The hardest part of every venture is starting out. We all hesitate to take that all-important first step. Is it nerves? Is it our fears? Is it our self-doubt creeping out from our subconscious?
It’s all of the above and more.
We’re all unique individuals; all wired differently and react to new stimuli according to who we are as people.
But starting a new business elicits the same set of behavioral responses because the venture represents something more significant than just a new source of income.
It is a new chapter in our lives.
Everything will change. Everything that we hold dear in our lives will go through the proverbial wringer whether we choose to or not because the business will become an integral part of who we are. Business is not just a lever for change; it is a lever for transformation.
The venue is the most significant difference between an online business and a traditional brick-and-mortar business. But the challenges that confront both business models are the same.
We want to build our brand.
We want to profit.
We want to scale.
We want to achieve sustainable success.
We want to contribute to the economy.
It’s one thing to want; it’s another thing to do.
Managing a successful online business or any business isn’t just about using the latest tools and technologies or hiring the best people. It’s about having the correct state of mind, body, and spirit to carry you forward in this entrepreneurial success journey.
Before starting any venture, we must place everything in its proper perspective.
Here is a checklist of what you need to do before you start your online business.
5 Things You Need To Do Before Starting Your Online Business
- Determine your business personality. Are you a single proprietorship, partnership, or corporation? Your business personality will have implications on your extent of liabilities and tax obligations.
- Organize your business. Even if you are a single-person operation, establishing processes and workflows before you start out will pay off dividends in the long run. Not only it keeps you focused and disciplined, but, having a system ingrained in your business will make it easier to scale up operations in the future.
- Review your financials. One of the biggest reasons why startups fail is the mismanagement of available funding. The three most important financial reports to reference are your cash flow, income statement, and cash disbursement schedule. Effective cash management allows you to fund operations and expansion projects efficiently.
- Review your development timetable. A development timetable has the primary purpose of assessing the proximity of your business to its business goals. In conjunction with your financials, you can track where improvements need to be implemented to keep you on the course.
- Conduct an audit of your infrastructure. With an online business, your level of infrastructure will determine the integrity of your operation. Make sure your PC (Personal computer) is capable of enduring extended hours and upgraded with the latest software. Have contingencies in places such as a laptop and a second broadband line from a dependable carrier.
Take an extra step and source for a virtual office nearby. Avoid internet shops because there are potential security issues, and it will be difficult to perform quality work when teenagers are playing interactive games on every station. Coffee shops are also not ideal alternative venues.
Some offices provide facilities for you to conduct business under the most professional conditions. The rates can be quite reasonable.
Once these are all done and in place, it would be time to take the most important step. Go to your home office. Shut the door. Sit in your work chair. Close your eyes and ask yourself one question:
How committed are you to the journey?
Just because you work from home will not make the journey any easier. Running an online business will test your character. There will be challenges ahead that will attempt to break your spirit and make you question your decision to become an entrepreneur.
If you are not committed, you will fail.
Remember that the journey to entrepreneurial success is never ending; once you have accomplished a goal or reached a destination, a new course will present itself for you to conquer. That is why you should always look forward to scaling up.
The rewards are great but so are the demands. But if you are well prepared in mind, spirit, and body, you will be able to navigate successfully through all the periods of turbulence.