You need to create your own job to keep in business – here are a couple of ideas and reality checks to do just that and could prove to be beneficial when embarking on start-ups. Here are a couple of pointers you need to know to always be your own boss.
- Truth is, no one is queuing up to invest in your idea
It is time to get it out of your head that your business will have investors queuing up and banks offering large bank loans to back your venture. The vast majority of start-ups just don’t have this kind of backing or luxury as no one will read a long drawn-out business plan nor will anyone take you and your business seriously unless you can prove that your concept is a workable one, have a good track record, mangers that can prove themselves to be excellent together with generating real, consistent earnings. Instead of trying to raise capital, master the art of selling. Bootstrapping your business is a good idea until it can be launched as an early-stage project.
- Kill your ego straight away
Being your own boss is not about wearing Armani, driving the latest Merc or sailing the seven seas – instead it is about hard work, and more. Running your business on a daily basis is not only challenging but can be downright difficult and having goals and expectations that are unrealistic will set you up for failure. Chances are you and your idea are not especially special, and you should accept this from the outset. Perhaps you are exceptional – but chances are you might not be, therefore accepting this from the beginning is advisable.
- If you are planning to make a good profit, being unsexy is perhaps the best way forward
Original, unusual businesses often cost money that take forever to start turning over real cash and are not always what the consumer wants. Out-innovating yourself does not always work – rather be original in the way you go about marketing and branding your business concept and not the actual concept itself.
- Dodge unlimited money pits
If you think your idea is so good that the money will just figure itself out at a later stage, stop right there. If you have no professional plan then you cannot run a successful business. If your start-up’s success is based on an imaginary exit strategy, major web pull or some other one-in-a-billion vision, you need to go back to the drawing board before you find your venture struggling.
It is a good idea to look to earn money today and yesterday and not spend your cash without a return for all your tomorrows. Start-ups require a great plan, a solid idea and more.