Did you know that you don’t have to have an established business to work with us? Many of our clients are established, and are looking for our support to grow, but an increasing number are very early in their business journey. Sometimes they are even just exploring whether entrepreneurship is the right thing for them, and trying to work out what you need to start a business. Today’s blog is for them (and could also be a refresh for those further along on their small business path).
So where do you start?
5 things you need to start a business
Every business is different, and so this list is by no means exhaustive. Every small business, and every industry, is different, so it’s important for every aspiring entrepreneur to take the time to research. To really look into whatever it is that they want to do, and really understand the world that they’re hoping to enter.
That said though, there are a number of things that everyone needs to start a business:
1. Money
No the scale of your aspirations, every small business needs money to get started. If you’re planning a service-based business, your start-up costs might not be particularly high. Perhaps a website, insurance, brand development, and so on. For product businesses though, it’s likely that your costs will be higher – equipment, materials, packaging etc. You might even need premises, licences or more.
But whatever your business, it’s so important to understand your start-up costs in detail. And then once you know how much you need, you need to know where the money is going to come from, and when you can expect to see a return.
2. Time
This one is crucial. It takes time to grow a business to a point where it becomes viable and sustainable, so you need to make sure you have the time to invest. There will be times when you need to work in the evenings and weekends. You will need to find a balance any permanent (PAYE) role that you still have, and your emerging enterprise. You’ll need boundaries, and to make sure you that you’re using your time to best effect in all aspects of your life.
3. A Plan
We’ve said this so many times on this blog and in our community, but good planning practice is fundamental to business. There are two broad reasons for this:
- A detailed business plan sets your direction for the next one, three and five years. It outlines where you’re going, how you’re going to get there, and what you need to help you along the way. It gives confidence to others in your approach and it keeps you on track.
- There are also plenty of benefits at a more granular level. Good planning provides focus and allows you to break larger goals down into smaller, more manageable chunks. It helps you to maintain balance, and allows you to keep the dreaded procrastination under control!
4. Mindset
It’s very easy to focus on the practical aspects of what you need to start a business, but getting your mindset in the right place is just as important.
And did you know that we chose our company name – Tabono – for exactly this reason? Tabono means ‘oar’ and the symbol, as shown here, represents confidence, dedication, perseverance and hard work. All of which you need in your mindset when you run a small business.
But what if your mindset isn’t where it needs to be? You need our Success Mindset Programme!
5. Passion
Passion is energy. Feel the power that comes from focusing on what excites you.
Oprah Winfrey
As a business owner, one of the crucial things you need to start a business is passion. Interest. A belief in what you’re trying to create. Your passion is what makes you look forward to Monday mornings and gets you through the more difficult days. It’s what shines through when you’re talking about your business to potential customers, helping them to love what you do just as much as you do yourself.
Need help to start your business?
The points above are intended to be a starting point when it comes to what you need to start a business. But the good news is that there is a lot more help out there if you need it! A great next step would be to read through our Definitive Guide to Starting a Small Business for more detail on the areas explored above, and more besides! We’re also here if you want to chat through how Tabono can help you to develop your business and for those who are already operating, how we can take what you do to the next level. Just book a free Discovery Call, and let’s discuss!