Guest Writer: Carleen Moore
When you dream at night, do visions of owning a business dance in your head? That dream doesn't have to be a fantasy; it can become your reality if you take a chance and put your fears aside. That's easier said than done, but it doesn't have to be when you know a few helpful tips — including those presented by Perfect Your Purpose below.
Find a Mentor
Business ownership can seem unachievable or a huge gamble. You don't have to go through this process alone, though. You can lay a solid foundation with advice from a mentor.
Find a mentor by attending business events and networking. If you have friends or family with businesses, ask them who their mentors were. Also, pick their brains about business ownership. Additionally, a LinkedIn search can guide you in the right direction.
Develop a Strong Support System
Did you ever hear the expression "You are the company you keep"? It's a fancy way of saying your social circle affects who you are. It rings true when you think about the little habits or expressions you pick up from other people. Your friends can influence how you perceive yourself.
Ideally, surround yourself with people who lift and encourage you rather than naysayers and doubters. You can benefit from individuals who are willing to be honest with you without being discouraging.
Ultimately, if you don't already have a strong support system, it may be in your best interest to volunteer, join a gym, or begin a club. This gives you opportunities to meet new people who may inspire or push you.
Have Realistic Expectations
Go into this venture with realistic expectations. Some companies don't profit in their first year. Therefore, if you notice your business isn't thriving initially, don't give up. Frequently, a business doesn't see significant revenue until the third or fourth year.
Hiccups are likely to occur along the way. Develop a business plan prior to launching your business, then see what works and what doesn't. View aspects that don't work as learning opportunities for you to grow and thrive.
Don't Give Up Your Day Job
If you don't have a safety net of savings you can live off of for a year or longer, consider keeping your job and working on your business in your free time. By doing so, you can ensure you have a steady salary to rely on if your business isn't an instant success. Once successful, you can convert your business into your full-time endeavor. This takes much of the risk out of opening a business.
Use Online Resources to Your Advantage
The internet is full of resources that can help make running your business simple and less time-consuming. This can be especially beneficial if you're unfamiliar with all the tasks entailed with business management or need to save time whenever possible.
For example, use an online formation service to set up a limited liability company. You'll have less paperwork, fewer taxes to pay, more flexibility, and limited liability with an LLC. Plus, the service can make the process easier and less costly.
Business Ownership Is Achievable With Dedication
When you stay dedicated and take certain steps, business ownership is obtainable, and success is achievable.
If you need inspiration for your business or life, visit Perfect Your Purpose today.