Do you dream of clocking off for good and starting a business of your very own? For many, the idea of setting your own hours, being your own boss, and doing something you love every day is understandingly appealing. But taking that leap of faith can be intimidating too—I know it was for me when I dreamed of starting K Factory.
It helps to know that if you are to start your own business, you’ll be in great company. It’s estimated that there are around 400 million small-to-medium-sized enterprises operating around the world, and new entrepreneurs press the launch button on exciting new brands every day.
With that in mind, I thought it might be fun to share some of what I learned about how to start a business over the course of my personal journey. A big part of the process is learning about things like conducting market research, building a business plan, and figuring out the ins and outs of marketing, but there are plenty of how-to guides online that can help you navigate those things. Instead, let’s look at the human element. Do you know yourself well enough to be an entrepreneur? For me, the right mission was branded apparel, but for you, there’s likely another personal calling just waiting to be discovered. Once you illuminate the thing, you’ll need to foster the daily habits and support system to help you go the distance!
Know Your Strengths, as well as Your Weaknesses
If starting a business is on your agenda, it’s time for some real introspection. They say it’s wise to monetize what you love, and that’s true, but you also need to be confident that you can shine on a practical level, or attract the help of those with just the right talents. So grab a pen and paper and start recording what you love to do, what you’re good at doing, and what you hate doing. How are your organizational skills, and do you work well with others? Are you comfortable with risk, and what helps you find your flow state? Where those things intersect, brilliant ideas can blossom.
The right concept will need to be profitable—representing a hole in the market or a new market altogether—and you’ll need to pinpoint how you can fill any gaps in your own capacity and drive. If you can get all of those balls in the air at once, then you’re really onto something. Starting a business takes sacrifice, and a boat-load of physical and emotional energy, so if you’re not going to be ready to work 15 hours a day to make the magic happen, it may be time to think twice!
Create a Support Network to Help Your Business Take Flight
It’s true that you have to dig deep as an entrepreneur, but building a stellar support network will amplify anything and everything that you could do alone. When I was getting K Factory off the ground, my husband jumped in to paint the office and assemble furniture, while my father came all the way up from Poland to help my team with the fulfillment of big orders. Your support network could be friends and family, it could be the energized team that you bring on board, and it could also be the small business resources that you seek out and take advantage of, from minority organizations to incubators or business mentors.
Move Forwards With the Right Mindset
By the time you see an inspiring business flourishing, it can be easy to imagine that it just sprouted that way. But, the entrepreneur at the helm will likely have years of dreaming and legwork in their rearview by the time you make that assessment. So, consider it crucial to think about the process as a stamina event, rather than a sprint. With the right perspective, you can find real satisfaction in the journey of starting a business, rather than feeling frustrated that you haven’t reached a certain destination just yet.
Momentum is another must when it comes to kick-starting a business venture. Don’t get bogged down at any particular stage, but rather keep taking the next step, and the next—one foot in front of the other. In this way, you can create the routine and habits that will serve your enterprise well in the years to come. Your out-of-the-gate motivation may wax and wane, but a rock-solid daily approach to making progress will carry you towards success!
K Factory is always here to support new businesses with branded apparel that will create an amazing audience impression and foster fantastic team spirit. You can discover a little bit more about me and what we do on our About Page, and if you’d like advice on how to showcase your team’s talents through custom clothing, get in touch today.
