Often times when people are asked their reasons for not starting that business they have talked about for years, you hear them say they do not have the capital needed to float the business.
While I do agree that some measure of sacrifice will be necessary, I do not believe that you should wait till eternity to secure a loan running into millions before you start your business.
With that in mind, let’s look at a few strategies we can deploy as we move from conceptualising our business ideas to actually seeing it become something.
Before we go on, however, you owe it to yourself to determine that from today, the useful information you come across will take you one step closer to where you are going. In other words, you must act on the information you are receiving. Wisdom, they say, is the right application of knowledge. Let’s resolve to apply wisdom as we start our businesses.
We all have to decide for ourselves what level of sacrifice and dedication we are prepared to give to be able to enjoy the satisfaction of starting our very own business.
Don’t be scared…you can do it!
Now, let’s take a look at some tips that can guide you along the way to becoming a business owner.
Maintain your salaried job for as long as you can
Believe it or not, leaving your salaried job just as you are about to set up a business is not a fantastic idea. Remember, we are talking about starting a business on a limited budget. Why cut off your number source of income just yet? You can start your business on a part-time basis. Just make sure it does not affect your job. Consider the options available to you if you are to do your business during the weekends, or if you may need to apply to work part-time.
Reduce your spending
Apart from your recurrent expenses, you may need to review your other spending with a view to cutting costs where you think you can. Reducing your spending leaves an extra something for you to save towards your business. Doing a careful analysis of these expenses and choosing what you can forego for a while helps you save quite a sum.
Identify your niche
This is something you definitely do not have to wait to start up your business fully before you do. Take time to think about the services you’re uniquely qualified to provide. Write them down. As your ideas begin to crystalize, find people who fit the profile of an ideal client, sample their opinions on the products/services you intend to offer. You’d be amazed how helpful people generally are. This helps you identify both your product/service niche and your prospective clientele.
Goal-setting gives you the opportunity to access yourself as you progress. A good goal should include timelines. You must be able to determine if the time expended is yielding tangible results.
Your goals, as your business grows, will eventually include when you will resign and how. But for now, focus on achieving all you can while identifying your niche, maintaining your current job, and cutting down on your spending.
Get a Mentor
This tip is one of the most important on this list. A mentor should be someone you respect, who has some measure of experience and success in the business landscape and from whom you can learn a thing or two so you don’t have to make too many mistakes. Your mentor should be someone you are prepared to listen to and whose counsel you will take seriously. Choose wisely.
To your success!