Being Your Own Boss – How to Start Your Own Business From Scratch!

Life as an entrepreneur, soloprenuer, small business owner, or independent contractor is very different from one business professional to the next. What makes it different depends on your business model, your passion and tolerance for risk, and whether or not you are promoting tangible or intangible products and/or services. Having said all that, you want to start a business and you want to do it from scratch. Great! Being a business owner is like all things in life: it can be rewarding and frustrating at the same time. I am here to tell you how you can minimize your frustrations and reap the rewards sooner rather than later with the following 6 simple tips on how to start a business from scratch.  

1.  Write a business plan. Oftentimes we start a business out of passion or disgusting for working for someone else. We jump head first into the deep end of self-promotion, yet we forget to take the appropriate steps that lead to the best results. A Business plan can be as simple as writing down your company’s vision, mission, objective, strategies and action plan(s) or it can be as sophisticated as showing income projections over the next few years, marketing efforts, sales strategy, cash flow, etc. Regardless on how simple or sophisticated your plan is, you have to start with something, but not something that stays in your mind, but rather something written. Then, when you have a clear vision of what you want to do, how you want to do it and how much you plan to charge for it, you can invest in a sophisticated plan.

 
2. Identify your secret ingredient. Starting a business can be an overwhelming process if you are unsure what makes your business unique. Offering lower prices for something that already exists is not necessarily a good reason to start a business. Oftentimes, you cut yourself to the point where you can’t afford to stay in business. You may not need to be the first person to do something, but you have to offer something of value so that people will pay. Generally, a good start up solves a legitimate problem. For example, do you remember life without Google and page rank? Google was able to solve the problem of poor search results. They were the first company that banked on people wanting smarter search results and look at them now. 
 
3. START. “I am so grateful for my clients for they buy my products before they are perfect.” Bill Gates. You cannot allow yourself to get stuck in the proverbial fork in the road. If you have a burning desire to do something, just do it. Then, speak it out loud to friends and family, even if they are not immediately supportive. You have to say it out loud to subconsciously see yourself being the entrepreneur you always wanted to be. It’s similar to wanting to lose weight. If you keep it to yourself, you risk putting yourself down. But if you speak it out loud, you not only accountable to yourself but to others as well.
 
4. Hire a Business Coach. You may be in business for yourself, but you certainly don’t have to do it alone. A good business coach listens, teaches, keep you accountable, and can model the same activities he or she recommends to you. A coach can take you through the development process and knows how to give “constructive criticism.” That’s the type of criticism that hurts, but helps us grow at the same time.

 
5. Take Calculated Risks and Track Your Results. Tracking is the most important part of any small business’s owner’s life. If you invest $100, $1000 or a million dollars, you will want to know what will be your return on your investment to decide if the risk was worth your time.
 
6. Understand and accept that starting a business is a journey. You may find that what you started out as is not what you end up to be. In fact, as you are going through your business building motions, you may find your secret ingredient and live out the life you’ve always dreamed about. “I am a small business owner and I am proud of it.”