Business
3 Things To Consider On Your Startup Journey



Starting a company isn't a singular event, but a journey with three essential phases: permission, planning, and practice.  


Permission. 

Many people who have never been entrepreneurs are often fearful of the myths and hype surrounding the notion of starting a business. They'll talk about starting, they'll attend seminars, they'll watch Ted Talks, and they'll dance around the subject for so long, that they'll cultivate enough reasons to put off launching their company until such a time where they're unable to do it. 


The biggest hurdle for many wanting to join the ranks of entrepreneurs is not the business plan or even capital. Instead, it's the individuals who won't permit themselves to do so.  


Giving yourself permission to attempt, perhaps even to fail, is the key to taking any of the following steps. Permit yourself to start small, slow, and with your established needs and values in place, and you'll be off to an excellent beginning. 


You might begin to develop a greater sense of empowerment as you've more than likely spent the first half of your life working for someone else. That being said, permitting yourself to be your own boss might be easier than you think. Seasoned entrepreneurs have a unique perspective; they've tried more; and they have developed invaluable lists of what to avoid next time. 


No one can give you the permission to start; the power is in your hands. 


Planning.

Once you've permitted yourself to pursue a new business opportunity, it's time to plan. Take the time to craft your mission, idea, goals and achievable timelines as the starting point of your business plan or business bible.


You have the option of setting up your business to match your schedule and interests and abilities. As many as 50% of sole proprietors spend less than 20 hours per week managing their businesses. About 20% spend between 20 and 40 hours. Only 30% spend more than 40 hours a week on their business. 


You need to realistically think about how much income you want your new business to bring in. By creating a plan that doesn't generate high income initially, you're setting up your expectations appropriately as almost everything in business takes longer than expected when starting a new company.  


Ensure that you're charging an appropriate amount for your products or services at a rate which exceeds how much you're spending. How your enterprise grows, and how smartly you retain and improve upon your plan will ultimately determine how much income you bring in.


Practice. 

Think about your new, emerging business as a practice. Consider medical, law practices, tax or even accounting firms as examples. All of these fields share something in common with the idea of a new startup; they're deeply rooted in the day-to-day practice of utilising a unique set of skills. 


As the owner of a startup, you'll only benefit by holding yourself to this calibre of professionalism, regardless of what industry your business falls under. 


Professionals who properly conduct their business efforts are continuously practising. As their journey goes on, they improve, innovate and grow. They strive to find fresh ways of adding value for their customers. 


Or they fail. 


As the owner of your business, you need to carefully plan your strategies and business processes which will make you proficient in the professional practice you're crafting. It's of utmost importance that you learn to improve with every transaction. The key to creating a successful practice is establishing a robust, professional business model and having expertise in your field. If you treat your business as a professional practice from the get-go, you'll be destined to succeed. 

  • Business
  • startup
  • entrepreneurship
  • motivation
WRITTEN BY
Discuss this article

You can select the account to comment from with the dropdown arrow on the left, and you can easily mention businesses using their @businesshandle in order to let them know about this article.