Start your own Business

You have your Business idea and are ready to go to market!

If you are considering starting your own business, in any niche. My advice to you is to create a Plan first. Knowing what tasks need to be carried out before making your first sale, will help you succeed.

Have your why or goal written down and placed somewhere you can see it daily. Use this as motivation to drive you to be the best version of yourself and become the best in your industry.

This will allow you to understand what things need to be completed. A to-do list in getting your Business set up. Ensure you have your financials listed, know your outgoings so you know how much you need to earn before you start making a profit.

You don't need a full drawn-out Business Plan, but if you do it helps. Especially if you want to open Business accounts. In your first year, I don't think they are necessary. But if you hit the big time quickly then it's an easier task with a plan. A great tip I learnt early on is to create a separate account, personal or business and whatever you earn, take 20% and transfer it there for the Taxman. This saves you an immense amount of stress at the end of the year, as the money is always there to pay your dues.

Other things to think about adding to the list: Branding - Name, Logo, Colours, Fonts. Marketing - Budget, Types, Social Media, Website. Service or Product overheads. Training, Equipment, Staff, and Rent!

Budgeting for the essentials will help you break even faster, as you know your targets.

Depending on if you are starting your business as a side hustle with a full-time job, or if this will be your full-time job. You must dedicate a certain amount of time ticking off those things on the action list. There is a huge temptation to do things by yourself to save money, but don't be afraid to hire experts in those areas. As your time is so valuable now as a business owner. Build that cost in too!

Another useful tip: is to get a mentor early on, someone you can use as a sounding board and someone who will keep you on track. This can be the same person or different people. Friends and family are great but don't always tell you what you need to hear or you don't take it seriously. They can be a specialist in your field, or someone with experience and/or success in that area.

Don't be afraid to make mistakes, some of the best lessons are taken from making errors and mistakes. Naturally, learn from it and put processes in place to ensure that mistake never reoccurs.

The final tip of today is to build in some time for you and your loved ones. Creating a business for most people I found is for financial freedom, which allows you to spend more quality time on the things and people that matter. Your health and wellbeing are also very important, so build in rest time or time to do a hobby. Going to the gym, out with friends or family, just doing something you enjoy.

Also when it gets tough and you feel like quitting as those times can happen. Take some time out and reflect, in fact introducing 5 minutes of meditation or self-reflection daily will really help too. Be grateful for all the things that are going well, and be mindful of the not so good, and find solutions to those problems.

I hope those initial tips help, as they helped me get started. Feel free to follow my social platforms and ask questions, I'll do my best to assist where I can.

Stay positive - Take Action and I wish you lots of success!