20 Steps to Starting a Small Business
If starting a business was easy, everyone would do it. However,
I can tell you based on experience that it is the most rewarding
thing you could do to earn the kind of money that you will never
see in a job.
The steps to starting a small business are easy
to understand but difficult to implement – not because the
implementation is an arduous process but because most people simply
do not have the resolve that it takes to follow through.
Most people get stuck before they start because they let their
minds take them out of the game. If your mind says to you things
like; it's risky, job security is important and I'm
not cut out for business then you will fail.
On the other hand if you replace those thoughts with empowering
thoughts such as; I'm in the process of learning to be a great
business person then eventually you will become one.
Business is all about learning to become comfortable with risk
but, as they say, "the greater the risk, the greater the reward."
Here's a list of 20 steps to starting a small business. These
20 things are solely based on experience after having started 3
very successful, and now not so small, businesses.
1. Do something you love. Unless you choose a business that you
are passionate about your will most likely fail before you get started.
Starting a business for money is the last thing that should be one
2. Quit your job when you're business is making money. Many
people make the mistake of quitting their job before the money starts
to roll. Most businesses can be started in your spare time and then
when they start to make money, enough to replace your current income,
is when you should quit your job.
3. Planning is everything. Have a clearly laid out plan such as
a business and financial plan. Sure the plans may change along the
way but at least you'll know where you're going.
4. Learn from someone who's already successful at the business
you want to be in. Trial and error is the longest route to success,
don't do it. Find a mentor or pay for information from an
5. Learn how to sell. Selling is the key to business. If you're
not selling it's not a business it's a hobby.
6. Raise your level of energy. If you've ever heard the expression,
"how you do anything is how you do everything," then you'll want
to raise your energy to a new level to get a new result. If you
go into business with the same level of energy you use in your job
you will fail.
7. Try to resist the temptation to focus on your business problems.
Fixing problems will only create more problems. Focus on what's
working and you'll get more of what's working.
8. One of the quickest paths to success is to help others get
what they want first. If you help others first you will have what
ever you've given out ten times over.
9. Pay yourself first. You must get in the habit of paying yourself
rather that for everything else. If you learn to pay yourself and
are grateful for the money then more will come.
10. Make sure that whatever you do you have a big dream. Nothing
big ever got created with a small idea.
11. Create a mastermind group. If you tried to push a boulder
up a hill by yourself you would quickly realize that it is impossible
to do so unless you had the help of others. A mastermind group is
a great way of learning from and empowering others in the process.
12. Choose a business that has good cash flow and low overhead.
Sounds simple but many rush into things with little or no knowledge
of what makes a business fiscally sound.
13. Know exactly what you want. The number one reason why people
don't succeed or get what they want is they don't knowing
exactly what that is. Figure out first what you want in business
and in your personal life and you will stand a much better chance
of getting it.
14. Keep an open mind. Many things that happen in business are
not what you'd want or even intended but, please know that these
things have been custom designed to get you what you want faster
than you think is possible. Therefore, don't take failures as a
sign that you should quit. Thomas Edison said that, "success is
15. Never ever quit. Quitters never win and winners never quit.
16. Become a "learn-it-all." Learning is the key to
business success. That's why know-it-alls never win. Those
are the people who say they know a lot but know very little. If,
on the other hand, you become a learn-it-all you will never stop
learning and that is not only the key to business but to life itself.
17. Keep a lot of cash in your pocket. Cash will make you feel
different and it attracts more cash. Cash is king! Ever heard that?
It's also a lot easier to negotiate when you have cash.
18. Spend just enough to keep the business moving forward. You
will have to risk investment but you must temper that with the potential
reward. Spending money based on a whim is not a good idea. Get expert
advice on when and where you should invest.
19. Become an expert marketer. Marketing is not the same as selling
and is certainly not the same as having a great product. You could
have the greatest product on the planet but if no one knows about
it then how much of your product will you sell?
20. Automation, automation, automation. It's not a business
unless you can walk away from it for a couple months and come back
and it's still in the same shape and earning the same amount
of money as when you left. If not, then it's not a business,
you've created yourself a job. Show me where is says "job"
in "small business."
These 20 steps to starting a small business have been brought to
you by me. If someone had given me these steps to starting my businesses
it would have made things much much easier. But, for many years
I struggled needlessly.
Everything that is stated in these 20 steps to starting a small
business I have used and continue to use in my businesses. I only
wish that more people would learn them and adopt them.
85% of all business start-ups fail. Which simply means that most
of them did not follow this advice or didn't know about it
in the first place? Now you know, so you have no excuses.
PS: These 20 steps to starting a small business are part of the
overall StreetSmart Marketer plan to help you build a successful
business. For more information subscribe to our Free Marketing