Tips for starting your own business

Before we start, a reality check

We’re here with an ugly troll at the bridge to test your commitment to starting your own business.

Being your own boss sounds a lot better than it is in reality. Starting your own business, you might think

that you have no one to answer to, that you can set your own deadlines and working schedule, that even

if it’s hard to start, you’ll soon have employees who will do the heavy lifting.

Unfortunately, reality is here to burst that bubble with a sledgehammer.

The term “working for yourself” is misleading. As Bob Dylan put it “you’re gonna have to serve

somebody”. Being self-employed, you’re now at the behest of your customers and clients. When you are

successful enough to hire someone, there’s the added pressure of paying a salary and keeping them

happy. And you can forget about setting your own working hours. The whole notion of working hours

goes right out of the window the moment you commit yourself to your business. Expect early starts and

late finishes.

Is it worth it? Absolutely, with the caveat that you have a real passion for your work. If you work to live,

there are easier ways to make a living, but if you live to work, running your own business can be

extremely fulfilling.

5 tips for starting your own business

1. Begin as a side hustle

Starting a business while you’re still employed is great for two main reasons:

1. You get to test out your business idea without risking your livelihood and with a financial

buffer to help you get started.

2. It’s a real test of your commitment to your project.

See if your idea has legs. Before committing to going full time, do some market research, and

create a business plan and budget to see if you can create enough profit to make your idea

financially feasible.

Once your online business starts to gain traction you can try negotiating with your employer to

work fewer hours, or you might decide it’s worth taking the chance. After all, if you never try, then you’ll never know.

2. Keep overhead low

Speaking of creating a budget, consider how you can keep your overhead to an absolute

minimum. It’s easier and more cost-effective than ever to create an online business. Depending

on your business model, you won’t require any additional rent, electricity, gas, etc. If you already

have wifi and a computer you’re good to work from home.

Take time to research suppliers. Sometimes the most popular suppliers are the hardest to find

online since they already run a successful operation. Find a community of entrepreneurs in your

industry online and get involved. Ask questions on forums, you’d be surprised at how generous

people can be.

3. Understand your buyer persona

Who will be buying your product or service? Who is your ideal customer? What motivates them?

What about your product or service will be of most interest or use to them? How much will your

customers be willing to spend on your product? The answers to these questions will help you

significantly when it comes to branding and marketing your business.

4. Establish a solid brand

Now you’ve got your buyer persona down, it’s time to create your brand. Choose a font, logo, and

brand colors that best communicate the style of your brand.

5. Start as you mean to go on

You might think that starting an online business on Squarespace or Wix is a good place to start.

The problem is that it’s difficult to scale these websites. If you want to make tweaks and changes

further down the line (which you inevitably will) it can be extremely frustrating, and you may well

have to start from scratch, costing you more money in the long run.

Investing in professional branding and web design from the start will give your online business the

best start in life.