Starting a new business is definitely an overwhelming task, especially if you’re juggling a full-time job, trying to stay fit and healthy, have a work/life balance, spend time with your significant other, ughhh! If only there were more than 24 hours in a day. And I know how that feels when you want to get things done but there never seems to be enough time in the day. To make it simple, here are five simple tasks you can implement today that will help you get started on your business right now.
1. Why Are You Doing This?
You need to determine exactly why you are starting your own business. Whether it is a financial need, a lifestyle change or you just want to start something on the side that will subsidize your current financial situation, always have a reason why before you start. This is valuable because on those nights when you are up at 2am trying to figure out why you are depriving yourself of sleep you can think back to the whole point of your new endeavor.
The most important attribute you must have when starting a business is passion. Without the fire in your soul to succeed with your new business, you will have a difficult time accomplishing anything valuable. Most people who start a new business do so while already working a primary job.
When you work forty plus hours a week you may find it hard to be motivated to work extra hours to get work done for your side business. Success does not evolve over night and passion can keep you going when nothing else will.
2. Determine Your Niche Market/Customers
When developing ideas for a product/service, you must always do some research into your niche of interest. Whether you are thinking of an evergreen niche or maybe something more precise, make sure that your business idea fits.
For example, when first creating our candle business, we started targeting any person from age twenty five to sixty years old since everyone loves candles right? Well we were wrong. We did not do enough research on our product and customers since most candles and bath/body essentials are bought by females.
Even though men enjoy these products, more often than not they are bought by their female counterparts. Every marketing campaign we run is solely targeted towards woman between the ages of twenty five and forty five.
3. Gain Basic Financial Understanding
Starting a business will have expenses and if you do not understand how to create revenue then maybe starting a business is not the best idea at this time. Profit is the most important part of running a business and if you are not prepared to create avenues to bring in profit then you may want to go back to the drawing board.
Being your own boss teaches valuable life lessons and has the potential to increase your overall happiness but at the end of the day, if you are losing money then you will begin to lose the happiness that your new business once created.
Make sure to research basic accounting terminology since this will be a huge help when speaking with potential customers or clients. People want to make sure you can talk the talk and walk the walk. If your language does not pertain specifically to your business, then you will lose some validity, which in return will push some would be customers away.
4. Seek Legal advice
One of the largest pitfalls of a new business is they start to succeed but eventually the law will catch up to you. Whether you are selling products or helping others succeed, you should be making a profit some way or another.
Uncle Sam will eventually want his piece of the cake and if you are not proactive on the accounting side of your business you may regret not consulting an accountant or attorney prior to launching your business.
When creating your logo, business name and even social media accounts you must check to make sure you are not infringing on any existing copyrights or trademarks. If your business name or product names infringe on someone else’s already copyrighted material, you may be in for a world of headaches when you receive the cease and desist letter.
You should consult with at least an accountant and legal professional who both specialize in small businesses before really diving into your now business. It is not always mandatory but you always want to be prepared for whatever the universe will throw at you.
5. Trust the Process, Don’t Be Afraid to Ask For Help and Enjoy The Journey!
At the end of the day make sure that you are still enjoying the process of being your own boss. Running a business can sometimes drain you down to your core and make you wonder why did you start this endeavor in the first place and this is a reason to always have things that keep you grounded.
Family, friends, exercise, other hobbies or whatever brings you some peace and tranquility should all be aspects of your life that you still make time for on hopefully a daily but definitely a weekly basis.
If at the end of the day you are not enjoying the process then you have to change your ways. You may want to hire some extra help, switch up your business a bit or completely rebrand from top to bottom. It may even come to the point where you need to dissolve your business because it is not all that you dreamt it would be. Just remember, you will never know if you never try!
Mason Jar Candles & Co. is a family run business out of Beachwood, NJ. It is run by Alex and his two sisters, Amanda and Becky. Their products are all hand made in the kitchen of their home and created in small batches. Attention to detail and bringing their customers the best possible product are the fundamentals to their business. They make soy candles, organic scrubs and body butters, organic beard oil and hand poured soaps. You can find their products on their website at www.masonjarcandlesco.com or give them a follow on Facebook, Instagram or Pinterest.
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