Starting a new business can be really difficult. I know that, I’m in the process of starting a new business (completely unrelated to blogging) and it just seems like there is so much to do. And technically I haven’t even “started” the business yet. We are still in the long planning and researching process.
There are many things to plan and thoroughly think about when starting a business. And depending on how much money you are investing in your new business, then your life and future may depend on your new business as well.
Here are things that we are doing:
Research before starting a new business
We are researching EVERYTHING. If you can think of it, then we’ve most likely researched it. We have looked into pricing, products, marketing, advertising, roles that we would each have, the business website design, our business logo, and so on. Of course, there is always a lot more research that we need to do. We want to be as prepared as possible for the actual day that we launch our business (and of course every other day after that).
Make sure that before you start your business, that it will be of value to you. Maybe you’re starting a non-profit, or you are starting a for-profit company. Make sure that there is a large enough market out there that can sustain your future new business long into the future.
We are keeping our jobs
We both have good jobs at good companies, and of course don’t want to leave our current positions until we know that our new business will work out for the best and will be profitable. Yes, we could quit our jobs and devote 100% of our time to the new business, but we do believe that since we are partnering up on a business (instead of starting this alone and separately) that we will be able to manage out time better and get enough done.
Determine if it is better for you to keep your job while starting your new business, or if your business would do better if you devoted all of your time to it. It also depends on many other factors, such as if you can truly afford it. Do you want to put all your eggs in one basket? It doesn’t necessarily mean that you have no faith that your business will be successful, it’s just being cautious. Nothing wrong with that!
We are partnering on this new business together
Me and my friend have known each other for quite some time, and both have several years of experience in the business that we are getting into. Yes, we could probably start the business separately, but we know that we both have characteristics that complement each other well. We also believe that we can accomplish more if we work together.
Not everyone is meant to have a partner though. Before you choose a partner, there are tons of questions that you need to ask yourself and your partner. Determine what the positives and negatives are of having a partner in your business.
Do you have any tips for a new business owner?
Michelle Schroeder is the founder of Making Sense of Cents and Diversified Finances, a personal finance and lifestyle blog about budgeting, traveling, life, and student loans. Read further on her story and life.