A secret mission of mine is to bring out the gifts and entrepreneur in urban creatives. I think that's the heart of the term making a living; it's to live off of doing what you were born to do. A lot of people are stumped on how to actually start a business. So, we are going to destroy 4 myths and begin again.
You need a detailed business plan
Businesses usually start unplanned. It's the result of wanting to solve a problem. Plans come after an idea and the decision to launch. Don't get stuck on conducting market research, a SWOT analysis, and contingency plans. Save that for when you finally formulate an idea; a solution to someone's problem...even if that problem is satisfying tastes bud (as mentioned in Starbucks: What's Love Got To Do With It).
Your business idea has to be perfect before bringing to the public.
The best way to perfect a product or service is to use it! Had I not launched TJM when I did, I'd still be wondering if people would like it versus getting real feedback from those who have actually benefited from my services. True testing starts in the marketplace. You discover who likes what and what needs to be strengthened. It won't happen if you are trapped in a room trying to figure it out alone.
You need good credit.
Credit comes into the picture when going for a small business loan and speaking to investors. It's not necessary to start. Often times launching is the method to financial prosperity.
You need to generate an income to be considered a business.
Most give up on their entrepreneurial pursuits too soon. Billion dollar entities today were once small businesses. Many Fortune 500 companies (a list of the most profitable companies in America according to Fortune Magazine) didn't turn a huge profit when they started. I like to call this the a Test of Faith; do you believe in your vision enough to work without getting paid?
Entrepreneurs are often pioneers; creating in their own way. Along with that comes hurdles and moments of uncertainty. Yes, it takes a lot more than an idea to start a business so be ready to learn and put to use the information you collect. With that, running your own company is fulfilling and comes with great rewards.
See also: The Alphabet Soup of Business Formations: LLCs, C-Corp, S-Corp, INCs
Create with TJM or let me know what you want to see next. Email firstname.lastname@example.org or call 678-760-9595.