Starting your own company can be one of the greatest steps in following your dreams and learning more about yourself. And while this might be something you think requires quite a bit of capital, plenty of startups were launched from basements and garages all around the world. If you’re looking to do the same, I’ve provided a few helpful tips to consider as you get started.
See What Type Of Gigs You Can Do Remotely
If you’re going to be starting a business from home, you need to give yourself the time and flexibility to do it. While I know it sounds alluring to take the leap in going out on your own, you need to have a financial plan in place until you either starting generating revenue or receive funding. Even if you don’t think you’ll be able make money online from home, you’d be surprised just how many industries are taking employment digital.
In coming up with a remote gig you can do, first look at the market that’s available, as well as where your skill set comes in. No matter if it’s driving Uber or doing freelance programming, try to get an accurate picture of how much time you can contribute to this in comparison to the estimated amount of income you’ll receive from it. Because as noted by CNN, with nearly 34 percent of Americans working in the gig economy, the competition can be stiff, which is why you should maximize your time as efficiently as you can.
Perhaps the most advantageous route to go would be to find a way for you to develop either a network or skills that will help with your startup. For example, if you’re a great fundraiser or marketer, finding consulting gigs that lend invitations to those that can improve those gain strength for your personal project. The overarching mission is to have all of your work geared towards the same direction, maximizing the value of the time that you put in.
Find Partners Early
Another key strategy to having a successful early-stage startup is finding the partners you want to work with early. Not only will this help you balance the power structure of your company, but you’ll additionally have an extra set of hands to help you with getting this thing off the ground. Plus, with you both getting in on the business early, the pay structure will be much more advantageous for you both. For example, according to Glassdoor, the average entry-level salary for a lawyer is $105,033; if you’re looking for a solid COO, someone coming out of law school might be a good choice.
As you’re searching for partners, focus primarily on those who share a similar vision to you in regards to your project. Considering they’re going to be equals in regards to how the company will grow, the biggest driver should be how much passion they have for the project. Remember, neither of you might see any money from this for a few months to a year, so it has to be something everyone is willing to be fully invested in. Patience is going to be a big factor here, so it’d be wise to bring on somebody that you’ve worked with before.
Find partners can be a time consuming process; however, with the right eye for what you’re after will be well-worth the wait. Try to take your time not only in the vetting process but additionally throughout you all working through working together. Although many of us want to rush a lot of the processes for launching a startup, being patient and getting everything right the first time will save you quite a bit of headache in the long run.
Get Your Financially Prepared
Finally, even if your startup gets funding or revenue, that does not guarantee that it can sustain your entire lifestyle, which is why it’s important to set aside some savings before you go out on your own. As noted by GoBankingRate, approximately 69 percent of Americans have less than $1,000 set aside in savings. And if you’re looking to start a company with almost nothing in your piggy bank, you may want to stop and reassess your finances.
First, go through your current earnings and debt, figuring out how much you could possibly set aside. The goal here is to create runway for yourself, which is basically money to live off of while you’re getting your startup off the ground. Although it’s not a bad idea to account for the side income mentioned above, try to prepare yourself as if you won’t have time, giving yourself a security blanket in case anything falls through. Because while having a startup can be an amazing adventure, it’s also a situation where you should be ready for anything.
What are some steps you’ve found important for launching your startup? Comment with your insights below.