The only regret I have about starting my own business was not believing in myself enough to make it happen a very long time ago. I finally took the plunge when I got laid off from my job and didn’t have many other leads. The economic times were tough and I knew what I had in savings wouldn’t last forever. I used that time to look for new jobs but also to find out the core foundation of starting my own business.
You don’t have to have a ton of money to get it in motion, but you do need to be smart with the funds you have. Don’t get caught up in owing lots of money from the start or your business will be an immediate stressor. Be smart about what you invest and how you invest it. You can always add to that business as you see the profits coming in.
Plan your day well, but carve out time for you and your family. It can be hard to stop when you want to start your own business. Yet burning both ends of the candle will drain you. Rather than micro managing, you need to delegate. Find responsible and qualified people to work with so that you can get the help you need.
Find a business you are passionate about. I have seen too many people go down a path for a given business because they saw dollar signs. In the end, their heart just wasn’t in it. Find a business you will be proud to be a part if and that you can make money with. You don’t have to pick one or the other.
The world of owning your own business changes shape all the time. You have to be flexible, willing to try new things, and to avoid getting too comfortable with what you are doing. This was hard for me to embrace at first, but now I can do it well. There are times when I try new ventures and they don’t work out as well as I had hoped. Other times, the results are phenomenal and explosive beyond my wildest dreams.
As a word of advice, don’t dive right in, take your time to plan well and to decide what you want your business to accomplish. Have a solid foundation in place that offers excellent customer service, a quality product or service, and marketing that reaches your niche market.
It can be scary to start your own business, but the regrets you will have if you never give it a shot are going to be worse than failure. Investigate the common pitfalls in your type of business so you will be able to them. Make logical business decisions too, don’t base them on emotions.
You are the only one who can decide what type of business is important to you. Toss around some ideas, be creative, and stick with what you really care about. Don’t worry about outside influences as there will always be those trying to stand in your way. Get around them and any doubts you may have.