Everyone has seen the promises of internet gurus who say that you’ll make thousands if you just do what they say. However, for every legitimate offer you find online, there are dozens of scammy shortcuts that promise overnight success. The fact of the matter is that they almost never work for anyone other than the person collecting your money.
My advice to you is to sit back and look at all the experts you admire. How long have they been in business? How many failed business ideas did they have before their current one came to mind? I can tell you right now that behind every glistening smile of a successful entrepreneur are years of hardships, failures, and tears that they pushed themselves through. That success didn’t come from a get rich quick scheme they bought for $39.99.
The best advice that I can give you is to take time to create a functional and flexible business plan. It doesn’t matter if you’re the kind of person who carries a Happy Planner everywhere you go or the kind who has jumbled notes on their phone, you still need a plan. Business plans are such a hot commodity that some people pay hundreds, if not thousands, just to have one made for them. If you think I’m joking, search “business plan” on Upwork and you’ll find page after page of jobs posted by entrepreneurs like yourself ho have no idea how to plan out their next big thing.
If you’re in the same boat, here are some questions to get you started. Remember, for each one you want to be honest with yourself. Don’t base any answer on opinion, only facts.
Do you have a viable business idea?
In other words, would people actually buy what you’re selling? If you’re unsure, test out your idea on a smaller scale. Some of the best businesses are started as side hustles. If your business is currently a side hustle and you’re unsure if it’s time to make it full-time, head over to my other article where I talk about just that!
Are you selling only trendy items?
Trends are a fact of life. With every new generation comes new trends in almost every industry. Many businesses make millions off of following trends and always being right there when the next big thing hits. However, it can be dangerous to base your whole business off of trendy items or services because just as quickly as they grow to fame, they die. If you aren’t prepared to jump on each bandwagon, I suggest ditching the trends and finding a more stable niche.
Do you have start-up capital or need funding?
In some cases, you don’t really need a lot of funds to get started with your business, but it’s important to think long-term. For example, if you’re a service-based business you’ll likely need to upgrade your equipment as you grow. In addition to this, you may require additional insurance, certifications, or business programs to run an efficient and legal business. It would be really horrible if you caught the eye of a big client and couldn’t reel them in simply because you’re missing some fine print. Personal savings, investors, and loans are all ways to get funding for your company.
What does your online presence look like?
In this day and age, your online presence is just as important as your in-person one. Consider your website and social media profiles. What do they look like? Is it obvious that they are related to the same person and/or brand? Your posts should be relevant to your business, your photos should be current and well-styled and your online presence should be professional. My advice is to do a complete overhaul of your profiles/website, delete anything that doesn’t fit your color scheme.
Do you have a marketing plan?
A marketing plan is an essential part of a business plan. It basically helps you decide what channels you will utilize to spread the word about your products/services. I can tell you right now that if your business is solely relying on the kindness of your friends and family, your marketing plan needs some work. You need a plan for finding those prospects and knowing what will attract them to you whether that’s through social media, billboards, trade shows, etc.
A solid foundation is crucial to the success of your business in the long run. If you have the desire to succeed, you can certainly make it happen. Using these few steps, additional research and some hard work you can do this…without the get rich quick scheme.
Now if you are thinking of starting your own business but don’t know where to start, book a breakthrough session to help you sort through your ideas and figure out which ones are the real gems. You’ll walk away with clarity along with the ability to implement a step by step plan to launch your next business idea. I’ll even walk you through how to plan prices, discover your Dream Client, and how to set up a marketing/social media plan you can use every day. Book your plan here.
[…] ***Tip: You should probably start with a service or product that you love to do and have great skill in. As you learn and grow, adding more things along the way. This goes for event design and any other industry. It’s all about building a solid foundation! […]