4 Steps

Four Things You Should Know When Starting Your Own Business

 

Considering starting your own business?  Well here are four things that you should consider prior to getting started.

  1. Some entrepreneurs are born, others are made: It is true that some of us have a natural inclination towards entrepreneurship. A lemonade stand at ten years old, a babysitting club at fifteen, a cosmetics business to carry you through college…. Sound like you? It may, which means that you’re naturally a risk-taker and a maker of your own financial destiny. Or you may not be. Regardless of which category you fall in, do something right now: let go of all preconceived ideas about the typical traits of a successful entrepreneur. No theory can tell you that you don’t have what it takes to build a successful business. If you want to, you can.
  2. Start With What You Love: Remember that we are usually good at things that we enjoy the most. Building a business around what you are passionate about ensures that when the going gets tough, when the administrative side of business management gets boring, and when your own fears, limitations, and cynicism try to get the best of your enthusiasm, your passion carries you through. At the very least, that means that every day, you will wake up going to a job you like. A successful business is often a hobby with a sound business model. So if you are starting a business, make sure it’s something you enjoy, something that you love: something you’re passionate about.
  3. Know what you’re good at: A common pitfall for entrepreneurs is thinking they have to be good at everything. It is true that when you choose to be a one-person operation, you often find yourself having to do everyone’s job. That doesn’t mean you have to know everything. If you think that, you may spread yourself too thin trying to be the proverbial jack-of-all-trades. It is very important to know what you’re good at and focus on it: make it your core business. Then seek out the expertise you don’t have: mentors, advisors, online publications, training courses… etc. Knowledgeable help is out there: use it.
  4. Surround yourself with positive people: Building a business is a lot of work. You will have questions and encounter obstacles. It is never too early to find trustworthy and knowledgeable advisors and mentors who will nurture your efforts to bring your business idea to fruition. Make sure they have your best interest at heart. Successful in their own right, they will guide you, encourage you, give you advice, and provide you with a sounding board. Make sure they have a positive outlook on life: that will ensure that not only you will benefit from their know-how: they will also keep your inspiration and enthusiasm going when challenges arise.

If you have questions about starting a business in Bermuda, just ask BSBDC: Email us at info@bsbdc.bm or call 292-5570.

 

plunge

Are You Ready to Take the Plunge?

You’ve been planning to start a business for a while now, but have not taken the steps that will make your dream come true. You’ve been thinking about the business, developing the idea, getting ready, watching the market, examining the trends, evaluating your competitors. You’ve been looking into your own capabilities and questioning whether you are actually ready for self-employment, challenging your assumptions about your business idea, yourself, your strengths, and your abilities.

You’ve been wondering: “Am I ready to start my own business…?”

Unquestionably, that is a very good question, and the five questions below will help you answer it. Take the time to honestly answer them: they will help you to figure out whether you are indeed ready to take the plunge into entrepreneurship.

  1. Is my business idea an incredible opportunity that will allow me to pursue my passion?
  2. Am I ready to put everything in this business (time, money, resources…)?
  3. Could I survive for months with little or no income from this business?
  4. Can I start and develop this business without sacrificing the things that matter most to me (family, health, another hobby…)?
  5. Would I wake up every day and be excited to go to work?

If your answer is a resounding “Yes!” to these questions, then you are ready to take the plunge. Your priorities are clear and the initial financial ups-and-downs of starting a business are not a significant deterrent to you.

Now what remains to consider are your talents as an employee and as a leader. What will you bring to this business? How will you make it grow and thrive? How will you make sure that you still enjoy it when the going gets tough?

To answer these questions is where your own self-analysis comes into play. Look at your strengths, and identify your opportunities for growth.  Utilise those in your environment to help to mitigate some weaknesses you may have. There are many places where you can find the expertise, and the advice that you will need to help start your business.  BSBDC provides free guidance and advice to help you answer some of your questions.  There are other local organizations and consultants that can also help you answer these questions although they may charge a fee.  However, to pay for advice at the start can be a small price to pay for success in the future.

Some challenges that you may face include keeping track of finances.  If you are not very good with numbers, consider one of the many user-friendly accounting software packages like QuickBooks that can help you to develop templates to help keep track of your income and expenses.  You may also find that you are uncomfortable with the idea of firing someone.  Rely on advice and guidance from a mentor. He or she may share some tips and hints from his/her own experience that can help guide you.

In the end, what matters is that you took the time to evaluate your readiness to start a business.  By doing this you create the opportunity to give yourself the best chance at success.  So, are you ready to take the plunge?

If you have questions about starting a business in Bermuda, just ask BSBDC: Email us at info@bsbdc.bm or call 292-5570.

Photo by: by Biscarotte