So You're Wanting to Start a Business? Read This FIRST!
- 15 hours ago
- 4 min read
Starting and owning a business has many rewards. Typically, you're doing something you love, enjoy, or are passionate about - which brings great satisfaction and joy to your life. Second, you're in control of your day, duties, and delegation. This can be a pro, and for many entrepreneurs it is! But I want to caution you against thinking that entrepreneurship is the answer to all your career questions and aspirations.
Entrepreneurship is great! However, like anything in life, it comes with pros and cons.
Before starting a business, consider the following tips. They will help guide you in the process of knowing if starting a business and being an entrepreneur is the path for you.
You need to understand/research your industry FIRST.
Understanding your industry's strengths and weaknesses is crucial to building a successful business. When Briston (my husband) started Texas Outlaw Running, he first sat down and learned about the industry. What's working, what's not, who are his competitors, and how his business could offer a unique experience that separates him from his competitors.
Below are some good questions to ask to help you know what you need to research:
- What is the success rate of your type of business?
- Why have businesses in your industry failed?
- What are the common problems many businesses in your industry have to overcome to reach success?
- Who are your competitors and what is working for them?
- What are some areas/needs in your industry that are not being met that can separate you from your competitors?
- What are some needs or problems of your customers that are not being met, and how can you meet them?
- Who is your ideal customer, where are they, and how can you serve them best?
You can never go wrong with market research. The more you know about your industry, its limitations, and your customers, the better your rate of success will be. It starts with asking the right questions.
"But how do I know what questions to ask?"
Simple: What problem are you trying to solve? Business can be summed up by this phrase: problem-solving by creating value. Most entrepreneurs see a need/problem and brainstorm a solution. Your questions should revolve around the problem you're trying to solve, often led by a passion you have either for that industry or for the customer you're trying to serve.
At the end of the day, your customer is asking, "Why should I invest my money in your product/service/etc.?" If you can't answer this question CLEARLY, then you won't have a successful business. "Marketing is saying one thing 100 times, not saying 100 things once." -Jide Ogunsanya. You can't know what to say if you first don't understand who you're trying to serve, what problem you're trying to solve, and how you can best solve that problem.
Where do I go to find the best tips and practices for my business?
The easiest way to answer this question is to go to the founders, business leaders, and entrepreneurs who are where you want to be. Study their businesses, learn their stories: how they started, what they learned, what mistakes they made, and what tips they offer.
The best advice we've found for building and managing our business has been through business who have done what we want to do. Here are a few ways you can conduct your research:
- Podcasts/interviews/articles: YouTube and podcasts are probably your greatest outlet. They are long-form content that allows you to hear from founders about their processes for creating their businesses, what they did, and how they established well-rounded, successful businesses.
- Business conferences/trainings: This can be costly; however, it is a long-term investment that produces ROI over time. Because of technology, market research is never-ending. Attending business conferences and trainings not only allows you to hear from successful business owners about what's working now, but you also meet and network with other like-minded individuals who are trying to accomplish the same goals.
- Social Media: This is not the most reliable source; however, it does allow you to stay connected to successful entrepreneurs and is probably one of your best sources for learning about your customers indirectly.
- Business Books: Briston is constantly reading from founders he looks up to (like David Green, founder of Hobby Lobby; Dave Ramsey, founder of Ramsey Solutions; and Alex Hormozi, founder of acquisition.com, etc.) about how he can better himself as an entrepreneur based on their experiences.
How do I know who to trust?
Because of social media, the internet, and technology, anyone can record themselves or post about a topic. So who can be trusted? The best way I can explain this is by looking at their fruit. We talk about this in our Christian faith, but the same is true in business. Unless someone has done what you're trying to do, I would be cautious about how much you listen to their suggestions. Theory is great, but experience is what you need if you want to be successful.
Finding business owners who have done what you want to do is the best way to build a business. Why? Because they know what it's like. We can't truly help people if we don't know what they're going through. Yes, we can offer suggestions, but when starting a business, you don't want suggestions; you want systems and solutions that will work!
How do I incorporate what I learned in my business?
The best way to incorporate what you're learning is through your marketing. This might include social media posts, video content, podcast interviews, quotes from other business owners you're learning from, etc. Many business owners who write books talk about those who went before them and what they learned from their knowledge and wisdom. They may quote them, but for the most part, they take what they learn from them and creatively incorporate it in their marketing (either through the business or through their personal brand).
What to learn more about how to start a successful business?
Dave Ramsey - EntreLeadership
Bob Beaudine - The Power of Who
David Finkel - Build a Business Not a Job
David Green - Leadership Not by The Book
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Also, if you are married to a business owner or starting a business as a married couple, be sure to check out my podcast: The Entrepreneur's Wife: Finding Purpose as the Helper to Our Small Business Owners in this Feminist-Obsessed World