What drives you to start your business should run parallel to a strategic plan.
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7 min read
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Creating a new product, service, or changing the way business is done is a noble road many take that is more difficult than expected. Aside from financial obstacles and struggles, there are also emotional ones. Many entrepreneurs are told by colleagues or friends that this is not the time to start a business because Covid creates so much uncertainty.
However, if deep down inside you have a desire to grow and start a business, consider these pros and cons and incorporate them into a plan to achieve your goal.
What drives your desire to start a business?
Why now? What will you do differently or better than what is currently being done? You are the one who ultimately has to deal with the ups and downs and if you have a family they also care about whether you are a two income household or you are now the only provider embarking on that journey . The drive and desire to start a business and run it effectively must be enough to keep you going when things look bleak.
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You can plan, execute and re-evaluate, plan and still come up short. Setbacks are part of being an entrepreneur. Have a plan that is realistic and conservative to estimate how long it will be to get your first customer, how much sales you will make in the first 18 months and then consider higher costs for the first 6 to 9 months than You would normally expect. When you do and have the moments when you feel you have made the wrong choice to start a business, it is time to rethink your plan and focus on moving on.
Start before you quit your job
If you are currently in a career that will give you the time to build the foundations of your business, your extra time at home should be used to start putting things right. Take care of things like your business registration, website setup, phones and email contacts, etc. Set up accounts and partnerships in the supply chain and be ready to deal with new places by prepaid status -Ask for accounts as many have no way of really validating their history and may be risk averse with so many businesses closing due to COVID. This could all be standard information that you already know and it will begin to test your basic desire for how ready you are to own a business.
It takes time, this is not an overnight process. You need to be honest in your business interactions in order to build relationships and give customers a deep sense of the fact that you care about each and every one of them, and that takes time. Just as important as this facility, do your research and find a very good banker. This is critical. It makes business a lot easier when you have a banker who can really help you and understand your business. Personally, I've found smaller local banks and I'm really interested in helping your business grow. They really care about YOU and your company in order for it to be successful. They can help with some small products to improve your cash flow and to reassess the need to improve your access to cash annually.
Whatever drives you to want your business to run from idea to creation and growth, let it be the driver that keeps you going when things get as rough as they want. If you have someone close to you who can provide you with insight and honest feedback, share your plans or concerns with them. Few people who start out have a good core of people who are genuinely looking for their success. Therefore, everything that drives has to be enough that nobody around you believes you are successful or that you are doing the right thing that does not deter you from moving forward once you have developed a plan and done the research that came your way making up front a wise decision to start your business. Look at the source of who is giving you feedback and the perspective of why. Any criticism is not useless, especially from someone who cares deeply about your success, and in fact, you need someone to be your buffer to temper the natural urge to overlook potentially devastating risks in order to achieve a goal. It would be helpful to have someone in your corner who knows how to use the break effectively or who can help you blow off the gas to make quick turns on your roadmap to success.
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Be strategic and use wisdom for a better chance of success. Many entrepreneurs' paths to success have not followed exactly the same path, although many have similar principles; For example, having a goal in mind, writing it down, and then constantly looking at it and rethinking where changes need to be made while keeping what is will push you to the top of your mind. Many were strategic and used wisdom in writing a plan as a basis for educated and calculated risk. There is plenty of advice on starting a business, take what you've read and apply it to what you do, and remember to be honest with yourself, what your research, industry trends, where your product is or where Your service fits and when you do it. Your driving desire, coupled with a strategic plan and applied wisdom when it takes time and execution, could dramatically increase your chances of running an idea, product, or service for a successful business. It is not enough to have the desire and to drive without something or someone to evaluate your business start-up efforts. If you really have the desire and want to build a successful business, you're going to do the not-so-glamorous things of building a business by writing a plan and doing enough research to provide you with a level of comfort for further development. Remember, it is your plan and your research. Better to create your own plan based on your own research and then take it to a financial advisor like a CPA and spend the money to get their feedback on the numbers than to spend money on creating a business plan when Your funds are limited. When your drive is strong enough, you'll do the necessary things to ensure you have a better chance of success. They won't rush this knowing that it will take time. Over time, learn what to add and remove from your plan to help build a successful business.
Embrace the journey
Believe in yourself, do your research, and keep what drives you at the center of your activities. You can create a path to success where others would have stopped, stopped, or failed. As in school, most people find it difficult to pass a test on a wide range of subjects if they haven't prepared. Starting and working is similar to passing the test. The best way to prepare for it is by researching, reading, and studying the information and using methods that will enable success.
Related: Why Now is the Best Time to Start a Business
If your desire is to pass school this ride is there to keep you up all night or to use your time wisely to achieve success. Your drive and desire are best suited to starting your business the same way. Your plan may have mentioned one way, but after your research and planning, you will find another better way to carry it out. Keep pushing and riding with judiciously calculated motions and you will get yourself in a better position to be successful.