7 Fundamental Steps To Launching Your Own Business


Yet another long hard work week is nearing to a close. For some of you it may be the first day in a work-filled weekend. The novelty and surging optimism that you once had with your freshly pressed bachelor’s degree in hand has faded as you turn and chug like the good cog you are. What will you fantasise about today on the mundane commute home?

Shall you fantasise about the cool vintage pieces that you would stock in you own boutique? Or perhaps envisioning the chalkboard with vibrant entries about all the exquisite coffee blends you offer in your very own fair trade coffee shop?

Snap out of it and just do it already.

The Decision To Switch Gears

Breaking out on your own is not just for dynamic retirees with a crocheting penchant. The youth and vim that you have is a huge asset that should not be wasted if you have a great product or idea that you feel strongly about. Where to start?

Overcoming the Catch-22: How To Turn Your Youth Into Your Ultimate Asset.

While the idea is romantic enough, standing up abruptly from your cubicle and giving your notice is not the wisest way to go about starting on the path of entrepreneurship. Here are a few sage tips.

Research But Don’t Overdo It

Research what you are doing. Get familiar with the industry or market that you wish to enter. How large is that market? I.e. what is its total revenue. The spicy foods industry currently has a market value of $22 million and is on the rise. If you are in a market that requires licenses or has some special rules for your region be familiar with them and which ones will apply to you.

An Anecdote: We had a proposal from a fellow entrepreneur in a sister industry and while discussing a possible collaboration with him he was lamenting about all of the extra costs, some in the tens of thousands, that he incurred to meet certain labelling standards that were not at all required for his product. As well as getting federal licensing for his premises that he did not need at all. What he lacked was adequate research into what he did and he set himself back as a result.

Don’t over research what you our doing though and get discouraged by any obstacles that you identify in your potential path. There will always be a million reasons not to go into business for yourself and like most marriages, the odds are stacked against you. Marriages fail because people have Hollywood fantasies in their head about what marriage is and don’t want to work at it. The same is for business. Interestingly enough the failure rates are about the same.

Who Do You Want On Board?

You cannot do it alone. You may be the sole owner of your business but you cannot do it alone. Know who you want to enlist.

Are they trustworthy?

Have they come recommended?

Are you comfortable with their experience level and do you think that you will vibe with them?

This goes for any transaction you may have to do. Do their morays and ethics co-incide with your own and if they don’t, will it be a great enough hindrance in meeting your goals?

Photo Credit: Vintage Seekers

Photo Credit: Vintage Seekers

Partnerships

Having a partner is a great idea but it is like marrying that person. What is your prenup should it go sour or one person simply wants out? Partnerships are extremely beneficial and should be between people that have similar values but complementary perspectives on how to achieve their goals. Your ideal partner
should have what you lack. An apples and oranges dynamic works really well. There is also the husband and wife team which has its own benefits and trade-offs as well. Doing business with your spouse is an advantage because the investment is deeper that say a friend or fellow entrepreneur. The negatives in a divorce are
numerous but we are optimistic here at FlavourFull!

No Money, No Problem

This is an area that entrepreneurs lament about a lot and it needn’t be the case. Not all startups require a lot of money. This article has some short tips on how to go about launching a business with little to no capital.

Richard Branson is the impresario of the entrepreneurial ilk. He’s a dropout and did everything the way you are not supposed to. While that won’t and doesn’t work for everyone he made a very good point about money in business that I have lived a few times over.

(…)Money can only get you so far. If you’re a beginning entrepreneur launching your first startup, a big pot of money may only mask problems that will eventually catch up with you.~ Source, Entrepreneur.com.

No Money, No Problem.

No Money, No Problem.

This is incredibly true. In the short time that we have launched FlavourFull Creations our lack of capital has forced us to make shrewd decisions.Often times we could not make the moves we thought were best due to a lack of capital. When some money finally did arrive we took an entirely different path and were able to see the disaster that would have occurred with a hasty rush in the initial direction.

Home Is Where the Office Is

Most businesses are home-based and there are pros and cons to running your business from home. You don’t have to get ready really and you can make groundbreaking decision in your pajamas. Mentally it may be good to have a morning routine anyway since it will keep you in the right frame of mind. It doesn’t have to be a power suit but something to ritualise what your doing. I’m causal but I’ve got my blogging socks on.

If you have family members they may distract you all the time since you are still at home to them and not at work which can be a bit of an annoyance. As a mompreneur it is essential in balancing raising my child and running the house. Running a house is a business in and of itself and the mompreneur is a whole new breed of entrepreneur that is taking the small business world by storm.

Mommy Tycoon in the Making? Mompreneur Hub @ Entrepreneur.com

GO FOR IT!

When all is said and done you have to take that big bite and just go for it. Entrepreneur’s are characterised by their willingness to take risks. As debonair as they may seem, the risks should always be calculated and analysed. There is the tried and true gut feeling that sometimes just has to be followed. There are tedious aspects like business plans. Our very own blog has some insight into that thrilling process.

So What’s The Plan, The Business Plan.

No one knows when they will leave this earth but you will leave it and every soul will taste death. In between that time is much uncertainty since no one knows the future for certain. Mentally and strategically you should have a good system in place to cope with the uncertainty and tough decisions that will present themselves. It is very important to be about action and not about a bunch of lip-service. There are plenty of entrepreneur’s in word but how many really are really walking the walk?

Some Strategies to Cope With Uncertainty

There are a endless tips and strategies to embarking on the path of entrepreneurship and there are just as many resources out there. Depending on your age there may even be government grants to help you get started if three is a serious need for capital that you simply do not have.

There are very few people who love towork for work itself. It’s not in human nature to want to go through hardship — our souls call us to ease. Those people who are branded “workaholics” exhibit those hallmark traits of tirelessness, perseverance and persistence but take a step back and you might just find that those people love what they do. If you have something that you love why not take it to the next level. The niche industry is the new wave of entrepreneurship success.

Like, Comment, Follow & Share. We were bang on? Tell us about your experiences or aspirations.

Mama FlavourFull

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