Congratulations on making the decision to start your own business! This decision is HUGE and so incredibly exciting. Want to know why? Because you are taking the first step in creating more freedom, passion, creativity and fulfilment into your life. Take a moment to celebrate yourself for taking the first step in creating your very own business.
I’ve been in business now for 4 years and I wanted to share with you my personal tips on where to start when creating your own business.
Understand your WHY
I’m starting with this one because it’s one that you are going to go back to so many times throughout your business journey. It’s going to save you from spiralling out of control and giving up. When times are tough in my business I always go back to my why and it instantly pulls me out and provides a much-needed kick up the butt.
Let’s get into discovering your personal WHY by asking yourself these powerful questions. Grab a pen, journal and write down your responses to these questions.
- What is driving you to start this business?
- What story/path led you to this point?
- Describe the person that you want to support, what are you solving for them?
Do your research
So you have this incredible business idea that you know will change lives and help people. Before you go gangbusters planning your name, logo and creating a website (the temptation is hard!), do some research to see if there’s someone already doing it (not that this should stop you, but you need to make sure you differentiate yourself enough that they don’t think you’re copying them).
Make sure you won’t be launching yourself into an oversaturated market or competing with a big wig that will make it hard for you to start. This isn’t a reason NOT to launch, but you need to make sure you stand out, have a clear brand message and can show your audience why they should pick you over your competitors.
Understand your target audience
I’m sure you’ve heard the term ‘target audience’ before and thought that sounds great but what is it exactly? Don’t worry I thought the exact same thing when I first started my business. Your target audience is essentially who you want to serve, it’s as simple as that. It’s about understanding their pain points and how you can solve & support them.
Let’s nail your target audience so that you can start serving them!
Grab a pen, journal and write down your responses to these questions.
- Describe my target audience…
- What are my target audience’s pain points?
- How does my work support these pain points?
Funding your business
This is such an important step that we can sometimes miss due to the excitement of running with our business idea. You need to discover how you will fund your business. Is it through business investors, startup or go fund me, parents or savings? Do you even need funds to launch?
Work out how much you will need to get your business off the ground and running before it starts producing income. A great way to do this is by budgeting out your startup expenses. Think about the website, accounting software, your time, outsourcing costs and anything else associated with your business.
Education is the key
There are so many elements to creating and running a successful biz. You will wear many hats, most of which aren’t related to what you DO or SELL, so, educate yourself. Invest in social media courses, learn what SEO is and how to use it, understand what paid ads are and how they will help you. Knowledge is power and what will set you apart from your competition. Throughout your business journey you will be constantly learning, growing and discovering new ways to do business.
The best investment you can make into your business is on YOURSELF. Whether you’re new to the solopreneur world or not, investing in a business coach who understands your industry is the most crucial resource you can have in your back pocket.
And so, there you have it friends, these are my top tips for starting your own business. I’d love to hear if you find these tips helpful – let me know below!