Starting a small business is an exciting endeavour, but it certainly comes with its fair share of stress-inducing challenges. Along with the practical aspects of planning ahead, organising financing, structuring and legalities, here are five surprising steps that help you take the plunge.
Stay in the loop with your target market, to offer the right solutions.
1. Soak up advice as you go
Once you get your head stuck in the details, it’s often hard to stay focused on the bigger picture. When this happens, you could be missing out on vital information to help you take the next step. Just like getting a second opinion from a doctor, keep seeking advice and opinions from professionals, experts in your field or potential customers. This way, you’ll avoid heading down the wrong path and having to turn back around to fix issues, before you’ve even started.
The most successful businesses solve problems for clients, fill holes in the market or address customer desires. This means you need to stay focused on solutions for your target market, just as much as you need to devise strategies to market and sell your service. Make a point of staying in the loop with potential clients, through social media, email campaigns or face-to-face interactions. This way, you’ll stay on track with both objectives.
It’s important to overestimate your expenses, to stay on track.
3. Always overestimate expenses
Providing you already have a business plan, you’ve calculated the associated expenses to start up. However, one of the biggest mistakes many small business owners make, is failing to take into account the unexpected costs that almost certainly crop up. Include your personal living expenses, on top of business expenses, to come to a realistic dollar amount to launch. Overestimating in both areas allows room for the unexpected.
4. Don’t be scared to start slow
Keep earning while you’re starting up and don’t be afraid to gradually transition.
If it’s passion that’s driving your small business idea, no doubt you’re ready to go like a bull at a gate. Whether the passion stems from turning a hobby into a career or building financial wealth, the urgency that comes with it doesn’t always lead to the best decisions. Keep earning while you’re starting up and don’t be afraid to gradually transition. Your idea isn’t going away, nor is your market. So, by all means, harness that passion but understand that the learning process isn’t usually a quick one.
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5. Remember that simplicity is best
When you first had that moment of inspiration for a small business, chances are it was a fairly simple concept to create wealth while providing a service. Along the way, complications pile onto this concept, whether they’re from comparing your service to established businesses or trying to hit future goals before you’ve laid the foundations.
Keep your mind focused on your original idea, in order to methodically follow the steps required to get it out there. Remember that each one, no matter how small, brings you closer to fulfilling your entrepreneurial dreams.
This information is provided by DPN Pty Ltd ABN: 94 630 700 186 Australian Credit Licence 514759. DPN Finance Pty Ltd is an authorised credit representative 504129 and related entity of DPN. Credit for Dream Big 100% Offset and Work Smart 100% Offset is provided by Adelaide Bank a division of Bendigo and Adelaide Bank Ltd, ABN 11 068 049 178 and Australian Credit Licence 237879.