Has the idea of business ownership or entrepreneurship always appealed to you, but felt impossible? I mean, where would you even start?
If you head to Google and type in, “how hard is it to start a business?”, you’ll get all sorts of answers. “It’s easy!” “It’s a long, hard journey.” “Don’t do it!” …So how are you supposed to know what’s real or not?
The answer actually depends on you. First, you need to start by answering a few questions:
What do you want to do?
Take your time in figuring out what kind of business you want to run and where you want to run it. While there are challenges to running all businesses, some are going to be more difficult starting out. Also, while some businesses can launch with very little investment, others would need serious financial backing.
Talk to your friends and loved ones about your ideas. Brainstorm. Research. Make sure you’re 100% certain about your decision before you do anything or you could end up wasting a lot of time and money.
Do you have a genuine passion for it?
The level of perceived difficulty will be directly related to how much you love what you’re doing. Challenges are inevitable, no matter how skilled you are, so it’s important you have the drive to push through the tough times.
Don’t just choose a business that seems “safe” or logical. Choose something that will help to get you out of bed each morning.
Do you have (or know other people with) the expertise?
Of course, passion will only get you so far. Skills and practical experience are key too. From books to short courses and formal study, make sure you have knowledge about your chosen field, as well as running a business in general. Even better, try to find a friend or mentor with more expertise who can help “fill the gaps” as you get started.
What kind of research do you need to do?
What are the things you need to know about running your business? Products & services, pricing, administration, bookkeeping, HR, marketing – make a list of all the areas you need to work on and look for books, podcasts and blogs that are created by experts in relevant fields.
Have you found yourself a coach or mentor?
In most cases, we would recommend you find both. The right business coach will be able to help you with the initial goal setting, planning and strategy, as well as supporting you throughout your journey and providing a level of professional accountability.
A business coach may not have industry specific knowledge so it’s a very good idea to find an experienced mentor (such as a fellow business owner) with a thorough knowledge of your field. Their years of experience are invaluable, so watch, listen and learn carefully – that kind of knowledge can’t usually be bought!
Moving forward
As with most things in life, your skills, knowledge and preparation will account for a decent part of your success, but the rest comes down to heart and determination.
If you can answer the above questions, find yourself a network of knowledgeable, ethical and positive people – and be prepared to tough it out during the challenging times – then go for it! Hang onto your dream and take the steps to make it a reality.
If you’re having trouble answering any of the questions from this article and need some professional advice, we’d be really happy to help! Simply drop us a line at info@thestartupstable.com.au and we’ll be in touch within 2 business days.