Now that you’ve planned your business idea and mapped out an excellent business plan, you’re probably eager to get started as soon as possible. While there are a lot of pitfalls when you embark on the road to running a startup, one of the mistakes a lot of business owners do is actually that they never get properly started.
Way too much time is spent on planning out everything in detail, putting more money into developing the product, and never really becoming a business. It’s good to spend some time getting ready, though, but when you finally feel ready, make sure that you breathe some life into your business.
Here is a handful of great advice on how you can get your startup on its feet as soon as possible so that you can start to make money.
Bootstrapping does take a lot of time but if you manage to plan for it properly, you’ll be able to give your business venture a great start. Plus, the sooner you get started with saving money, the sooner you’re able to make a profit as well.
The best way to bootstrap is to put aside a large percentage of your salary every month until you’re ready to quit your job for good and become a full-time entrepreneur.
If you have a bit of time to spare and would like to give your business a debt-free start, this is definitely the way to go – and keep in mind that, by not borrowing money, you’ll also be able to keep way more of the profit you make, in the beginning.
As a bootstrapper, you’re probably keen on saving money even when your venture is op on its feet. Consider looking for an office business address for my LLC so that you save the money of having a physical business address. When you’re ready, you can always upgrade to an actual office.
#2 Find an investor
When you manage to find the right kind of investor, they can do so much more for you than just bringing in some much-needed cash; investors will broaden your network, your skills, and make sure that you find the kind of success that will benefit them as well.
Finding an investor who is interested in taking the risk of investing in your company is, however, an entirely different story. Have a read here to learn how you can approach investors as well as how you can practice pitching your business to catch their interest right from the start.
Remember to weigh the pros and the cons of getting an investor, though. While an excellent one will look after you and your company and give you their expertise, a mediocre one may give you a great business loan – but you still need to pay this back.
Consider if this works for your particular situation, and opt for the solution that will benefit your business, in the long run.
#3 Start small
Another option, that is similar to bootstrapping, is to simply launch your business while it’s still very small. Make sure that your expenses are minimal, first of all, and that you’re able to make a bit of money to cover your expenses. It will be really hard work, in the beginning, but after the first couple of months, you should be able to reap the benefits of it.
That way, you know for certain that you’re not growing too big before you’re ready – and you’re able to give your business the benefit of growing organically.
Keep in mind that there are many ways to save money as a startup, and you can focus on social media advertising and word-of-mouth, for example, to ensure that your expenses are as low as possible.
Being a business owner requires a lot of hard work, and the first couple of years are usually the most crucial. Get started as soon as possible, and be smart about how you spend your money so that your business gets a healthy foundation.