If you're serious about starting your own business, the tips may just inspire you. Ash Exantus financial empowerment coach of BankMobile lays out a five step plan to get you closer to your goal.
Step 1: Lower your cost of living
One of the main reasons businesses fail is because they don’t have the capital needed to push the business forward. Because it is tough to get a business loan at the early stages of a venture, many people have to rely on personal finances, friends, and family. Lowering your cost of living will give you a well-needed cushion to infuse into the business, if needed. This means that you should focus on the things that you need rather than spending so much on your wants.
It is also wise to keep your money in a completely fee-free bank account, so when monetary highs and lows occur during the process of starting your own business (and trust me, they will occur), it doesn’t result in being charged bank fees while you’re trying to be smart with your money.
Step 2: Use your time wisely
It is an absolute fact that you have the same 24 hours in a day as Beyoncé, Bill Gates, Warren Buffet, Oprah, and Lady Gaga. It is how you use those 24 hours that will determine if you are successful in your venture or not. Before you launch your business, make sure that that you put aside at least two to three hours a day to focus on your business. I know we all have busy lives but no matter how crazy you may think your life is, with proper time management you can find a few hours to contribute towards your goal.
Step 3: Set goals
Speaking of goals, once you’ve flushed out your ideas and have come up with a strategy to execute them, make sure you set goals for yourself and your business so you’re held accountable. Make sure your goals are S.M.A.R.T., which stands for Specific, Measurable, Achievable, Realistic, and Time-bound. They should also be broken up into short- and long-term.
Step 4: Learn more about your business
Having too much knowledge is not possible, especially as you launch your new venture. Make sure you are not wasting time and money by thinking you know it all. You must learn as much about your business as possible. Have you heard of a SWOT analysis? Any new business needs one. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Knowing each component about your own business will give you the information needed to decide whether your business is a viable option.
Step 5: Launch and spread the word
Once you determine you have a great business idea, it’s time to launch and start spreading the word. When launching your business, it’s imperative you tell your friends, family, co-workers, church congregation, classmates, strangers and anyone else you run into!