What You Really Need to Know to Start a Business

Choosing to start your own business is one of the most rewarding decisions you can make. But let’s be real—it can also feel overwhelming if you don’t know where to begin. Whether you’re dreaming of being your own boss, creating real financial freedom, controlling your schedule or sharing your unique talents with the world, the journey starts with the right foundation. If you’ve been wondering what you need to know to get started, here’s a breakdown to help you get started with confidence and clarity.

1. You Don’t Need to Have It All Figured Out

First things first: You don’t need to have a perfect plan or all the answers to get started. Many successful entrepreneurs began with just an idea and a willingness to learn along the way. What matters most is taking that first step. Commit to action in your business, make a list of the things you need to start the journey and focus on one thing at a time. Oftentimes, the big picture can feel too overwhelming and impossible. When you start small and focus on one meaningful step you can take now toward launching your business, you will be amazed by what you can accomplish over time.

Remember that no one – no matter what stage of business they are in - has all the answers. One of your keys to success as an entrepreneur is keeping an open mind and remaining committed to learning as your business grows. Remember that you are in charge of your business journey, it’s ok to refine your business as you go. At the end of the day, progress, not perfection, is what will move the needle over time.

2. Understand Your "Why"

Knowing your "why" is essential. Why do you want to start a business? Is it for more freedom, financial independence or to make a difference in the lives of your customers? Your "why" will be the driving force that keeps you motivated when things get tough in your business. Take some time to reflect on why you want to run a business and write it down—your responses will be your anchor throughout your journey.

Spend time each day reflecting back on your motivation for starting your business. Post your “why” near your desk or keep a list on your phone. Revisiting why you got started in the first place can be a powerful tool that can guide you in the daily decisions you make in your business.

3. Find Your Niche

Your business idea doesn’t have to appeal to everyone. In fact, the most successful businesses focus on serving a specific audience with specific needs. Start by identifying your skills, passions, and interests. Then, think about how you can solve a problem or meet a need for a particular group of people. The clearer your niche, the easier it will be to connect with your ideal customers.

Many entrepreneurs are scared to get too specific in defining their niche because they worry they won’t sell enough to meet their financial goals. But in reality, the more you can drill down in your messaging and highlight how your product or service meets the unique needs of a targeted group of people, the more your message will resonate with that audience and convert to a sale.

There’s another important reason why a niche matters – and it has nothing to do with sales. Building a business is a long-term commitment. If you want to build a thriving business it’s important that you love your business, too. Who do you want to be serving one year from now? How about in five or ten years? Although your business will evolve over time if you’re not absolutely in love with what you’re offering your customers – how do you expect them to stay in love with you? That old expression “you get back from others what you give” holds true in business, too.

4. Do Your Research

Data (from primary and secondary research) is your best friend when you’re running a business. From the moment you decide to start a business, commit to becoming an expert in your ideal customer. Learn as much as you can about your target audience, their needs and interests, and what motivates them to buy from you. Understanding the market will help you position your business effectively and create products or services that truly resonate.

Don’t forget about your competition. Many new entrepreneurs avoid this step because they find it intimidating or discouraging once they’ve identified the competition. But you can’t create compelling offers that connect with your ideal customers if you don’t understand what else is out there. Take the time to study your direct and indirect competitors. These are the businesses that are most directly competing for your ideal customers’ hearts, minds and money. Take note of what seems to be working in your market and where you see opportunities for improvement or disruption. The key here is to learn just enough to inform your business and marketing strategy without feeling overwhelmed or discouraged. Learn what you can and then move on to implementation. Don’t skip this step—a little research now can save you a lot of time and money later.

5. Create a Simple Plan

You don’t need a lengthy business plan to get started—if you’re not seeking outside capital (such as an investment or loan) to get started, a simple one-page plan can be enough to launch your business. Be sure to take the time to outline your business and personal goals, your target audience, offerings, pricing strategy and how you plan to market your business. You want to balance a well thought out strategy with intentional action. So, stay focused on the most important things you need to know and do to launch your business, and then continue to refine and develop your plan as you learn in your business. This plan is your foundational roadmap for your success. It is a powerful and useful tool in helping you shape your business strategy, scale and streamline your business and make an impact in the lives of your ideal customers (not to mention your own!) Stay focused on your plan as you build your business and commit to learning as you grow. Remember, you can (and should) adjust your business plan as you – and your business - grow.

6. Understand the Basics of Business Finance

Do you find yourself breaking into a sweat when you think about managing the finances of your business? Although it can feel overwhelming at times, managing your money in your business doesn’t have to be complicated, but it is essential. Start by setting up a separate bank account for your business. Depending on your business structure and size, you might need to open business accounts. For some, a dedicated personal account works just as well. Be sure to educate yourself on what your business needs, including legal compliance and insurance requirements.

Once you have your foundation, commit to learning the basics of budgeting, pricing, payroll (if applicable) and tracking your income and expenses. You’ll also want to familiarize yourself with any legal and tax requirements for your business. Don’t worry if you’re not a numbers person—there are plenty of tools and resources to help you stay on top of things. Make sure that you are following the advice of a certified financial planner, accountant or specialized attorney.

7. Be Prepared to Market Your Business - and Yourself

Many entrepreneurs find the idea of marketing themselves and their business intimidating at first, but it doesn’t have to feel that way. Remember that at its core, marketing is all about making connections through storytelling. Your goal in all of your marketing and branding should be to connect with the people who want what you have to offer. Whether it’s through social media, your website, networking, live events or word of mouth, focus on sharing your unique story and the value your business provides.

Don’t forget to build a brand for yourself as the founder of your business, too. In some industries, such as business coaching for example, my brand as the founder and the brand of my business are essentially two pieces of the same brand. It’s nearly impossible for me to sell my services without including elements of my personal brand. But not all industries are as straight forward. If you have a product business, you might feel tempted to hide behind the brand of your products. Do not make this mistake. Remember, people buy from people they trust—so don’t be afraid to show up authentically and let your passion shine. Taking the time to build your personal brand as the founder of your company will help to differentiate your offer from your competitors and attract your ideal customers.

8. Build Your Support System

Starting a new business on your own can feel very lonely. But you don’t have to go through it alone. Surround yourself with people who believe in you and your vision and who are willing to be there for you when you need a friendly ear or guidance. It takes time to build a meaningful support network but it is worth it. Focus on the people who care about lifting you up and watching you succeed, this can include your partner, friends, family, connecting with other entrepreneurs IRL or online, and even coaches or mentors who charge for their services. When you take the time to build a strong support system it will make your journey more enjoyable and likely more successful, too.

Take the Leap!

Starting your own business is an adventure, and like any adventure, it’s filled with learning, growth and incredible opportunities you couldn’t begin to imagine before you got started. By focusing on the key areas I outlined in this post, you’ll build a solid foundation for your business and set yourself up for long-term fulfillment – and success.

There will never be a perfect time to start your business. You will always find a reason to stay where you are, wait until you’ve achieved a specific milestone, or push your interest in entrepreneurship to the back burner. So, what then is the secret to getting started? Ask yourself what might happen if you actually built that business you’ve been dreaming about. How would your life change? Would you enjoy the financial freedom and flexibility you dream of? Would you finally feel like you're creating purpose in your life? Would you create real change in the world? Give yourself permission to dream of what’s possible and then take bold, decisive action toward that dream. Choose one thing you can do today to get started on your dream business and commit to action. By keeping these essential steps in mind, you’ll be well on your way to creating a business that brings you joy, freedom and success. You’ve got this!

Your future self is waiting to thank you.

If you’re ready to take the leap but wish you could find a clear step-by-step guide to help you along the way, check out my signature course, "How to Start a Business You LOVE." This self-paced course is designed specifically for women like you who are ready to build a business that aligns with their values and goals—even if they don’t have a business idea yet.

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