Starting a new business, like any new venture, can be extremely overwhelming. With so much to do and crucial details lurking around every corner, you might not even know where to begin.
After receiving such a great response to my post, 10 Business Strategies I Learned from Starting a Non-Profit, it opened our eyes to how many people are actually starting their own businesses and how many of those people don’t REALLY know how to do it. In fact, 50% don’t! How do we know that? Because half of all businesses fail within the first year.
Why Should I Consider Starting a Business?
It all starts with an idea. A hobby. A passion. We’ve all got ‘em. But the question you should be asking yourself right from the get-go is this: Why Should I Consider Starting a Business?
It’s a valid question that needs answering. Are you starting a business because you’re sick of your current job and want something new? Are you starting a business for money? Or are you starting a business for a completely different reason? No matter what the “Why” is, you need to back it up with your “Because”.
And while we’re on the subject of asking ourselves questions, here are 3 more you need to add to the list:
- Is my idea good enough to bring in a profit?
- Can I find a way to turn my hobby into a business?
- Am I 100% committed to turn my passion into a business?
If you couldn’t answer yes to any of these questions, let me be honestly blunt: you need to do some self-evaluation before you are ready to start your business. But if you can take these questions and produce positive answers, then you’re already on the path of starting a business.
Turning Your Passion into a Business
Maybe you’ve already got your passion all rolled up and ready to fly. Great! But what about those who aren’t quite sure their passion is enough to start a business? (And don’t worry if that’s you… you’re definitely not alone!)
Lewis Howes (pronounced How’s) gives a wonderful explanation of why making sure your passion lines up with your business is important:
Watch the latest video at video.foxnews.com
“A lot of people don’t know what they’re passionate about.” Howes states. They’re trying to fulfill someone else’s dream so they’ve forgotten what it is they are passionate about. He gives a couple tips to discovering your passion:
- Think about what you liked to do as a kid.
- Image what you would do right now that you wouldn’t need an alarm clock for, to get you up, excited.
Remember those childhood lemonade stands? Talk about mixing pure joy with business! The day of your big lemonade stand not only got you up early in the summer months, but also got you helping out in the kitchen. (For me, that’s a huge accomplishment, even today!) Those might have been your first entrepreneurial moments, so try to think back on these types of events. You never know–maybe your Holly Hobby Oven will inspire a new bakery business.
Advice from Richard Branson on Starting a Business
Richard Branson is a personal inspiration of mine, not only because he’s insanely successful, but probably more on the side that he’s insanely creative. I love his out-of-the-box thinking and how he implements that into his businesses.
His advice when asked, “What the heck should I do?” is simple. Grab a pen and paper and answer these 2 questions:
- What Do You Love?
- What Do You Hate?
First make a list of things you are passionate about and see if they spark any ideas for innovation. After you’ve done that make a list of things you hate. If you could run the world, what would you change? Think as an entrepreneur and work on making a business from one (or more) of your ideas.
The Numbers Game
Now that we’ve given you a foundation on taking the first step in starting your business, we want to make sure you are SERIOUSLY ready for this awesome journey by showing you a few important numbers. Don’t let this scare you off from starting a business, but let this challenge you on your way to success. Knowledge is power—and to get ahead of the game—you need to know what you’re up against. Here’s some interesting facts from Small Business Trends:
- 50% (estimated) of Small Businesses fail in the first year
- 40% of Small Businesses make $$$$
- Only 30% break even and another 30% Lose $$$$
- 36% of people let fear stop them from succeeding.
- 25% of entrepreneurs don’t expect growth.
Remind yourself of these numbers daily, and instead of looking at the negative, let’s turn them into positives:
- 64% DON’T LET FEAR STOP THEM FROM SUCCEEDING
- 75% OF ENTREPRENEURS EXPECT GROWTH
What does that mean? Make sure you are in the 64% and 75% of business owners who are not letting fear rule their lives and are looking toward the future with growth and profits. In order to succeed, you must remain positive.
You have to work hard to win! And while those numbers can be quite discouraging, don’t despair! We’re going to continue to give you more great tips along the way to make sure you’re doing everything right for your business to succeed.
Read More: Help! I’m Starting a Business – Where Do I Start?