimate goal should be focusing on people and their needs, provide value that will help them get to where they desire. Hence, solving their problem.
Business is all about people. You can't be successful in business without them.
Know their pain points and various a means to solve it for them. That's what makes a business.
2). Get a mentor
Investing in mentorship is what most people disregard when it comes to starting a business.
The entrepreneurship road is a lonely one.
And getting into something you've never done before all alone without the help of anyone will make the journey slower and harder.
Getting a mentor who is older, wiser, more experienced, with a strong track record in business and has been through the journey himself will get you to your promise land safer and faster.
A mentor in business will hold you accountable for your actions and provide you with all the guidance, support and feedback you need to be successful.
Jack HM Wong | Author | Speaker | Entrepreneur | Private Investor
Certified High-Ticket Closer | Certified High-Income Copywriter, | Certified TetraMap Facilitator™ | Licensed Trainer in Neuro-Linguistic Programming®
Douglas Dedrick is an entrepreneur and founder of HealingLaw.com
I’m an online marketer and blogger, using my blog as a leverage to write about my favorite marketing tools, online marketing trends, tactics and help YOU make money online.