Turning your start-up idea into a full-fledged business can be more than just a dream! Every successful business started somewhere!
Here are some tips to turn your startup into a legitimate, profitable business!
1.Separate Your Work and Personal Life
While this may seem like the opposite of what you should be doing, it is important not to work yourself to death when you are first starting out to avoid major burn out! As excited as you are about your new venture, make sure to set a schedule for yourself that you can maintain over the long-term. Include activities in your schedule that you enjoy and keep you healthy, such as going to the gym.
You may be tempted to keep checking up on business matters outside of typical working hours but resist the urge to answer emails to maintain a healthy degree of separation.
2. Set SMART Goals and Hold Yourself Accountable
SMART goals are a goal-setting format used to set goals that are Smart, Measurable, Attainable, Realistic, and Timely. For instance, decide on a reasonable profit for your business idea, a date by which you will reach it, and a plan of attack. Use this plan to keep yourself on track, since you cannot reach your goal if you do not attend to the items in your plan.
You can also have your major goals in one place, such as making $100,00, broken down into smaller goals. Keeping your big dreams in mind will help you set reasonable smaller goals as well.
3. Find Clients
If your business start-up idea has been a side business for you, mention to your current clients that you are planning to grow your business into a full-time operation. Current clients may be your best source of new customers if they refer their associates to you. If you do not currently have clients, how do you plan to get them? Make a plan for marketing your new business with your budget in mind.
4.Set Realistic Prices
If your pricing scheme seems “too good to be true” to a potential client, then it probably is. You will not be able to maintain insanely low prices in the long run, so set reasonable and sustainable prices to begin with. Let your great work distinguish you from the competition! Research what your competitors charge for similar services and use this as a guideline.
5. Scaling Your Business
As excited as you are to grow and move forwards with your business, its important to make sure that your foundation is solid. Do you have a handle on accounting, organization, and other business processes that are helpful now but absolutely essential the bigger your business gets? Work on these areas or seek outside help if any aspects of your business are an area of weakness.