Starting a Business? Do These 10 Things First
Hey there, aspiring business owner or side-hustler!
If you’ve got an idea brewing, you’re ready to take the leap into ownership.
You’ve Got 3 Options
👎 Jump on Google - spend days, hours, months looking for answers
👎🏾 Stress Out - fall into analysis paralysis, do nothing
👍🏿 Take Control - read our 10 important first steps and feel at ease!
Outline your idea
Ahh yes, the most difficult yet important step — what is your business?
Write down what you want to accomplish with your business and why. When things get hard or you lose sight of your passion, read your outline to remind yourself why you started your business. Keeping your why close to your heart will propel you through tough times.
Consider a a Safety fund
Entrepreneurship is not always sunshine and rainbows. You’ll have a slow month or unexpected glitches from time to time. A safety net helps get you through.
If you can swing it, a good rule of thumb is to have enough money to cover 3 months’ expenses.
embrace the lifestyle change
Starting your own business is a BIG change. One that can be fun but scary. The trickiest part about this shift is the mental switch from ‘employee’ to ‘entrepreneur’. There’s no more separation of departments - you are now finance, marketing, content, business development, AND operations.
Everything from your time to your finances to your emotions will be tied up in your company.
Do Your Research
Starting a business involves a ton of research. When getting started, we recommend researching the following:
Your competitive market - Look into business that are similar to yours - what can you do differently?
The business climate in your region
Your target customers/dream clients
The information you’ll get is vital to starting a well-rounded business.
Building a business is very personal. A lot of us want to do it on our own.
Maybe you don’t want someone else changing your vision, or don’t think you can afford the extra help. But you have to know when you need help (and it’s okay to ask!).
Why invest hours into building a website that you could hire someone to set up?
Why do the work of four people when getting help could let you do a better job?
Know when you should outsource or hire employees to better your business. It’ll give you more time to focus on work you love.
Ask For Feedback
It’s scary to get criticism, but they help you and your business grow. Find a network of advisors who will give you honest critiques. Find business owners in your field.
To make the most of critiques you receive, make sure to:
Write down any similar comments
Wait 24-48 hours before reviewing them
Take Care of You
Your business can’t thrive unless you do. With this in mind, don’t overwork yourself. Build time into your schedule for fun, play, relaxation, and rest.
We like to separate our business time from us time. Sometimes leaving the house to work in a co-working space, coffee shop, or friends’ can separate home life from work life. Put your well-being first — the world needs you to be healthy and happy!
Press the Easy Button
Sometimes the easiest way to do things takes time to set up.
This can be creating automatic responses to emails or social media messages from first-time client. Or setting up a system that will automatically schedule introductory phone calls with new clients.
Sure, designing these systems may take longer than you want. But you’ll be grateful for the saved time later!
Make it official
We wanna let you in on a little secret: DONE is better than PERFECT.
When it comes to making it official, you might feel hesitant to register your company until you’ve got it to 100 percent. We encourage you to press go...today!
Register your company name, get your tax numbers, apply for permit or licenses, and set up a bank account when you commit to starting your own business.
Starting a new business? Meet our partner Ownr and register or incorporate in minutes. Use code FEMME50 to get $50 off
Celebrate your victories
Starting a business is hard work. Make time to celebrate even the tiniest accomplishments.
🎉Launched your Facebook business page? Kudos!
🎉Finished that sales call? YESSS!
🎉Started production on your product? Heck yeah!
🎉Filed taxes?! YEAH YOU DID!
Even though being an entrepreneur is hard, it’s worth it if you enjoy each success along the journey.
Now go, press publish on that blog post, website, client email, sales page!
The #femmboughtfam is cheering you on from the sidelines.
DM us on Instagram with any questions about getting started. We’re here to help!
Want To Take Your Business To The Next Level?
Click here to list your business on the femmebought directory!