7 Steps to Starting a Business the Right Way in 2023 and BeyondFeb 01, 2023
Many Aspiring Entrepreneurs dream of starting new businesses in 2023 and beyond. They are freedom seekers who dream of being their own boss. They are Motivators who inspire others and give us reasons to write interesting articles and blog posts, but only a few of them understand that starting a new business takes effort–it's not easy. It’s hard work.
Starting a new business in 2023 and beyond will require your full attention. Your new business will lead to many sleepless nights. It will cause you all sorts of mental, emotional, and physical turmoil’s–at least in the beginning–especially if you're trying to figure it all out alone.
We don't want you trying to figure it all out alone.
That said, we're giving you 7 Steps to Starting a Business the Right Way in 2023 and Beyond to make your journey just a little less frustrating. The knowledge below will provide a little cushion from all the challenges you are about to face. So let's get to it.
Here are several things you must do and consider immediately:
Begin Your Market Research
Your market research will help you determine whether or not your business idea is viable. It will give you the fundamental data and statistics you need to make SMART goals and decisions. It may not provide you with all the answers you want and desire, but it will give you an excellent overview of what may or may not work for your new business in 2023 and beyond.
Your research can help you understand everything you need to know about your target audience. And this new knowledge will help you create an effective but simple business plan.
Create A Simple Business Plan
Create a simple business plan. A simple business plan is essential for your success. It will help you analyze your SWOT (strengths, weaknesses, opportunities, and threats) or conduct a SWOT analysis that gives you an advantage over other aspiring entrepreneurs. It will also help you craft your vision and mission statements which will guide your new business to success. Doing this now will prove extremely valuable once you start attracting, hiring, and recruiting the right people to help you build and grow your business.
If possible, learn how to create a 3-6-9 Life and Business Plan Journal™.
Determine Your Best Work Location
Remember, location is everything. Whether you're a freedom seeker working from home, a dreamer looking for the right place to create your dreams and serve customers, or an aspiring entrepreneur looking to serve and support other businesses (B2B) or regular clients (B2C), finding the right working location is essential for your success.
Depending on your business type and how much foot traffic you expect, or how much privacy you need, your work location will need a few things: parking, reception space, a meeting area, washrooms, privacy, and maybe even a large work area. For these reasons, and we'll briefly discuss rent and utilities, but you must create a plan and have a good idea of what you're doing and how you’re planning to do it before you choose your location.
Also, consider the cost of rent and utilities. If they're too high, you could quickly find yourself down-and-out or working for another employer in the blink of an eye. And, as a dreamer and freedom seeker, you don't want that. You don't want to fail before you start, so start by researching and creating a plan before choosing your location.
You should also know that in the first few months, you may not make any money. Some aspiring entrepreneurs go years and months before they realize a profit from their new business. For that reason, your next or first consideration is funding.
Create A Funding Strategy
You don't always need money to start a business, but every business needs money to get going and start growing. The question is, whose money will you use, or how will you get going?
You must learn how to create money out of thin air, or starting with nothing more than a series of ideas, which is possible with the right help and support or coaching, or you must strategically fund or get funding for your business.
Many governmental, non-governmental, and non-profit agencies or organizations offer small business loans and micro-grants that can help you get started. There are also many venture capitalists, corporate lenders, private lenders, and investors who may be interested in funding your idea. However, to secure the support of serious investors and lenders, you need a rock-solid plan. You’ll need a great understanding of who you are and what you can do and offer to your clientele, customers, and investors. This is where some of what you learned in conducting your SWOT Analysis will become important.
A great coach or advisor can help you figure this all out, because great coaches and experienced advisors know there are numerous ways to raise money and start your own business in 2023 and beyond, so don't let a lack of funding be your reason to give up. Don't try to figure it all out alone because you don’t feel you have enough money to hire help or get counseling and coaching. You can learn how to recruit, attract, and hire the right people at the right times for the right reasons to help you succeed.
Learn How to Recruit, Attract, & Hire the Right People
You may need to hire help immediately or wait. If you can run the business by yourself for a short time, that’s how most freedom seekers and entrepreneurs get into business. It's a great start, but it's not ideal.
One is simply too small a number to achieve greatness. And working alone only limits and delays your success. It's one of the reasons 80% of new businesses fail in the first five years, and 96% fail within their first ten years. Another reason some entrepreneurs fail is that they over hire and stretch themselves thin financially. Some fail because they hire employees who look great on paper but are awful in the field.
That means you must know yourself, know what you're capable of doing, and discover techniques to attract, recruit, and hire the right people at the right times for the right reasons. It's possible, and we'll explore it more in a future article.
But for now, the bottom line is to be careful when hiring, recruiting, and attracting individuals to help you build and grow your business. Always ask yourself whether hiring or contracting with an individual is going to be an asset or a liability to your success.
Make Your Business Official & Launch it!
To make your business official, you need to launch it. A simple but strategic plan of attack will get you far. You may be tempted to throw a huge party and show off a little to let your family and friends know you are doing big things, but there may be more effective ways to get things going. For instance, is your business properly registered? Do you have a mailing address, official emails, banking account, phone numbers, credit cards, and everything you need to present your business to investors, clients, government officials, and future partners or supporters?
If the answer is no, cancel the party, make your business official, and launch it by earning your first 10, 20, or 30 dollars x 1000.
Once you've made your first 10, 20, or 30 dollars x 1000, your business is official and now you can focus more on your growth and sustainment, i.e., your daily operations.
Solidify Your Daily Operations and Get Down to Business
Your daily operations will include deciding your regular operating hours or working schedule, creating service agreements for employees, investors, suppliers, clients, etc., writing down SOPs, and bookkeeping/accounting – and whether you will do the work yourself or employ others. You will also have to figure out your prices, create offers, payroll, and invest in benefit plans for yourself and your employees. You'll have to work on customer service, assess your policies, supply technical support, plus sales and marketing, and it doesn't stop there but this is where things get good …
The Moral of the Story is that there are 7 Steps to Starting a Business the Right Way in 2023 and Beyond, but one is simply too small a number to achieve greatness. Don't try to figure it all out alone.
If you enjoyed the article, please give it a thumbs up and share it with your friends, colleagues, and fellow dreamers or students. #MakeItGreatOnPurpose!
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