4 Things You Should Keep in Mind When Starting Your Own Business
by Tiffany Matthews
Are you thinking of starting your own business? Many people have plans to become their own boss and manage their own company. There are those, however, who get so caught up in their plans and dwell too long and too much on trivial matters. Planning is indeed crucial but you should focus more time on the essentials.
Here are a few things you need to keep in mind when starting your own business:
It’s Not about the Size.
Are you familiar with the parable of the mustard seed? In that story, the mustard seed is smaller than all seeds when planted but when it grows, it becomes bigger than the herbs and becomes a tree. This metaphor applies to business. When it comes to starting your own company, it’s okay to start small. Overly ambitious entrepreneurs tend to start big but when the business doesn’t pan out as planned, they are forced to downsize to cut down losses and some end up closing shop before the business could really take off.
By starting small, you can better study the processes that work and how you can appeal more to your target market.
Know Your Limits.
No man is an island. Becoming your own boss sounds appealing but it’s not as easy as it sounds. There is a limit to what you can do alone. Starting your own company is going to take time, effort, money and an extra pair of hands. Whether you like it or not, two or more heads are infinitely better than one. You can get more done in less time if you share tasks with others.
Limits also include budget so you have to be conscious of your finances. Keep a log book so you can track your daily expenses. Stick to your planned budget and find a way to work around it in a way that will stretch your funds yet not go beyond the limit you have set.
Don’t Be Afraid to Ask for Help.
When you are aware of your limits, then you would know when it is time to ask for help. Sometimes, it’s not enough to rely on your own skills. There are others who have skills that will complement yours and fill in your lacking points. When in doubt about some operational processes, don’t be afraid to ask advice from friends who are more experienced and have been in the same industry for a long time.
For example, if you have concerns regarding the legalities involved in opening your own business, consult a lawyer. If your finances can’t shoulder this expense yet, you can avail of prepaid legal services that have low monthly fees.
Have True Grit.
Have you ever wondered how some small businesses have lasted as long as they have and withstood the tests of time? There are a lot of things that influence a company’s staying power and one of them is true grit. When you get started, it’s going to take a while before you break even in profit and start earning. The first few months of operations are going to be gruelling and you shouldn’t be surprised if there are some losses. Don’t give up without a fight. Be flexible and adapt new business trends if they will prove to be beneficial in the long run.
If you stick it out and do everything in your power to market and draw attention to your business, you just might have the grit to survive and succeed in the industry.
Based in San Diego California, Tiffany Matthews is a professional writer with over 5 years of writing experience. She also blogs about travel, fashion, and anything under the sun at wordbaristas.com, a group blog that she shares with her good friends. You can find her on Twitter as@TiffyCat87.
This is an article contributed to Young Upstarts and published or republished here with permission. All rights of this work belong to the authors named in the article above.