3 Things You Must Have Before You Start a Business

More than half of my clients want to start a business, and that’s why I created a 60-day program to help them take the first steps.

Psst! Join us for the next live session of Startup In 60.

You can’t blindly charge ahead and think everything will magically sort itself out. What about branding? Your prices? And taxes???

A little planning and mindset work is needed first or else your business will run into big problems in the future.

Here are 3 things you must have before you start a business.

A Fantastic Idea

Don’t count on breaking into a crowded market if your idea is only OK or substandard. You must “wow” your potential clients or else you’ll be indistinguishable from thousands of other entrepreneurs.

What makes your idea special, even if it’s something many other people are selling? For instance, I combined my past book editing career with my life coaching practice to appeal to Type A, editorial folks.

No matter how fantastic your idea is, it won’t matter if you don’t present it well to others. Consider product design services to get your business noticed by the right people.

A professional product design will always help you stand out, especially when you talk to investors. 

Money

No one wants to talk about money when you’re still starry-eyed and running on pure passion.

But figuring out your finances, coming up with a budget, and getting investors can mean the difference between continued growth or sputtering out in less than a year.

Generally, you’re going to need quite a fair amount of money to start your own business. You have a few options. First, you can fund it yourself and possibly go into debt. Second, you can find investors, loans, or crowdfunding ideas. 

Investors are the most popular choice, and trade shows are one place you will always find investors looking for new businesses.

Determination

The entrepreneurs that keep chugging along for the long haul are always fueled by determination.

Determination is the only thing that is more powerful than everything else combined. If you give up when things start to get a little hard, then you’re showing people that you’re not willing to fight for what you want, in this case, your business.

Us Life Editors roll with the punches and aren’t afraid to keep editing and trying new things until we get it just right.

If you’re serious about getting your new business up and running and serving your ideal clients in a big way, then give it everything you’ve got!

NEXT STEPS: Design your business from scratch with Startup In 60.

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