Making The Dream A Reality: Setting Up Your Business In The Right Way.

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Many people start the new year with dreams and goals and many of them have a lot to do with their career or plans for the future. Some of which means starting up your own business. You may have had an idea for some time, perhaps been thinking and nurturing your approach for a while and have now decided that now is the time to take that leap of faith and start your own business. But, are you ready?

There will never be a right time, and that is one thing that needs to be acknowledged. The new year is always a great way to start and pinpoint so that you can determine the progress made till the following new year, but ultimately there is no right time and you just need to have the confidence to take that plunge. Sometimes it is worth taking a moment to get yourself in the best position possible to move forward with your business venture. This can start with personal changes, working on your business plan as well as putting plans in place for the future. With that in mind, here are some of the ways you can do that.

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Knowing who you are as a person

Sometimes you need to take a moment to evaluate the type of person you are. Often doing this will highlight your personality benefits but also any areas that could do with being worked on. For example, if you find yourself not taking too lightly to criticism, then is this attribute going to be ideal in your own business?

You may believe in it, but will someone else? What if they don’t? Highlighting some of the areas you can make improvements in yourself and how you react to things could significantly change the way you approach your business, and often for the better. It is certainly worth looking at, and can help you on the path to self-discovery and may even benefit you in other areas of your life.

Getting yourself financially credible

Many businesses need funding, and unless you have the money yourself, you may be looking for investment or even loans and other financial products to get you going. But in most cases, people and organisations looking to invest will look at you as a person and see what your financial situation is like.

So it may be worth taking the time to get your own house in order and consider debt settlement or paying off any outstanding debt you have before trying to borrow more for your business. Not only does this help you personally, but it could also lead to better deals for your business financially in the future.

Being sure in your idea and passion

Another thing you may want to take some time doing is being sure in your own ideas and passion. Knowing every possibility for your business. This is when developing a business plan could help you to visualise the future and your goals of where you want your business to be.

It is always going to be a good idea to work out what changes need to be made, the best approaches to market and also other aspects such as branding and social media content. The small things and the big things need your time and concentration to fine-tune the details.

A business plan can be the first big step to starting up your business, and it will prove invaluable if you do need to try and obtain investment from the bank or investors to help you kick start the business. 

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What about the general day to day running of the business?

At the beginning of any business, it usually has just yourself to steer the reins, and so you may want to be more knowledgeable on the day to day running aspects of the business ahead of time. You could look at taking business courses online or going back to college at night.

You could look at studying different business trends and also getting a handle on things like accounts and the money side of things. This is when deciding upon direct debit vs standing order for trade dealings and being aware of invoicing out and waiting for payments coming in.

Often there is a lot more to it than you realise, but getting as much knowledge ahead of time will help you to start off on the right footing. These details can also help when building your business plan.

Accepting that it will take hard work and dedication

Nothing comes easy in life, so preparing yourself for the hard work, time, effort and dedication to making a business successful is key to ensuring its success. You need to know that you can fully commit your time and that you have the actions in place that you want to take.

Acceptance is key because initially in those first few notes of starting a business, you won’t get that home and work and life balance right just yet, and this can actually be off-putting for many. There is no denying that a business will take up all of your time, and there may be parts of the day where you wonder if you have made the right choice.

However, once you get into the swing of things, you have set up things like a website and consistent social media, and the products and services are starting to sell, you will start to get a routine in place and feel the benefits of being your own boss.

Having the right mindset for this new challenge ahead

Finally, it is also a good idea to ensure that you have the right mindset in place for this new challenge ahead. It won’t always be plain sailing, but it is important to maintain a positive approach and outlook, not just for your business but for life in general. It has much to do with the acceptance side of things, but your mindset can be your biggest ally when things get tough. 

Let’s hope that these tips help you better prepare yourself for starting up your brand new business.

About the author

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Like Minds is a global thought leadership platform delivering world class events on business development, knowledge and insight aimed at entrepreneurs and business leaders to engage, stimulate and empower them to become global businesses of the future. We also offer a bespoke service for corporate clients and training programmes under the Like Minds U brand. For more information please email bespoke@wearelikeminds.com