It takes a lot to establish your own business, but those who have walked this path of entrepreneurship will tell you it’s well worth it.
The thing about having your own business is the fact there’s always something that needs to be done. You’ve got to build your client list, find successful marketing methods, upkeep your inventory and supply list, and so forth.
The great news is there’s tons of information online to help you along the way—including the site you’ve landed on right now!
Don’t be put off by the fear that running your own business is too much work, there’s too much to learn or you’ll be too stressed. There are lots of ways to manage all these things and if you don’t build your own dreams, then you’ll spend your life building someone else’s!
Let’s look at a few starting steps you can use to get the ball rolling in the right direction.
1. Settle on business and niche
Unless you have a particular idea you’re very passionate about, you may have different business ideas bouncing around in your head.
It’s helpful to do some research in the niche you’re thinking about getting started in. Look at competitors pages, compare prices and product sizes, see how their sites are set up, are there any specific features you like?
Get a pen and paper and take note of all of these things because it will be helpful down the line.
Once you decide on your business idea, you can get to the next step.
2. Acquire proper paperwork and documentation
Now that you’ve figured out your business direction, you can acquire your business license and other applicable documents if needed.
It depends on where you are located to the steps you need to take next and documentation you might need to acquire. You might not need a business licence either, but you may need business insurance. It all depends on your trade. Check your local government’s websites for useful information about setting up as a sole trader or a limited company.
If you’re in the UK and your business is a lone venture not making more than £1000 gross per tax year, then you don’t need to register as self-employed just yet as everyone is entitled to £1000 trading allowance per year. Find out more at https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income.
If you earn more than this then you need to register as self-employed in the UK, but don’t worry - it’s really easy to do online and there are web advisors ready to help you if you get stuck.
Many people are too worried to go self-employed as the self-assessment sounds complicated. But really, it’s not. There are guides to talk you through it if you need help and if it’s all too much then you can simply hire a small business accountant to complete yours for you.
Once your business is off the ground then you may need to acquire proper documentation, representation and have a business plan in place.
For example, if you’re planning on reaching out to a bank for a business loan, you’ll need a business plan to show the specifics of how you plan on running your business.
We know this sounds like a lot already, but don’t stress, there are tons of resources available to help you figure out precisely what you need to get your business off the ground, legally.
3. Set up the website
There are many platforms to help you decide what type of site you need. Some of the most popular are Squarespace, Wix, and Shopify. If you want to set up an ecommerce store then try www.create.net who I personally use and recommend.
There are options for basic sites or sites with additional features that give you payment and marketing options. Take a look at the monthly or annual prices these sites require and do a little comparing to see what makes the most sense.
Some ecommerce platforms allow you to set up a site for free as a trial for a few days, or even a month, so you can decide if their style is right for you.
If you’re starting out, you can also start with the more basic options and upgrade later as your business grows.
Alternatively, you can build a site from scratch if you have the knowledge, or you can hire someone to do it for you. This will most likely be a more expensive option that using an off-the-shelf platform.
4. Figure out your marketing strategy
Once you get the paperwork out of the way, it’s time to decide how you’re going to get the word out. There’s no doubt social media is an excellent tool for modern day business owners to get the word out about products, services, sales and specials.
However, this shouldn’t be the only avenue you explore. Many find great success in building a blog into the site, as well as an email list.
The blog functions to bring attention to your site by using SEO keywords and other digital marketing assets. The email list is digital gold you can utilise for a long list of things that should ultimately generate more income to your site.
If you find it’s too hard to keep up with the marketing demands of your business, you also have the option of outsourcing some help from marketing companies.
You’ll likely start out using free methods such as social media marketing, before growing your business with paid ads and the help of marketing professionals.
4. Keep calm and keep going
When starting a business, all types of things can pop up that demand your attention. It’s essential to know how to take a step away to breathe and re-balance.
Being an entrepreneur and running your own business, or even multiple businesses, can be all consuming. It’s important to have a way to switch off and destress.
That being said, have you thought about CBD tinctures? You can start your day smoothly with a CBD tincture by adding a few drops to a smoothie, or simply placing a couple drops under your tongue.
Yes, tinctures provide relaxation and stress relief, but they can also enhance focus and concentration in smaller amounts.
When the stress builds up, and you feel overwhelmed, you can also add items like CBD gummies, drinks and even CBD chocolate to the roster for even quicker relief.
CBD works with the endocannabinoid system and affects some of the body's primary functions such as sleep, mood, focus, pain, and much more.
Being an entrepreneur can be stressful, but there are many natural methods to help calm your body and mind so you can get on with the task at hand.
Check out my work-life balance tips for many ways to ease the pressures of family life, a busy life and running your own business.
Starting a business can fill your mind with a flurry of thoughts and emotions. One day, you’re beaming with pride and excitement, and the next day you feel like a complete failure because you’ve fallen off track or schedule.
Don’t let the ups and downs of entrepreneurship get you down. You can achieve everything you want and more if you keep up with your goals.
Overall, keep in mind you can take breaks and utilise relaxation techniques to keep yourself balanced and in control. You can take breaks for deep breathing, meditation, CBD, or whatever else helps you minimise stress and get back to business.
You’re on your way to the life you want, don’t let a few stressful moments get in the way of your progress!