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The late, great Walt Disney once said that if you can dream of something, you can also do it. For many people, starting a business from scratch is a pipe dream. Handling your work and being your boss sounds beautiful. However, it can be a big challenge, especially for those who don’t know where to start.
Before explaining how to start a business, it’s important to understand why you’d do it. A business can be a lot of fun and a worthwhile venture. It does come with many responsibilities and demands. Sometimes, it can make you question whether it’s even worth the struggle. Here are a few reasons why you might consider starting a business from scratch.
In many cases, the first reason why you might start a business is to be in control. A recent survey by CoxBlue revealed that 66% of business owners revealed that freedom was their main motivation. These people also felt that they wanted to build something for themselves. You may also share this feeling when you’re thinking about your career. Perhaps you want to take charge and build something from the ground up.
Another reason why you’re starting your own business from scratch could be to control the schedule. While a regular day job gives you structure, it also controls how much time you have for yourself. Not everyone wants to work the same eight-hour shift on the weekdays. They might not even have control of their time. According to Acuity Training, one out of eight workers feels that their work and schedule are not under their control. By starting your own business, you have more leeway over what time you start and finish. Plus, you can even choose who you cater to and work with.
Running a business doesn’t only give you control over your work. It can also be a gateway to learning other skills and gaining experience. Forbes reported that out of the 33 million small businesses in the country, over 80% are run by the owner. That means eight out of every ten business owners do everything by themselves.
Now, if you think about it, these owners would have to learn how to run their businesses effectively. This isn’t only about the service; it has to cover everything, from finances to marketing. So, if you’re starting a business from scratch, you’d have to learn other important skills. For example, you might create your website or file your insurance policies. By owning a business, you can start to expand your skillset and become effective in any and every role imaginable.
Now that you know why people want to start a business, you might wonder what it can do for you. Here are four important benefits you can gain from starting a business from scratch.
In the working world, learning how to manage your finances is crucial. Beyond a good salary, you need to know how to manage your expenses and pay yourself forward. Those who start their own business may not only seek professional independence but also financial independence. In other words, they want to be in charge of their own wages and salaries.
The amount of money you can earn from a homegrown business greatly varies. You could earn just above the national minimum wage of $58 000. You could also earn more than twice that; according to Payscale, there are business owners who’ve earned as much as $128 000 annually. Regardless of how much income you get, you can control its use for yourself. You can set budgets, cut down spending, and pay for services to make your business grow. The best part? It’s all at your discretion.
Do you wonder why there are so many small businesses in the country? Sure, the large conglomerates may be the most recognized names, but they aren’t as numerous as you think. In fact, of the 33 million businesses operating in the country, 99.9% of them are small businesses. Why is that?
One reason could be the innovative approach that every business has. No company is the same as the other. Sure, you could have five coffee shops selling coffee at the same time. However, they wouldn’t be operating if all five did the same thing. A good reason why so many local businesses start is to cater to a new answer to either an old or vague problem.
For example, imagine if each of those five coffee shops were located somewhere remote or distant from the city. Whoever lives nearby would be able to enjoy coffee without spending so much on travel. If one of those shops had a unique family recipe, they’d be serving a one-of-a-kind brew that no one else has tried. If another shop had a special look, like a pirate ship or a jungle, it’d catch many eyes. In each scenario, the shops give something special and address an issue people have.
Remember how most small businesses start because owners want freedom? Another reason why they want freedom is because of their passion. If you answer to a boss or a higher-up, you’re subject to the whims of their service. In other words, you may satisfy their goals, but that might not be the same as your own.
When you have your own business, you can start to focus on what you want to do. Perhaps you’ve been dreaming of a marketing service that offers real-time consultation. You may also think of selling clothes online using recycled packaging or materials. There could even be a plan to add cryptocurrency to your business. In all these cases, your creativity and approach to the business will develop. While not every idea will be a hit, it still lets you see what works and what doesn’t. After all, your personal experience can be a better teacher than any academic theory or lesson.
Now that you know why people start businesses and what benefits they get, you may be itching to start. However, as said earlier, you might be worried about how to approach it. Here are three simple steps to starting a business from scratch.
First and foremost, you have to look within yourself and find out what you’re passionate about. Starting a business isn’t only meant as a professional choice. Many small business owners and entrepreneurs start by focusing on what they love or enjoy. For example, Steve Jobs fell in love with computers and dedicate his whole life to making them better and more accessible. Walt Disney enjoyed making cartoons and built an empire on his characters. I started in real estate because I knew how getting a house could change people’s lives. It’s not just about getting money, but also about finding a field of work that fulfills you.
Of course, passion alone will not be enough. Once you find what you’re passionate about, take the time to research and study. If you’re a writer, look at the trends of books today and how they are made and published. If you’re a cafe aficionado, look into the strategies and practices of the best coffee places in town. By researching the field today, you can quickly learn what approach you want to take and start there.
When starting a business from scratch, remember that trial and error is good. Not all your ideas will work. In many cases, you might have to abandon or revise your plan from point A. However, don’t be disheartened. The research you do is a good way to build your confidence. Also, remember that Rome wasn’t built in a day; if you want your business to succeed, you’ll keep at it and find ways to improve it. Only then will you see it grow into something special.
Earlier, Forbes mentioned that most owners operate their businesses. What you might not realize is that these people likely didn’t do it all alone. When it comes to finding success, you need to surround yourself with like-minded people who want to succeed alongside you. It doesn’t necessarily mean hiring them to be part of your team or organization. Rather, think of it as learning from people who share your same ambitions and passions.
For example, you can look for mentors and teachers who’ve succeeded in the same circle you’re entering. Like a student learning from a karate master, take time to sit under their learning tree and pick their brains. Ask them questions about what they did right, what they did wrong, and how they improved over time. The more you learn from them, the more you can equip yourself with the right tools to start strong and stay consistent. To know more about mentors, check out this article I’ve written about being coachable!
Starting a business from scratch can take a while before it gets underway. You might spend months preparing yourself for the big debut or the grand opening. However, when you feel that it’s time to start, that’s when you have to make promises. Remember that you’re going to be responsible for a service. Whether it’s catering or financing, the ball is now in your court. That’s the time you have to live up and maintain your performance. So, whether it’s the number of hours you work or the level of professionalism you give, make it a point to stay consistent and strong. You might make mistakes at times, but always remember to keep going. At the end of the day, it’s up to you to make it work.
Thank you very much for reading this article! If you found this article helpful, please don’t hesitate to share this article with your family and friends. If you want to learn more about becoming a millennial millionaire, get a copy of my FREE book here! I will share real-world steps and techniques you can use to grow your finances.
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