So you have a great idea to start your own business. Maybe it’s a new game-changing product, or perhaps a service you can provide better than anyone else. But if you’ve never run a business before, an anxious question might keep popping up: “Am I ready?” The truth is, nothing can ever fully prepare you for the experience of launching your own business. That said, there are steps you can take that will keep you from getting so overwhelmed that you become paralyzed, even if those steps are spaced over several years.
As Lon Cohen Studio Rentals owner Lon Cohen explains, he never set out to own his own music rental business; it just happened gradually over time. As a musician first and foremost, Lon didn’t have any background or training in business or financial management, but found himself in a unique position to capitalize on the thriving market he was in. Working for another similar company was enough to let Lon know he could strike out on his own. That is, if he worked really hard and took it one step at a time.
As a small business owner, there is no shortage of responsibilities and considerations you face, many of which are incremental. Choosing the right business entity and determining the right pricing strategy are just the tips of the iceberg. As you build your business, make sure to keep an eye on your cash flow, so you spend more than you can afford. Solid financial software can help you keep your budget and expenses in mind, which can help you plan your business’ growth accordingly. While the road to launching your own business may be long and windy, there’s no reason your journey shouldn’t be as smooth as possible. You just need the right gear before setting out, even if collecting it all takes some time.