Over the last couple years, we have watched as COVID-19 played havoc on businesses when it comes to employees. Many employees found themselves working from home, while many found themselves laid off or furloughed. The employees that were able to continue working started realizing that their value, time, and commitment were not in sync with their company’s values.
At the same time, employees who were no longer working may not have been excited at the thought of looking for a new job or working for someone else again. Many had to reflect on what their future held and what the next steps were going to be. Some employees turned to their dreams of starting their own business. If you are one of those people, two questions may have crossed your mind: what do I need to start a business and am I ready?
Mind Set
One of the things not often talked about is the mindset needed to own your own business. It requires changing your thinking from an employee standpoint to an owner standpoint. As a business owner, you are the top of the line. There is no one to go to for your answers. You will need a strong constitution and perseverance.
As you start out on your venture, you will most likely need to do everything or if you have the budget, hire staff that you will need to train and manage. You will also oversee any issues arise and responsible for resolving them.
Many new business owners don’t have a lot of starting capital so organization, time management, focus will be important to reach your goals.
Support Network
Starting a new business is going to be stressful. That is an understatement. It will also be a frustrating roller coaster ride. Put a support network in place to help you get where you need to be. Whether it is friends or relatives who can help you get started or a business coach who helps guides you through the process, find someone who supports you and wants your success.
A business coach or mentor is a great idea to help you get insight to starting a business as well as help level set your expectations. Owning a business is hard work and full of things you may not know. Having someone you can talk to about hiccups or processes like business plans, marketing plans, etc. will be an asset to you in your new business.
Business Plan
A business plan is often an overlooked task. Business owners will want to jump right in and get to work. There will be branding, products, services, websites, etc. that are immediate tasks that are at the top of the list and the business plan, which is tedious and requires thinking about goals and projections is put to the side.
It is imperative that you sit down and work through a business plan before you jump in. A business plan is a great tool that helps you envision your business and what it will need, what it will cost, including start-up costs, inventory, payroll, etc. You want to make sure you have a realistic overview of the journey you are about to embark on.
Things to include are projected income and expenses, employees and payroll, marketing plan, strategic plan, competitors, target audience and your current market conditions that your product or service will be competing in.
Start-up Costs
Starting a business is going to cost money. How much will really depend on what your business is, if it is a brick and mortar, how your inventory or services are created and delivered. Plan for the first 6 months of your business. Is it feasible that you will open your doors and immediately start making money? Will your marketing or advertising plan already be in full swing brining in the customers or clients. Take into consideration every dollar that will be needed to fund your journey to business ownership.
It is important to be realistic with your costs. Do your research and get real numbers. Do you have the cash flow? Do you need to borrow money to get started? If so, this is a perfect example of needing a business plan. Most lenders will require it when funding start-ups.
Accountability
As a business owner, you are going to need to be able to hold yourself accountable. Getting things done and staying on task will be necessary for a successful business. This goes back to making sure you are in the right mindset.
Conclusion
Keeping all these elements and using them to start your new business will help you stay focused, know where you are going and help you get there. Make sure you are in the right mindset, get yourself a support network that will help you stay accountable. A mentor or business coach is a great asset to help you stay accountable.
Do your research and get your business plan, strategic plan and marketing plan created. These are tools that will help you deep dive into your business and think about everything that will be key to your success.
If you have any questions or want to learn more about Reliance Enterprises and how we can help you, feel free to comment below or email us at solutions@reliance-enterprises.com. We look forward to hearing from you.
Warm Regards,
Natalie & Michelle
e. solutions@reliance-enterprises.net