2020 is a year we will never forget thanks to the COVID-19 global pandemic. Life as we know it officially changed our way of life forever. We literally had a front row seat to the world collapsing before us. From school closures to businesses shutting their doors for good. However we saw, 4.3 million business applications were filed in 2020 according to the U.S Census. If COVID taught us nothing else, it taught us to secure our own futures by doing what we love. Starting a business during a pandemic was a saving grace for many. Entrepreneurship is not for the faint of heart, and definitely not something I would recommend for everyone, but if starting a business is on your to do list, here are 7 tips to get you started.
1. Mindset Shift
When starting a new business your mindset must shift. Your thoughts have to adjust from an employee mindset to thinking as a CEO. Sure, it sounds very cliche, but it’s true. As the CEO people depend on you for guidance and look at you to make the tough decisions. You are now responsible for someone else’s life. Check out some examples in this post and let me know where you need to shift.
2. Research, Research, Research
When starting a business it is important to know what is happening in your industry. What are the current issues, and how can you position yourself as the solution? What are things you need to have in place prior to you getting your first client? Are the right systems in place, is this a viable business. Again research everything to ensure you are on the right track.
3. Plan
Seems logical right? Often times business owners are so caught up with the fantasy of entrepreneurship, that the business of running a business is forgotten. What is your company’s mission and core values? What is the culture of the company, who are your ideal customers? Proper preparation leads to great execution.
4. Networking is Key
Get to know other entrepreneurs and talk to them about what you’re trying to do.Word of mouth is how a lot of businesses get a foot in the door to potential clients. Examine your network and see how you can leverage those relationships.
5. Know your numbers
Before you do anything you must know how much it cost to operate your business. Before quitting your 9-5 it’s quite alright to let your main job fuel your new venture. If you are going to look for investors this will become critical to get people to buy into your vision.
6. Legal Structures
Insert deep sigh here. I don’t know why everyone thinks having an LLC (Limited Liability Company) is the best filing option, but this is the typical go to. Please read my post on business entities. There’s more to life than an LLC, but ensure your business is legally set up for the state you live in.
7. Spread the Word
Now it’s time to start spreading the word. Tell your friends and family about your business. Most of them are not our target audience but, it costs nothing to tell another person who may benefit.
If you haven’t done so already head over to our freebies section and download our Start My Business Checklist.
