Only just a few decades ago the word “entrepreneur” was thought of as someone who was struggling to get their often outlandish ideas in motion, but fast forward today and the word is seen as trendy; someone who is going against the grain and alone without a boss. And this is the idea that is popular now – being in (relative) control of your destiny, not needing to rely on another person to pay your salary from a job which you are ultimately benefiting relatively little from.
We are seeing more and more people quitting their secure jobs in search for something that they are passionate about and with which they have more control over, and this usually starts with a small business. We often hear stories about people such as bankers leaving their very-highly paid but stressful jobs, in order to start their own restaurant or to work remotely freelance from a beach somewhere in Asia. The truth is that starting and running your own business is tough, maybe even tougher than having a normal 9-5 job, as you often put everything you have on the line in order to try and make it a success. Below are some tips for those planning on going it alone and starting their own business.
Evaluate yourself – what you enjoy/have to offer?
Often, being passionate about something is not enough to warrant starting a business built around it – you may love to watch football but this may not mean you are any position to offer services related to it, such as coaching. However, while this may not be advisable, many people have taken to proving their critics wrong. If you absolutely have faith that you can monetize your passion then you should seriously consider it.
It is important to have a look at yourself and analyse your strengths and weaknesses, and how this can all work towards building a successful business. Remember the saying, “failing to plan is like planning to fail”.
Come up with an idea
So your passion is sports-related, why not come up with an idea that is centered around that. It really is true that something doesn’t feel like work if you enjoy what you are doing. Your idea does not have to be completely original but try and learn from others before you; their mistakes and take inspiration from their businesses etc. Inspiration can come from anywhere and at any time – you could be lost in an office and suddenly come up with an idea to create room booking systems, or maybe your food delivery arrived cold and you want to find a way to fix that. Always keep an open mind and be ready for when an opportunity presents itself.
Ideally, your own business should be something that deeply interests you and you can consider more of a project, however, such ideas may not always be the most profitable, so consider if you are in it for the money or to provide a better product or service.
Do your research and analyse
The idea may be all well and good but you have to make sure it’s feasible first before proceeding. If you are going to invest your time and money into this, it is imperative you do thorough research first to avoid any surprises. This means getting first-hand information through surveys and interviews; doing extensive research on potential competitors, and the market as a whole.
Your research may even lead you to realise that this may not be the best route for you. Whatever the idea, you must undertake sufficient research and analysis of all relevant factors that can affect your business.
Start
The first step is the hardest, as they say. All the preceding stages may put you through a rollercoaster of emotions and have you torn between starting an idea or passing on it. This step is where the real work begins – you must be serious about it and understand the time and dedication this will inevitably take once you have started.
Begin by writing your business plan and the next steps shall follow; registering the business, sourcing finance, developing your product or service, building a team, acquiring a home for your business and finally start making some sales!
Enjoy the process, it is much more fulfilling knowing you are in control, building something for yourself.
