You Like to Startup A Business?
Startup a Business
To Startup a business is conceptually easy. However actually doing so with a minimal amount of money is a whole different thing. In this article we’ll try to outline the “concept” of starting a business, some of the considerations you may want to make before starting the process, and a few thoughts on the impact on your every day life, of starting and managing a business.
Do You Have a Product or Service?
Some people startup a business just for the sake of it, and hope to come up with an idea along the ride. Other’s startup a business for tax reasons.
But if you startup a business because you have a great idea for a product or service, it makes more sense. Our thoughts are as follows. You have an idea for a product or service, it would make sense to create a business plan and a “startup” organizational plan first before you literally setup, i.e. register a business. Particularly if you work with some partners, you may want to have at least a little proof of concept before registering an LLC or incorporating. But there are always exceptions to the rule.
Bottom-line you don’t want to have to file state or federal papers for a business that really isn’t a business yet.
Do You Have Funding?
Any business needs money to get it off the ground. I can’t tell you how many great ideas for a product or service went bankrupt because they ran out of money.
Initially you may be able to bankroll the startup, but there may come a time where you need funding to take the business to the next level. And don’t be fooled, when you start writing checks for expenses, whether it be people that work for you, web-design, digital marketing, product manufacturing or else, it adds up quickly.
After I left Gillette, I was used to rounding in millions. But once I started my own business rounding became cents. Every cent counts and it is very easy when you are getting your feet wet and trying out different directions to pile up the expenses and run out of money.
Create a solid business plan, talk to people who have been there and done that, who know what it is to work in a structured environment like corporate and who have had their own startup. It can save you a ton of money and time, not to mention undue stress to get another opinion.
Have you thought about the impact on your lifestyle yet? If you haven’t make sure you do before you put in one dime! Starting and owning your business is a 24/7 operation, maybe not all the time but pretty much most of the time.
You may not physically be working in your office or even on your computer, more likely than not you will be thinking about your startup business, trying to figure out what to do next, how to get your next paycheck or solving personnel issues.
And if you have a partner, or are married, maybe even with children, you will have to make some life changes and accept that you can’t be with them as often as before.
Don’t get me wrong, you can (somehow) balance your own business with a full home-life, but you’ll have to be disciplined in your planning and time distribution. In the extreme, if you’re not it may break your business or your family. Your business needs nurturing, and sometimes more, but so do your relationships. Simply keep that in mind before you make the decision.
And if you are in a partnership make sure your other half is on board with your ideas of a startup business, and they know what will be coming at you and thus at them. Knowledge is power, the more they are on board with your passion, your vision and aligned with your plans, the more they can anticipate anything that may impact them.
Imagine you are riding a small speedboat in rough waters without seeing the waves. You will be bouncing and bumping until it hurts. Seeing the waves means anticipating is possible so you can get up and absorb the next wave bump by bending your knees, saving your back. Planning and communication is key.