Here are the 5 things you need to do before starting a business
(1) Develop a powerful message
What customer problem are you solving that potential customers are willing to pay for? This is often called the value proposition.
Also, why will your business be operationally and financially successful?
(2) Surround yourself with advisors and mentors
Launching and growing a business is difficult, and more than half will fail within 5 years.
No one person can have all the knowledge, experience, or even perspective to handle every business situation. Gain from others’ skills and experiences.
(3) Write a business plan
Starting a business is difficult and risky; it’s easy to spend all your time and resources at it. Before you start, figure out what type of business you will have. Will it be a sole proprietorship, partnership, corporation or LLC? Then put together your plan.
Having a written plan with your projected results and personal goals is the best way to stay on track.
(4) Understand there are no entitlements
Don’t underestimate this one: You will work hard for all your achievements.
Being a small business owner is one of the hardest jobs around. In a recent survey, 40 percent of small business owners said they don’t take vacations and have their money tied up in their business.
(5) Have a passion for what you are doing
Being a business founder can be very lonely and there are not enough hours in the day to accomplish everything.
From big successes to large letdowns, if you’re not fueled by passion at every step of the way, your job becomes that much harder. Remember why you started your business and let your passion drive you continuously.
When in doubt, don’t go it alone
Just because you’re taking your ideas and turning them into reality doesn’t mean you need to figure everything out on your own. There are plenty of online marketing tools available to make your job as a small business owner easier. But tools aren’t everything.
To position yourself for success, you’ll need to tap into the expertise of those who are experienced in the small business world of the digital age.