1) Be Passionate
Although you don’t have to be in love with whatever your business does it is a pretty good idea to at least be passionate about the market. This is going to be a massive part of your life from the point you start your business. You should get fired up about the business you’re working on order to be able to lead it to success. Make sure your mind is in the right place from the start and you’ll set yourself up for success.
2) Don’t Go At It Alone
Even when entering an entrepreneurial journey alone you need a support system that you can rely on. At the beginning and throughout the process. Having a family member or friend that you can bounce ideas off of and who will listen attentively to your latest business startup crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business startup program or a business grant. When you are first starting a project the extra added value that comes with having an experienced mind to pick is a very important step of the process.
3) Put a Business Plan on Paper
The main reason for doing a business plan as a first step when you’re thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed. If your business ever has any major changes or pivots you don’t have to draft a whole new business plan this way, but rather adjust the one you already have.
4) Do Your Research
Off the start you’ll already do a lot of research in order to write your business plan, but that’s just the start of your research. When you’re starting a business, you need to feel like you’ve become an expert in your industry. In order to help this along, joining any related industry organizations before you start the business can be a great idea.
5) Get Professional Help
On the other hand, just because you’re starting a business, doesn’t mean you have to be an expert on everything. If you yourself are not an accountant, make sure you hire one. (Finding a Good Accountant may be useful.) If you need to write up a contract or grant, and you’re not a lawyer, hire one. You will waste more time and possibly money in the long run trying to do things yourself that you are not qualified to do.
6) Make Sure the Money is Lined Up
Save up if you have to. Approach potential investors and lenders. Figure our your financial back up plan. Don’t expect to start a business and then walk into a bank and get money. Traditional lenders don’t like new ideas and don’t like businesses without proven track records. Look at 5 Creative Ways to Raise Money for Your Business and alternatives such as crowdfunding.
7) Be Professional
Everything you do regarding your new business and the way that you do business needs to immediately tell people that you are a professional running a serious business. That means getting all the small details tied up such as getting business cards, a phone and a business email, and treating people in a professional, courteous manner.