Like any other major endeavor, figuring out where to start in launching a business can be the toughest part. Of course, the path to successful entrepreneurship is long and winding with innumerable steps, but just getting started can be enough to build the momentum you need. Here are, in no particular order, the first five things you can do to get ready to strike out on your own.
1. Evaluate Business Ideas
Some would-be entrepreneurs know exactly what business they want to start, others have no idea but just want to work for themselves. Either way, it is essential to realistically assess your ideas and options before you spend money on it. Do some cursory research into the market and competition. Think about what you would need to get the business started. Talk to others (family, friends, networking contacts) about your ideas and listen for useful feedback. The more background work you do in evaluating your business ideas, the easier it will be to hone in on the best opportunity for you.
2. Make a Commitment
If you are serious about taking the plunge into entrepreneurship, you need to mentally and emotionally prepare yourself. Set a deadline for taking the next step (choosing which business to start, beginning the business planning process, opening date) and figure out what needs to be done to get there. In most cases, finding the time to do the planning is difficult, so work on clearing time in your schedule to focus on your goal of entrepreneurship. Figure out what will keep you motivated to stay on track and set yourself up for success.
For example, gather some pictures or symbols of why you want to be an entrepreneur and place them prominently where you will see them frequently. It sounds cheesy, but can be very effective reminders to get you through the tedious aspects of starting a business.
3. Save Up
Bootstrapping a startup is a good way to keep costs under control, but it doesn’t make it free. Every business requires some capital to succeed, and the cash usually comes straight from the owner’s pocket. Even if you are planning to find investors or loans, you will need to show that you are risking your own assets before they will hand over theirs. Don’t count on finding grants for your startup – they are few and far between for new businesses and those that do exist usually have significant restrictions on how they can be spent. At a minimum, try to save between $3,000 and $5,000, more if your startup requires commercial facilities or inventory.
4. Get Organized
Before you dive into planning your business startup, get organized for success. In most cases your business planning will happen in a workspace at home. Select an office space with limited distractions and the tools you will need to work (desk space, internet connection, good lighting). Gather up basic office supplies and stock your workspace. Start using a planner to schedule your days so you …