- Take your new venture seriously
Don’t start this venture by thinking it’s a part-time gig or perhaps just a pastime. Set the proper mindset by believing it will be your livelihood and it will take hard work. Set goals that are measurable and realistic and just as important, how will you hold yourself accountable to ensure goal compliance? Also, don’t kid yourself…working a full-time job and establishing a business on the side will be difficult, but it is doable, however only if you can manage yourself by making efficient use of nights and weekends. The days of procrastination need to be long gone—making every minute count is your new mode of operation!
2. Build it so they will come
Whether your new business provides services or products, ask yourself the following questions:
Who are your customers?
What are the costs associated with the services or products you are offering?
How will you market your services or products?
What will set your services or products apart from all the other establishments or professionals providing the same type of service or product?
What’s so special about your product or service offering?
These are some of the most important questions to ask yourself. The answers to these queries will be the foundation for your strategy moving forward.
3. Have a darn good portfolio
If your business provides a service, develop and showcase a bio that is unique, depicting your experience, credibility and that you are results-oriented. There are many consultants available, you need a competitive advantage to set you apart from the pack.
4. Authenticate your idea
Who doesn’t think their idea will be that ONE product that takes off? After coaching dozens of entrepreneurs, every one of them (100%) believes that their idea is unique and incredible. No wonder there are so many businesses started every year. Unfortunately, almost just as many close their doors shortly thereafter. Typically, because products have not been fully researched, undeveloped or perhaps it’s not that beneficial. Just because you think your idea is awesome, unfortunately, that doesn’t mean that it’s marketable. There is definitely a method to objectively validate your vision and idea. There are many books and articles written on how to test your prototype thoroughly before launching a full-blown product.
5. Be professional—act like a big company
Even if it’s just you! It’s crucial to project the appropriate image. Like you have it all together (i.e., your website, fulfillment, interaction with customers follow through, etc.). In this find-everything-on-the-Internet-era, there are inexpensive freelancers for programming, manufacturing and personal assistants to help you manage and grow effectively. You can use an array of outside services from the Internet so you don’t have to do it all yourself and you can utilize your limited resources to grow the business.
6. Do it by the book—keep it legal
Before pursuing your passion, look through your company’s contracts and non-disclosure agreements to see their policies. Ensure that what you are working on is totally unrelated to your company’s business model. Also, work on your own equipment and on your own time, away from the office. To be 100% sure that your idea is not in direct conflict with your company’s intellectual property, you may want to consult with an attorney.
7. Devote your resources wisely (include time to network and any extra cash on hand to invest in your business)
As noted in the thirteen tips above it takes a herculean effort to network. Whether you’re trying to climb the ladder in the corporate world or starting your own business, it’s crucial you take the time to network. Also, invest wisely: i.e., a website, social media presence (Facebook and Twitter). Use some funds on Google AdWords to start building an email list. Don’t waste your hard-earned money on office space or furniture. Work from home.
8. Stop thinking about investors (initially)
If you are selling a service, there is no need for investors at this time. If you are designing a product for (hopefully) mass production, I know the I (investor) word pops up in your mind constantly. Who wouldn’t want a couple of million dollars to quit their current job and hire some help to accelerate their product and business? However, it takes time, a long time to first design a pitch for investors, find investors, build a prototype, do marketing research, etc. Invest your time into moving your business forward rather than worrying about investors. The more mature your business is the more attractive it will look to investors in the future.
9. You’ll know when it’s time to quit that day job
Once you have a product or service that people want and you have paying customers, established the foundation (infrastructure and operations) for continuous business growth, a good marketing and sales system to generate leads and be able to close them—congratulations. Even if your income doesn’t match your 9-5 job yet but, the business is ready and the customers want what you have, it’s time to quit.
