[Read the Entire Young Business Series - 1 2 3 4 5 6 7 ]
Get a mentor.
This takes the advice step even further. If you can, find a business person whom you respect that is willing to take the time to work directly and consistently with you. The person doesn’t have to be directly in your field, but they should be a good, reputable business person. Finding an entrepreneur who has also started their own business can be invaluable.
Talk your ideas through with this person, explaining all the details of your business as well as your hopes and dreams. They can supply priceless guidance from the very start. As your business matures they can provide perspective on specific situations you encounter as well as giving you an outsiders view of the business as a whole.
Find your strengths.
It’s important to know what you are good at and capitalize on those skills. Plan your business in such a way that your strengths will be amplified. This goes for everything from how you work to what you work on, and even when you work.
For instance I’ve found my best creative times are from 8-11, AM and PM. So I try to schedule the work that needs the most creativity around those times (mostly AM, since I spend the evenings with my wife).
Find your weaknesses.
When owning your own business it is also necessary to be realistic with yourself and admit that you don’t do everything well. Make an I am no good at list.
After you have made this list decide how you will handle the items on your list. Three options are:
- Hire employees to take care of them
- Outsource them
- Reward yourself when you buckle down and do it yourself
For example, after a few projects I have learned that I am not very good at developing sports design. I’m just not; I have a totally different style of work. So from now on I will either be outsourcing that design or passing it to another firm altogether. This allows more time for me to do what I am good at.
Make sure the money is there (some anyways).
Starting a business takes money, so make sure you have enough to give yourself a fighting chance out there.
There are multiple ways to get money - a small business loan, a bank loan, personal loans, or even credit cards (though be very careful there). Your planning step should have told you exactly how much money you need for startup costs but remember to add in a security blanket, and don’t forget to tack on the first few months (or years) income for you to help with cash flow.
Also make sure you give yourself enough time to get the money in order. When beginning my business I didn’t have a lot of time to get finances lined up, and was surprised how long the process took. Plan at least a few weeks to get funds in order.
[Read the Entire Young Business Series - 1 2 3 4 5 6 7 ]
