How to Start a Business in the New Year?
Happy New Year! What better time for new starts, right? Maybe it’s a recent desire or one you’ve been harbouring for a while, either way, if you’re ready to start a business in the New Year keep reading.
Do Your Research
Before you do anything else you need to figure out if your idea for a business is a good idea or not. Ideas are easy. Most people can come up with a dozen ideas without breaking a sweat; the trick is identifying which ones are good ideas and which ones are bad ideas.
Are there other businesses doing the same or a similar thing? If there are, how will you compete? If not, why doesn’t this business already exist? Could be that you’re onto the next big thing, but it could be because it’s not viable as a business.
Are people looking for what you have to offer? Check the internet and social media. Ask your friends and family, and ask them to ask other people.
Come Up With a Plan
The term business plan is so common, you’d think this doesn’t need mentioning. Can’t have a business without a business plan, right? You’d be surprised how many people try.
It’s possible to have a reasonably successful business without a business plan. You might think the worst case is a failed business. I’d argue it’s worse to find yourself three years in doing all the grunt work 10 hours a day for less than half of minimum wage. That’s the real danger of not having a plan; falling into one of the many traps business owners must avoid.
Don’t try and tackle it all in one go. Start with a one or two sentence “mission statement” and one or two long-term goals, and go from there. You can always go back and change things; in fact, you should. A business plan is a living document.
What will your day to day look like? How will you manage your invoices? Who’s your target market? How will you reach them?
Don’t Try to Do It All
Plan for, seek out, and accept help. I can’t stress this enough. Lots of businesses start with one person and that’s fine, but it can be draining. At the very least, you need someone you can talk to. Ideally, you need a whole support network.
If you look at the most successful businesses, most of them have a core team of two or more people. Then they have teams. Trying to do everything yourself might seem like a good idea. After all, who is going to do a better job than you? This is another one of those traps.
Identify your skills and play to them delegate or outsource everything else. And I mean, everything!
Happy New Year. I wish you all the best in your new venture.