So You Want to Start a Business? 6 Tips for Getting a Strong Start to Entrepreneurship

I have spent 15 years coaching and consulting hundreds of small business owners and operators at all stages - from inception to exit. Through my experiences, I picked up on a lot of  the “must do’s” and “try to avoids” of business ownership. I have also tested a few of them as I’ve built the Pithaya community! I’m sharing these tips in hopes of helping an aspiring or new entrepreneur have the smoothest journey possible. 

1.Strengthen Your Mindset 
You are the cornerstone of your business - any investment in you is an investment in your business. The entrepreneurial path brings many ups, downs, and curveballs, and even the most mentally strong people can struggle to manage the demands at times. Regardless of what is going on in your business, you have to always believe in yourself and remember why you chose this path. Early in your journey, I encourage you to take time to establish practices that will help you strengthen your resilience muscle and optimize your mental capacity. Journaling, meditation, therapy, and consistent exercise are all great ways to condition your mental health and help you stay weather the difficult times. 

2. Define Success for YOU 
I imagine that you have chosen to venture into entrepreneurship because you have a vision for how your business can solve a problem and add value for your customers. You also probably have an idea of how much money you want to make, how many people you want to impact, and what lifestyle you want to live. Use these goals to create your own definition of success and use that vision to keep you on track when you are tempted by the many shiny opportunities that will come your way. Success comes in many forms, but no one can define it for you - it must reflect your values and what you want for your life and business. 

3. Gain Some Experience 
If your business is in a field in which you need more expertise or requires skills that you need to develop, consider testing the waters first. Internships, books, YouTube videos, part-time jobs and classes are great ways to quickly learn what you need in order to be successful in your new venture. Also, connect with people who work in the field and leverage their perspectives to develop your strategy - and avoid pitfalls! 

4. Make a Financial Plan 
Money may not be the primary motivator behind your decision to start a business, but is a very important component of your experience. There are many ways to fund a new business – personal savings, grants, loans, investors – and it is not uncommon to use a combination of these resources to finance your business before it can sustain itself. Conversely, a lack of funding can cause high levels of stress for you and lead to business failure. Develop a financial plan that incorporates your business and lifestyle needs for the first three years. Acknowledge that you may have to make adjustments in order to hit your goals, but remember that making the right sacrifices now can pay dividends when you have a healthy, thriving business that you are proud of. 

5. Develop Your Support System 
Loneliness is one of the less discussed aspects of entrepreneurship, especially for solopreneurs who may not have a co-founder or team, yet. Especially in the early days, you may find yourself working alone for long stretches of time and at non-traditional hours, making it harder to connect with your friends and family. Be intentional about forming a support group of other entrepreneurs who can help you both professionally and personally. Not sure where to start? Try our entrepreneur matchmaking service! Fill out a short form, and in a few weeks we’ll send you peer matches based on your mutural interests.

6. Make a Plan - Including Your Exit Strategy
If you are just starting out, your head is probably spinning thinking of all the things you need to do to launch your business. Before you get bogged down in the day-to-day operation of your new venture, I encourage you to write down a business plan, including short, medium, and long-term goals. It doesn’t have to be elaborate, but it’s important to capture your goals on On this journey, it can be easy to lose sight of what you are working towards or be tempted to change directions often - having a plan will help you stay focused and ensure that you are consistently doing the activities that are going to move your business forward.

Business ownership is hard, but preparation and a good support system make the journey a little easier. ❤️

-Ash