Are you planning to start a small business?
If you answered ‘’Yes’’, to the above questions, then you’re at the right place.
If you have plans to start a business but you’re afraid of what the outcome might be, then I’ll advise you don’t start yet because you won’t succeed. The best thing to do is to start PART TIME.
Your mindset plays a very important role in starting a business. If you build the foundation of your business on fear, then it’ll definitely fail; but if you base it on faith and hardwork, it’ll surely succeed.
If you’re an employee reading this article and you’re contemplating quitting your job to start a business but you know deep down that fear and doubt are holding you back, then this article will get you started.
1. Prepare your mind for the game ahead–start developing an entrepreneurial mindset
Leadership is not by title–it’s by example…
The reason why successful entrepreneurs like Bill Gates and Aliko Dangote were able to achieve so much is because they’d trained their minds positively.
One of the first key things you must do before starting a business is to develop an entrepreneurial mindset.
Remember that you’ll be quitting your job someday to start up your business so you have to be mentally prepared for it. You have to be ready for the challenges ahead.
Pro tip: You never find a successful entrepreneur who doesn’t have an entrepreneurial mindset. Without it, you cannot succeed. You must develop entrepreneurial skills like leadership, negotiation, and communication skills.
You must also make plans to attend business seminars so you’ll be more equipped and empowered for the work ahead.
2. Take your pen and write a strong business plan
Precept upon precept, line upon line, here a little, there a little…
You need a strong business plan to run a small business successfully. You need it if you intend to start a small business.
Pro tip: Don’t forget that a business plan must contain the estimated amount you’ll be needing to start up the business, what you need to grow it, and where the location of the business should be.
2. Collaborate–Look for a trusted business partner
Collaboration is very powerful. In fact, it’s the secret of success of companies like Apple, Microsoft, Google, and Intel.
But before choosing a business partner, ensure that the person shares the same vision with you. Without co-operation from the both sides, your business won’t grow.
Pro tip: One smart rule in business partnership is to sign a partnership dissolution agreement just in case things don’t go as proposed.
3. Don’t go full time yet– start the business part time
The next line of action to take after doing the above is to start your small business part time. I always emphasize this to employees. The fact is, many of us have plans of building our own businesses but not all of us are ready to take the plunge and kick off.
Pro tip: Don’t wait for the sign of the ‘’green light’’.
4. Don’t wait until things get gloomy and sweet–start the business ASAP. This may be your redeeming feature on the long run.
Hint: Don’t look at what you have to determine if you’ll start a business or not.
The fact is, you don’t need money to start up a business. In fact, you don’t need material resources; all you need is a positive mindset and determination. Any man who has these two qualities will go far in business.
If you have insufficient capital, don’t think about it instead; start with what you have.
Remember, top internet entrepreneurs like Brian Clark, Darren Rowse, Bamidele Onibalusi, Michael Chibuzor, and John Chow didn’t have the required capital when they started their online businesses but they started with the little they had.
Also remember; Dell, Facebook, Google, and Amazon all started in the dormitory–so you don’t have any excuse.
Running a small business demands time and a lot of hardwork. The next step to starting your business is to allocate time.
How many hours will you be working during office days?
Are you going to build your business on weekends?
You must answer these questions.
Pro tip: Just keep in mind that for your small business to stand, you need to allocate time to build it.
This is where your partner comes in. If you have a business partner, share business tasks among the both of you and ensure that you hold yourselves accountable for the success or failure of any task.
Hint: Don’t say ” my day job isn’t giving me enough time to build my small business,” No.
Don’t say that. I know of some successful entrepreneurs like Ewen Chia and Obazu Ojeagbese who kept their day jobs and built their business at night!
6. Quit your job
Yeah… I love this.
After starting your small business, the next step you must take is to quit your job. The truth is, there’s no way you can run two things successfully.
You need to focus on one thing at a time to achieve maximum results.
If you really want your small business to grow in a short space of time, put your full attention into it.
Pro tip: Set the time to quit your job. Don’t be too fast in making a decision to quit but ensure that your small business is at least, pouring some dollars in your bank account.
7. Don’t get depressed–be persistent
Building a small business isn’t bread and butter– it’s REAL hardwork. But remember; no matter how stressful or tough the journey is, don’t quit.
Don’t give up– don’t give in.
If it seems like you’re emotionally depressed or worried, take your mind back to how successful entrepreneurs like Larry Page, David Filo, and Michael Dell started their businesses.
Make them your role model.
Learn from their mistakes and read their materials—that’s the fastest way to succeed and grow your small business.
It’s not where you are now that matters, but where you’re going….
Daniel Adetunji is a young entrepreneur, a creative and persuasive freelance writer who helps business owners grow their businesses with written words. He’s also a prolific guest blogger and web content writer who runs a content writing service for website owners. If you’d like to grow your sales, drive traffic, and engage your audience, HIRE DANIEL to write quality blog posts, articles, and web contents for you!
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Category: Startup Advice