So, you’ve made the decision to become an entrepreneur.

Congratulations!

Running your own business will be one of the most fulfilling things you will ever do in your life. It is an opportunity for personal growth and creating your ideal lifestyle.

It will also be one of the most difficult and gut-wrenching experiences of your life.

So, it’s important that you take some pre-emptive measures in order to ensure a smooth transition.

Here are just a couple of ways you can set yourself up for success before going “all in” and launching your business…

1. Get your financing in order

When you’re in the early phases of launching a business, you don’t usually have the luxury of time.

You need to hit the ground running and start collecting an income as soon as possible – that is, if you want this boat to float.

Your business might not make any money right away – it might take months. It might even cost you money in the beginning.

Do you have months of low/no income to spare?

Depending on your situation, you might have some savings, or you might be leaving a job with some severance pay.

But, in all likelihood, you won’t be able to survive for very long if you don’t have money coming in from somewhere.

If that’s the case, you might consider holding on to your day job while you get things started.

If you go this route, understand that you are effectively managing two jobs – one nine-to-five job, and then your entrepreneurial side-hustle.

When you do this, you’re not just investing additional hours, but emotional focus, as well. So, prepare to be exhausted, both mentally and physically.

This phase is a massive challenge, but if you prioritize and eliminate time-wasting and focus-wasting activities and people from your life, you will be amazed at how much you can get accomplished.

2. Face reality and write a business plan

You can’t meet a goal you don’t set.

You need specific goals, broken down into actionable tasks, set to realistic deadlines.

You need to know everything about the products and services you want to offer, and the demographics and psychographics of the target audience you want to sell them to.

You need to have an action plan for your branding and marketing.

In other words, you need a business plan.

A business plan doesn’t need to be very formal, but it does need to clearly articulate in detail what you have planned for your business.

Otherwise, you run the risk of floating around aimlessly in the early stages of your business, which could lead to poor results and lost motivation to do better.

Writing a business plan is daunting for many wannabe entrepreneurs, mainly because it forces them to come to grips with reality. There are likely factors they haven’t considered, and it’s here where they might realize that their business idea isn’t all that great or well thought out.

In any case, it is far better to meet this harsh reality head-on and deal with it, rather than invest months or even years in something that was doomed from the start.

Do not evade reality.

Being an entrepreneur takes guts, every step of the way. So, if you are too scared to face reality and write a solid business plan, you’re basically admitting you don’t have the resilience or courage to run a business – before it’s even started.

3. Be accountable for everything

Business owners hold themselves accountable to a large degree.

They have to.

If accountability isn’t built into their natural personality, it’s something they work hard to develop – because, they know how much it’s required when you own a business.

There will be many times when you are the sole driving force to get things done, meet deadlines, and close sales.

No one – not your family, not your friends, and not your team – will care more about your business than you will.

If you don’t hold yourself accountable for what goes on, your business will fail – guaranteed.

Now, accountability is a limited resource – just like time, money, and focus.

Sooner or later, your self-accountability is going to slip.

Either you’ll be tired, or spread too thin, or unable to focus because of some drama going on… something, somewhere is bound to come up.

It’s inevitable, so don’t try to fight it.

What you CAN do is manage this inevitable slip in self-accountability by pre-emptively putting people in place to hold you accountable.

This might be in the form of hiring a team that will remind you that deadlines are approaching, or that production could be more efficient.

This might mean joining a group of business peers who will check on you regularly, to make sure you are staying on track with your business goals.

It could mean working with a business advisor or business mentor who will offer ongoing guidance as you pursue your goals.

Or, it could be a combination of all or some of the above – whatever works best for you.

4. Sustain a valuable business network

Once you have made the decision to own a business, you will want to start networking as soon as possible.Your network is your net worth in business.

Meet with people in person and online – do both.

Meet potential clients. Meet suppliers. Meet people who are in a similar boat as you. Meet people who have been where you have been. Meet people you can help. Meet people who can help you. Meet people who have been in business for years. Meet people who are just staring out.

Meet as many people as you can and develop an organized system whereby you can stay in touch on a regular basis with all of these people.

Make sure they know what you and your business are up to at all times – one-on-one coffee meetups, social media, and email newsletters are great for this.
You can’t run a business without a community.

Start building your network the moment you decide to be an entrepreneur, even if you don’t know what your business looks like yet – your network can help you develop your idea even if it’s in its infancy stage.

Starting a business can be terrifying. There are a lot of things that can go wrong, but there are a lot of things that can go very right, too! Manage your risks before you officially launch your business. Make sure you have a steady stream of income coming in, to help you survive day-to-day while you get things running with your new business endeavor. Have a solid business plan so you know what you’re doing, where you’re going, and are able to chart your progress. Develop a strong sense of accountability and surround yourself with people who will hold you accountable when all else fails. Start building a strong business network the moment you decide to become an entrepreneur and never stop working on these relationships.

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