Journal

Business Ownership

August 6, 2020

Want to Start a Business? Do These 3 Things First

Have you dreamt of owning your own business? Do you feel like you can offer something that others can’t or can do something better that people would pay you for? Obviously a lot goes into starting a business, I have no doubt you know that. But the real question is: where do I start?

I believe there are three steps you should do FIRST and foremost to set the foundation for your success.

Step 1:

List your strengths and weaknesses as they relate to your business idea.

I won’t lie to you: starting a business is hard work. You’re going to run through some major highs and lows and it’s best to have a game plan for tackling them now. Getting clear on your strengths helps boost your confidence when you’re feeling that dreaded imposter syndrome. What’s imposter syndrome? In simple terms, it’s a feeling of inadequacy and/or having immense feelings of self-doubt. It can affect anyone, regardless of their level of success.

Imposter syndrome is a very real thing when starting a business, but knowing how to combat those feelings can make all the difference. So how can you do that? It’s all about making friends with your weaknesses so you know how to overcome them when they threaten you. Try flipping a weakness into a strength. Here’s an example…

Weakness: “I can be a know-it-all when I’m sure I’m right”
Strength: “I’m confident in my ability to lead from experience, which makes me a great guide in the branding process”

See the difference?

Step 2:

Write your business plan. Include how you’ll make money in month 1, month 6, and month 18.

Look, you can’t make money without a plan, it’s just impractical. A business plan helps you map out the important things like:

  • Your business idea: you gotta start with the big picture!
  • Helps you outline your key goals: what exactly is it that you want to accomplish and who are you wanting to serve? What are your goals in year 1 and beyond?
  • Helps you determine important benchmarks for real growth: obviously it’s going to take some momentum in the first months and year. What benchmarks can you set for yourself to keep you on track and not get discouraged when times get tough?
  • Identifies your competitors: what kind of playing field are you putting yourself on? Is the market saturated with others like you? What can you do to set yourself apart? Better yet, do you have a niche that serves a specific, high-demand market?
  • Defines financial performance metrics: I imagine you want to make money with your new business 🙂 What does that look like monthly/yearly? What if you have a bad month? Are you going to have enough of a safety net in place?

 

Step 3:

Choose a name and secure your domain and social media handles.

Nothing hurts quite like landing on THE MOST PERFECT business name ever, only to find out the URL is already taken. Whomp, whomp. Be sure to research and secure your name before you go too far down the path of growing your business.

My favorite place to find domains is domains.google.com. You can buy a domain from anywhere, I just prefer Google because it’s an interface I understand and it’s easy to use. I highly encourage you to sign up for G Suite to have a business email associated with your URL and to try hard to make sure your social handles match directly.

Branding is an important part of starting a business, but really shouldn’t come before these three elements are secured. Setting up a good foundation is paramount before getting to the “fun stuff” like logos and branding colors.

Where are you at in your business journey? If it’s just the beginning, I’d love to help you out with Step 4: Develop your branding 😉 Message me to set up a free Connection Call – I have a few spots open for fall start dates!

Best of luck in your exciting new adventure!

Abbie

Leave a Reply

Your email address will not be published. Required fields are marked *

  1. Marlee says:

    Love the business plan tips and ideas!