What It Really Takes To Start Up A Business
Photo by Clark Tibbs on Unsplash
Entrepreneurship is, for lack of a better word, sexy. With the allure of 4 hour work weeks, living by your own rules and making endless amounts of money - it entices many to believe that they can easily start their own business and live a life of luxury.
While some of this may be true - it is pretty great to be able to live my life according to my own set of rules, on the time clock that I set for myself - but, entrepreneurship? It’s not easy, simple or something to covet. It’s hard work, long hours, sleepless nights, giving up your social life, saving all of your money, hair falling out, stress, worry and panic on repeat. How attractive does that sound?
You may be thinking - why is he trying to turn me off to the idea of entrepreneurship? In truth, I’m not. But, I need you to be realistic with me for a second. I need you to cast aside the idea that starting a business is going to be the fix for your life or that you’ll become rich quick. That type of luck is a rarity. Instead, I want you to come down to Earth and realize that anything worth having is going to take all of your time, effort and endless dedication.
So, are you up to the challenge?
What Does It Take To Start Up A Business?
We’ve covered the abstracts of entrepreneurship, the grit and grime you’ll need to dig through in order to just get your idea off the ground. So, let’s talk about tangible factors. What does it take to start up a business?
A Great Idea
To start a business, either big or small, you need a great idea. The more original the better, but that isn’t to say that you can’t create a business from an idea that already exists. If entrepreneurs only started truly one of a kind businesses, the marketplace would lack diversity.
The trick is to figure out what makes your specific business stand out in its niche. If you’re going to start a sweatshirt company, what makes yours any different from Gilden? Or, if you’re going to build a makeup brand, what allows you to stand out against big names like Covergirl or Revlon? Maybe you’re going to build a lawn care service - why would customers choose you over the 10 other competitors in your city?
To start a business, your idea must be the driving force behind every move you make. When you’re dipping your toes into the pool of entrepreneurship, think long and hard about what makes your business advantageous for your potential customers.
Time & Patience
Nothing worth having comes easy, right? 1000%. I’ve said it before and I’ll say it again, if you’re getting into entrepreneurship for a quick dollar, you should just pack up your business now and find a stable full time job. Because entrepreneurship is far from a get rich quick scheme. In fact, many businesses don’t turn a profit for years and even if you’re taking home some cash - it’s only going to be enough to live on while the rest is invested back into your business.
Building a company takes endless amounts of time and patience. In simple terms, you can’t rush the process. Things take time to build and the journey of starting your business is the part you should be most excited about. Don’t waste your time with wanting a specific end result or striking entrepreneurial gold, instead - think of entrepreneurship as a long game. The lifelong game.
Endless Self Promotion
If you want your business to be successful, you’ll have to be able to self promote your idea all day every day. Luckily it’s 2020 and there are a plethora of options for you to get your idea in front of people through various forms of content marketing:
Post blogs to your website that relate your business’ concept and niche.
Share pictures, infographics, text and video on your Instagram
Make Youtube videos that showcase your brand’s voice and identity
Start a podcast to discuss your journey through entrepreneurship
Use Twitter, LinkedIn, Pinterest, Snapchat, Tumblr - the options are endless.
Without self promotion, your idea’s lifespan will be dismal at best. The only way that a business survives in our digitally centric world is to be constantly sharing, connecting and engaging with your community and audience. While self promotion isn’t always comfortable, it’s highly necessary to ensure that your brand is established and recognized as a new player in the market.
So, the next time you feel squeamish posting that video, just remember - all of your hard work in building your business hinges on your ability to market and sell your innovative idea.
A Drive To Find Customers
One of the hardest things about starting a business is having the drive to find customers. This is often a piece that is overlooked by many entrepreneurs, but without customers your business would be nothing.
Finding customers is no easy task. Yes, you’ll need to self promote and use social media. But, if that’s the only way you’re attempting to land new business - you’re going to be severely disappointed. Social media should be a part of a larger marketing plan that includes aspects such as email lists, advertising on Google, brand partnerships, in-person outreach and word of mouth.
So, while your online activity is one part of your customer acquisition - you’re going to need to ensure that your large plan includes various forms of content, communication and dissemination. Don’t be fooled to think that customers will come flocking to your business. Every day you will need to work hard to find new business and keep your existing consumers satisfied and happy.
Building a Solid Business Foundation
The final aspect of what it takes to start up a business is understanding that you need to build a solid business foundation.
But, what exactly does that mean? Essentially, it means that your business needs to be strong from the ground up - from the conceptualization of your idea to building your product/service to marketing, finding your customers and offering a great deliverable. Every single element of your business stacks on top of one another and contributes to the overall success of your company.
So, before you even begin to think about opening your business - your foundation should be rock solid. You should know how much money you’re investing in the company, what your business will do, how you will market your idea and so forth. You get the gist right? Build your business’ foundation with meticulous attention to detail. Ensuring that it can withstand any amount of applied pressure.
If your initial foundation is strong, you’ll eventually be able to grow your team, increase your revenue and continually take your company to new heights.
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As you can see, there’s a lot more to entrepreneurship than meets the eye. It’s not going to be easy at first, but the trials and tribulations you face when you’re starting your business will pay off exponentially in the long run. Entrepreneurship is anything but simple and to those looking to take the leap, I wish you the best of luck in starting and building the next great idea.
If you ever need advice for your startup idea, feel free to email me at james@thehhub.com