5 Essential Tips for Starting Your Own Business
In today’s society, you can find all sorts of advice about how you should launch a business. With so much information, however, it can become difficult to know what you should heed and what you can ignore. To simplify things, we’ve made a list of five fundamental tips that will help you when it comes to starting up a business.
Solve a problem
One of the best ways to create a winning business idea is to design a product or service to solve a specific problem. By fixing a problem, you have created a specific customer base right away. This means you won’t need much selling if your solution works.
Stop waiting and start doing
While it may appear to be counterintuitive, it can often launch your business better than before if you feel like your product is 100% perfect. By delaying your start, you are procrastinating and you may never actually get your product to perfect.
It is best to launch fast before anyone else beats you to that market. You need to make sure you don’t second guess yourself out of launching at all. From there, you can adapt and perfect your solution with a small group of paying customers. The most effective way to learn is to get your product into people’s hands and see how they like it. Make sure to keep in mind that if it fails, you can learn and try again.
Keep it simple
When you create a great business idea, don’t imagine all of the possibilities of where it might go because you could accidentally hinder your product from launching. You should narrow your focus and costs by making your solution as effective as possible, without getting too elaborate or complicated.
In addition, consider the minimum viable product or MVP, often talk about in the tech sector. What is the minimum you can offer and get the results you had in mind? Offer that first, and then you can build off of it. Once your company is up and running and you have some income and customers, you will be surprised by how easy and affordable it will be to add some new features.
Be passionate but self-aware
It is important for successful business ideas to be near and dear to your heart. Focusing on something you’re passionate about will help you to stay motivated to do whatever it takes to succeed. However, just being passionate won’t guarantee success. It takes a certain mindset to endure the rigors of being an entrepreneur. Therefore, unless you’re comfortable taking risks, learning from failure, and working harder than you have ever before, you might want to rethink things. When things get challenging, this mix of passion and fortitude will allow you to stay the course.
Know what it takes to SHATTERPROOF your business right from the start
Starting your business means that you are setting up the correct Legal, Insurance, Financial, and Tax Systems to support your goals and objectives.
You can begin with the MVP of legal, insurance, and tax (LIFT) systems, but don’t go bare. At the very least, you need a legal entity, some basic agreements, and possibly a trademark. You also need basic insurance coverage, financial tracking and reporting systems, and tax planning.
You may be able to do some of this yourself, provided you’ve got the right guidance to make wise decisions. As your Access Lawyer, we offer exactly this kind of support with our SHATTERPROOF Start-Up Sessions. Contact us to schedule one before starting your business—or if you’ve started a company but have yet to set up SHATTERPROOF systems, or if you’re simply not sure they’ve been set up correctly.
We’ll make sure you’ve got the right SHATTERPROOF foundation to support your vision and goals, so your startup has the best possible chances for both initial success and future growth.