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Almost everyone dreams of starting their own business at some point in their lives. Often, this thought may be spawned by having a difficult boss or a challenging group of coworkers. But if this is the only reason you may wish to start out on your own, then most likely, starting a business will lead to disappointment.
A recent study showed that the majority of people who start their own business did so to find freedom. They were tired of working for someone else. It is important to be aware, however, that if this is your prime motive to start a business, then unfortunately you may likely be part of the 80% failure rate of new startups. All entrepreneurs must face the sobering reality that being your own boss holds you more accountable than working for a company. People who want freedom by starting a business quickly find themselves with more decisions to make and being accountable in ways that they likely never imagined.
If your dream to start a business runs deep within your soul, almost as if you have no choice other than to serve that passion, then that is when you should consider starting your own business. Armed with passion and awareness, it is possible to be a successful business startup. Here are my seven tips for starting your own business:
- Love what you do: All arises from love. Love is the fabric of every successful relationship, including your relationship with your business.
- Self reflection: Know thyself. Often our biggest obstacle is our own self. Negative self-chatter and the over-inflated ego are two examples of self-sabotage. Common traits in successful entrepreneurs include discipline, self-confidence, humility, structure, motivation, the ability to communicate and a positive attitude.
- Do not quit your day job right away: Create your dream board and develop your business concepts while you still work at your 9-5 job. Look at your ideas carefully. Research the marketplace. Study what businesses are doing and how they are doing it.
- No one is an island: It is essential to make sure that you have the support you need. If you are married, check with your partner. A business launched with a supportive partner has a much greater chance of succeeding. Support also comes from mentors, friends and other resources such as industry specific support groups and organizations set up specifically to serve you and your industry. Create your support team.
- Set up a small office at home: Make sure that you are comfortable both physically and mentally working from home. Almost every startup will start at home before it expands into a physical location. Create a healthy clean environment where you can work effectively. Set up a spare room as an office. Make sure it is distraction-free, preferably as a dedicated work space.
- Create a Business Plan: While still at your day job, lock yourself in your new office space and create your business plan. If business plan writing is not for you, hire someone who can do it for you. I write excellent business plans that have secured financing and success for many businesses. Feel free to contact me by commenting on this article and or email me directly at firstname.lastname@example.org.
- Know your numbers: Almost all businesses require income. Know your costs so that you can figure out how much you need to make in order to survive, and eventually thrive. You will need to know your break-even point and when it will happen. Once you have your numbers in place and with a solid business plan in hand, go find funding from banks, investors, friends, a line of credit, your savings, or crowdsourcing.
Keep these tips handy and feel free to share them with anyone you know who is thinking of starting a business. Being aware of these key seven points can mean the difference between success and failure.
Since 1994, Rishi Deva, founder and CEO of RishiVision and entrepreneurial coach, has empowered thousands of businesses. Rishi has an MBA in marketing and entrepreneurial studies and a BBA in accounting. He has spent nearly twenty years coaching, consulting, managing and supporting thousands of businesses from new startups to active global leaders.
For more information on Rishi, please visit rishivision.com.
Also seen on: Parvati Magazine Business