1 November

The Do’s and Don’ts of Starting Your Own Business

When you’re working on a plan to begin your own business, it’s easy to get overwhelmed with concepts like budgets, marketing schemes, and investment opportunities among other things. It can be extremely taxing and confusing and sometimes you may want to throw in the towel. We hear you. Just breathe and try to simplify things a tad with some basic do’s and don’ts of starting your own business.

Starting a Business

Chances are, if you’re in the process of starting your own business, you’ve practically buried yourself in researching how to make it successful. With so much information out there, it’s easy to lose sight of the bigger picture and forget some of the most basic business essentials. Don’t fret, however, these aren’t another list of things to keep on your “to-do” list, but rather, a reminder of how to tweak your approaches to get the most out of your new business.

The Do’s and Don’ts of Starting Your Own Business

Rather than focusing on the details, sometimes the best thing you can do is to keep the big picture in mind. The best way to do that is to remain flexible in your approach and try to avoid closed-minded thinking. What do we mean? Always stay vigilant and observant as you try different tactics – if something isn’t working, don’t be afraid to cut ties and try a new approach.

“Being flexible can make the difference between growing and stagnating,” explains Forbes.com. As such, keeping the following do’s and don’ts in mind should help you through the process of starting your own business:

The Most Important Do’s

While there are business plan protocols out there that help you learn every step of how to start a business, making it a successful one is up to you. Thankfully, there are a few “do’s” you can incorporate into your plan to help ensure you have the best shot at success.

What is the most important thing you can do? Utilize the help and knowledge of colleagues and friends. Having a solid (and diverse) set of acquaintances as resources and support will greatly improve your chances of success. Try asking old bosses, coworkers, friends, or other professionals in the same field for their invaluable input on your journey. Need ideas or inspiration? Coworking spaces can put you in touch with professionals from all walks of careers and can be an amazing resource for beginning business owners.

Other do’s to keep in mind:

  • Place primary focus on your investment pitch to ensure you give yourself the best chance at primo opportunities
  • Make contingency plans to have a backup in case critical components are shot down (this plays in to the whole “be flexible” part we mentioned earlier)
  • Be digital to be seen and know that a large part of a business’s success today boils down to creative networking both on and off-line

The Most Important Don’ts

Just as there are things to do when you’re starting your own business, there are also things you should not do. Perhaps the most important of these “don’ts” is to ensure you don’t act impulsively. Forbes.com stresses that new business owners should never make a business decision out of haste or on a whim – instead, be sure to thoroughly research before you make any business decisions.

Other don’ts to keep in mind:

  • Never give up on your goals. Understand you will likely face a lot of rejection in the process, but it only takes a single “yes” to get the ball rolling, so keep at it.
  • Don’t assume you’re the underdog. While you may be a new business owner, you’ve done your homework and are a force to be reckoned with so don’t let others intimidate you.
  • Don’t accept things at face value. You will need to look deeper at every angle, and never accept things as they appear at first – this includes investment opportunities.
1 August

Keeping Start-Up Costs at a Minimum: Tips for New Business Owners

When you’re contemplating a start-up, few things are as vital as budget and costs. In fact, often times a budget can either make or break a decision to begin your venture – but it shouldn’t. If you find yourself fretting over your start-up bottom line, rest assured, there are ways to keep your costs under control.

Keeping Start-Up Costs in Check

Chances are, if you’re looking at budgets and start-up costs, you’ve already done your fair share of research on what to expect. You’ve also likely heard that you need to have a solid plan in place in order to give your venture a clear shot at success. So, what does that mean exactly?

For starters, yes, you need to create a budget that takes as many factors into consideration as possible – but that’s not all. When it comes time to putting your budget and plan in motion, there are ways to be smart about your spending that will help you keep your costs in check.

Buy Smart

It may seem like a no-brainer, but before you go writing checks for your start-up needs, make sure you shop around. Just like you would take advantage of holiday sales or special discounts for everything else in your personal life, you need to do the same with your business.

Research area businesses that may be having a close-out sale, or maybe a going-out-of-business sale can help you score some quality used pieces on a budget-friendly purchase. It’s always good to check tag sales and estate sales or auctions for items you may need as well. Remember to keep things in check by ensuring you’re truly buying what you need, and not just what is convenient or something that lured you in for “extras” you could really do without right away.

Start Simply

In the beginning, you’ll likely have a difficult time keeping up with the expenses of bringing on a full-time (or even part-time) staff. One way to help off-set this expense is by avoiding it altogether. How? Try subcontracting work out on an as-needed basis.

There are plenty of sites and sources for employees looking to work on a contract-only basis, meaning you simply pay for what you need without all the overhead for insurance premiums and salaries. As time goes on and you get more established, you can look to add more permanent staff members later.

Alternative Spaces

Being budget conscious about your start-up equipment and staff needs are a large part of the puzzle, but there’s another one you need to focus on as well: your business space. Starting your own business doesn’t mean you need to go out shopping for primo store fronts or the typical brick-and-mortar buildings.

There is a plethora of options out there for those just starting out in their business ventures today (and even for those well-established ones who are looking for a more budget-friendly avenue). Many choose to carve out a space in their residence to help cut costs that way, but there’s a third option to consider as well: coworking spaces.

Coworking spaces can be a great way to keep your start-up costs in check because they offer a fantastic business setting without the fantastic pricing. Essentially, you share a communal office area that comes complete with all your basic needs (so you’ll cut down on equipment expense as well) and offers a professional atmosphere to present to clients.

Overall, there are a number of ways you can stay under budget on your start-up, you just need to be smart and resourceful about it. Do your research, stick to what you need, and explore options that give you the most bang for your buck.