If you are reading this article, it means you are thinking of starting your own business. Congratulations! That is a big step up in your career. It is also one of the biggest and by far the best decisions that you will make in your life.
It is indeed a path paved with challenges, and very far from your comfort zone.
But as they say, great things never come from comfort zones, so neither can your business.
However, there are some things that you can learn from other successful entrepreneurs.
We made a list of the ten most important things you should know before starting your own business.
1. Your passion is the key to your success
Are you passionate about your idea? How do you feel at the thought of your future business? Why did you choose that career path?
These are some of the questions you should answer before embarking on this journey.
Every entrepreneur will tell you that your passion is your fuel. It’s what will keep you going on bad days. It’s the reason why you’re happy on your good days. Without it, it is highly unlikely that you will run a successful business, so choose your business wisely.
2. Having a business plan is important
“You write a business plan when you want an investment” is just a common misconception.
Did you know that the first and main purpose of writing business plans is to help you run your business with a more cohesive vision? Fundings and investors come second. Nobody will invest in your business if you don’t have a plan, and if you don’t live and breathe your idea.
Don’t dive in without having talked to a consultant about all legal aspects. Write down your financial predictions. Don’t forget about your living expenses. There’s a lot to plan out, so better start writing.
3. Prepare yourself to work hard
Starting a business is not easy. It takes much more effort and work than the usual ‘9 to 5’ job, so you have to get ready to work hard. This is where point number one jumps in again because, without passion, it will be a bigger challenge for you to find motivation.
Setting up a motivational and comfortable workspace plays a big role in staying stimulated to work hard — one more reason to optimize your office and make it a place where million-dollar ideas will be born.
4. You shouldn’t be afraid to fail
Your failure will be your biggest feedback. So why would you be afraid of it? It can only help your business become better.
Don’t be afraid of anything in life; let alone failure. Being scared is a numbing feeling that can prevent you from accomplishing big things. It can crush your dreams and come in between you and your goals.
If you feel scared, work on overcoming that fear by discovering where it comes from and by talking to someone who can guide you through it.
5. Self-fund first, get investments later
It might be good to start by self-funding your business first. Let it develop. See if it’s actually working out for you.
Your product or service might need some touch-ups before you take on a big investment. It will also be easier for you to get funding for developing an already established business.
6. Ask for help and advice
You don’t have to work on your business by yourself. Surround yourself with professionals, inspiring people who have gone through the same thing. Learn from their experience. Ask them for help and advice.
It is not possible to know all the tips and tricks, but it is likely that you will have a lot to gain from others. The internet is rich with motivational video content of successful entrepreneurs sharing their tips, so search for advice online too.
7. Learn to delegate tasks
Although it might seem cheaper to do everything by yourself, in the end, it will cost you more. You should start by determining your strengths and weaknesses. Then, find a team of people who you can delegate tasks to. Work on your people management skills because you will need them for your business. It is not easy, but it is something you can learn to do.
8. Work-life balance is important
When you are running your business, there is a fine line between being flexible and letting work become your life. You should learn to maintain a work-life balance and not let your business ruin your relationships. It will seem impossible in the beginning, because you will be working hard on starting your business. However, you should still have it in mind and work towards It – your quality free time will help your productivity and prevent you from eventually burning out.
9. Get up earlier
The majority of successful people are early risers. In fact, some recent studies show that the richest people in the world wake up 3 hours before their day even starts. There are many reasons behind this, but the most common explanation is that mornings are the most productive part of the day – a lot of successful people use their mornings to plan out the day, to think, to read, etc.
Waking up early will help you work on your willpower and self-discipline, which leads us to our last thing on the list.
10. Work on your self-discipline
It takes strong willpower to wake up at 5 am, and you might think of this as self-torture.
However, working on your self-discipline is actually a form of self-care. You push yourself to do things that are good for you, that are good for your well-being.
When you are running a business, self-discipline is one of the most important aspects of it. You need to stick to the plan and respect your budget if you want your business to grow. Work on developing strong self-discipline skills before you start developing your product or service. You will further improve them once you enter the entrepreneurship world.
Now that you know these things, you have a bigger chance of growing a stable and bullet-proof business.
You will be able to avoid some unexpected issues on this bumpy road, but more importantly, you will realize that you are not only the decision-maker now, but you are also your ideal life creator.