Many people dream of running their own business, but they don’t know quite where to start. Because it is not an easy thing to do, especially in the early stages where often a leap of faith is required along with a substantial amount of capital and a solid plan. Because starting your own business is not generally a thing that happens by mistake. But for many, even if they have the capital and the ability to make the leap of faith, the idea of what do is the hardest thing to fathom. If you find yourself in this boat here are a few pointers and ideas to help get you on the road to financial independence.
Play to your strengths
It is very important to remember that you don’t need to do everything yourself. Richard Branson named his record company (and later airline) Virgin, because he knew nothing about what he was doing. But he did have a knack of surrounding himself with the right people and he was very good at marketing. So, look for opportunities that exist and see if you can make them work for you. Maybe there is a medical practice for sale that you can buy. That’s a no-brainer if you are a doctor, but it could also be an option if you are a great administrator and you are able to hire a doctor to work for you. The same logic could apply to a restaurant. You might not be able to cook, but if you have front-of-house skills you can hire a chef, and suddenly it all starts to come together.
Play to your passions
As much as you don’t want your leisure to become your work, you also want to make sur that whatever it is that you do is something that you enjoy doing. In starting and running your own business you are committing to spending a lot of time and energy making it happen. If you are doing something that you love it makes the time spent away from friends and family a whole lot easier.
The more you network the easier you will find it goes when you start your own venture. People are inclined to support others that they know, and it is hard not to admire a person who has set out on their own to start their own project. So, no matter how tired and stressed you might feel don’t let that show to your customers or potential customers. You want them to like you, to talk about you and to make use of your services as much as possible.
Business is easily compared to a game of football or cards. It is meant to be fun but there is also a goal and there are rules. And you need to remember this when starting out with your business. You need to strike a balance between caution and stupidity and you should always look to be thinking not just about the present but also about the future. Where is the business going? What happens if it grows? For many the ideal scenario is starting out with a side-hustle that can grow into a fully-fledged operation of its own. It takes a lot of the stress away and is a nice way to test the waters while still operating with the security of a salary from your full-time employment.