There is no one way to launch a successful business—no single path that works well for everyone.
Or is there?
When it comes to the nitty gritty—marketing to search engines, finding office space for rent, recruiting and hiring—there’s a plurality of thought, and not necessarily a “right” way to do things. All businesses are different, and while there are certainly best practices, you’ve ultimately got to figure out what makes sense for you.
But maybe, in a more general sense, there are some concepts and values that all small businesses can benefit from. Consider some of the following.
To launch a small business, you need courage. And what is courage? It doesn’t mean fearlessness. Launching a business is always risky, which means there’s always going to be some fear. No, courage means having a goal that you’re passionate about achieving—and letting that passion carry you beyond your fears.
It’s important to know why you’re starting a business. To escape your day job? To make tons of money? Because you’re passionate about a particular product or industry? There’s no one right answer here, but it’s important to understand your motivation, as it can guide the kind of business you ultimately launch.
One of the most important steps is knowing when to start. Is it the right time to launch a small business? Ask yourself: How much starting capital do you need? What kinds of savings do you have to live on? What’s your back-up plan? Do you have the support of your family? And why now? Let your answers to these questions inform your timing.
Mentors matter. When you’re first starting out, it’s simply critical to have someone more experienced than you who will counsel you, brainstorm with you, encourage you, and keep you on the right path. You never know too much or have too much experience to need a mentor.
You don’t want to bite off more than you can chew. You should absolutely dream big—but also understand that you can’t necessarily achieve your dream right from the get-go. A good business is a scalable one—one that starts small but has room to grow. A practical dimension of this: When you first get going, you’ll want to keep overhead as low as possible.
You can’t do everything yourself. The most common mistake new business owners make is trying to do everything themselves—and running themselves ragged, in the process. Mitigate this by outsourcing, hiring, delegating—you name it. Just don’t fall into the easy trap of thinking you have to do everything yourself.
What principles would you add to this list? And which ones, if any, might you disagree with? We’d love for you to tell us!
Photo: Steven Depolo
