Introduction:

Are you ready to quit corporate job, just plain sick of hustling to make ends meet, have a dream of a new business idea?  BUT, you have no idea how to start, sitting with  a million reasons why it just fail?

Relax.

You got this.  Let’s start with some top tips from successful entrepreneurs

1. Start with a business plan.  Many entrepreneurs will scoff at this idea.  But if you never put your idea on paper and map out the strategy, you’ll never be able to fully recognize potential roadblocks or where you will need help / partners.  Don’t sweat the details, rough estimates are OK. What’s important is understanding how all the pieces fit together.  Then do a 1 year, 5 year and 10 year expansion plan. How doable is it? How much investment do you need to get started?
2. What’s the Why?   Are you creating a ‘better’ product / service of something that exists or are you creating a new category?  Check out https://www.playbigger.com
3. Is it scalable?  This is the first question you should ask yourself.  If you expanded your service across different neighborhoods, cities, states, countries would it grow? If you sold your product at major retail chains, online, overseas would it scale?  How much work / investment is needed to scale and expand? If it is going to be very capital and time intensive to expand and scale you may need to rethink the strategy otherwise growth and success are going to be much longer way away.
4. Network, Network  Shop your idea around with other entrepreneurs or advisors in your network. Join a local small business networking group.  You don’t need to necessarily reveal your entire secret idea but you should be able to pitch the story in your head with ease.  Now is the time to understand what doubts people have (and investors will probably too) so it’s good to address those concerns.  Example: if you want to start a technology business but don’t have a tech background, then you need to have a partner or a good resource that will help you develop your ideas into reality.
5. Listen to your potential customers:  Do the research on the ground, in person. Not just online. Talk to your potential customers and really learn their pain points and pitch them your idea. If their faces light up and they instantly understand what you are providing then that’s great, if they are confused then you need to work on your pitch and business idea more.   Probe deeper to find out why they think it’s important, how much they would be willing to spend.  Sign them up for a pre-trial at that point.  Create a database of customers before you open your business.
6. B2B or B2c ? Niche Market?  Sure it’s way more sexy to be able to say your product is enjoyed by consumers around the world but don’t discredit the opportunity of creating a service or product for other businesses.  B2B can be just as profitable and in many respects can be less competitive than getting the attention of each consumer.  If there’s a way to start your product / service with a niche market, start there.  It’s a great way to test and build your offerings.
7. Set up a daily schedule.  Use a project management system like Monday, Asana, etc to set up your schedule and set milestones. Don’t be too ambitious on the milestone.  For example, set aside blocks of 2 hours at least for planning and working on your to do list.   Every week book a call with a potential customer, or partner to learn more about the business and the idea.   Otherwise, if you don’t have a set schedule, the idea is just going to collect dust in the corner and soon you shelve it and that will be the end of it.
8. Business Partners –  Many successful businesses are run by single entrepreneurs, but all businesses will require partners.  The partners may not necessarily be a co-founder or an employee but can be other businesses that could you could work with in a mutual beneficial relationship.  Why spend all the time, money and effort  pursuing your customers when another businesss may already have those leads ?  Think about types of businesses and what you could offer them (commission, complementary services, etc) in exchange for referrals for your business.
9. Investor / Bootstrap – When starting, should you bootstrap your business with your own funds, look for investors or take out a small business loan?  There’s really no right answer, as each situation is individually different for everyone.  However when it comes to getting a business line of credit, a startup loan or an SBA loan, it’s a lot easier than most entrepreneurs think.   At Forza we can get a personal business line of credit for an individual within a few days depending on the Fico score. If over 700, a business line of credit may be close to $50-75K which can be used like a credit card (only pay when you use it).  An SBA loan, while a longer process (typically 3-4 weeks) can provide several hundred thousand dollars of investment capital, and because it is given out by the government rates are usually very competitive.  Get started now with a business line of credit or SBA loan.
10. Get an advisor / mentor – Every entrepreneur needs a mentor or advisor. Whether just starting out or if you a seasoned entrepreneur. Start with professionals in your line of business or people who have started multiple businesses.  Not sure where to find them?  Book a free 30 minute consultation with one of our experienced entrepreneurs today. 

Conclusion:

Embarking on the journey of entrepreneurship may seem daunting, but with the right mindset and guidance, you can turn your business dreams into reality, making it one of the most exciting adventures in your life. The key takeaways from the tips shared by successful entrepreneurs are clear: start with a well-thought-out business plan, understand your ‘why,’ assess scalability, network and seek advice from experienced individuals, listen to your potential customers, and consider your target market. It’s essential to establish a structured daily schedule, and remember that partnerships and investments play crucial roles in your business’s growth. Whether you choose to bootstrap, seek investors, or secure a business loan, there are options available.   Fill out our quick form to get started. Finally, don’t underestimate the power of having an advisor or mentor by your side. Book a free 30 min consultation with one of our entrepreneurs.  They can provide valuable insights and support as you navigate the challenges of entrepreneurship. So, take a deep breath, believe in yourself, and remember that you’ve got this! Your entrepreneurial journey begins with the first step, and you’re well on your way to turning your business vision into a successful reality.