Starting a business is an intimidating endeavor no matter how well thought out the plan. There will always be risks involved, but there will also always be ways to minimize those risks. Having started his own, and been through all the trials they bring, Bryan Baeumler has seen what it takes for a new business to thrive. We caught up with Bryan, in preparation for his new series Bryan’s All In, to ask him the do’s and don’ts for first-time entrepreneurs. Read on for Bryan’s tips to set your new business up for success.
Catch the premiere of Bryan’s All In Sunday, March 31 at 10 p.m. ET/PT on HGTV Canada, available to stream Live or On-Demand with STACKTV. Try it free today!
Do Choose a Business You’re Excited About
Starting a business is never a painless task, especially as first-time entrepreneurs. It’s for this reason, that when starting a business, it should be something you enjoy and get satisfaction from. By doing so, it makes those inevitable hurdles worth the effort of overcoming. Work doesn’t have to be just work, it won’t always be fun, but satisfaction and excitement should be a part of the business you choose to build.
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Don’t Choose a Business With Huge Entry Barriers
During the birth of any business there will be cost, but some have more than others. Ideally, you’ll want to choose a model that does not have many cost barriers in the initial stages. This will minimize risk and stress. However, should you have the backing to overcome large initial costs and your chosen field is one you are passionate in, then you can overcome these. Either direction you choose, be prepared to fight, and work hard to gain your footing and place in any market.
Do Save Up to Invest in Yourself
First-time entrepreneurs will always require some capital to start, even in ones with low overhead. New endeavors require advertisement, networking, and bookkeeping. Because of this, you’ll need to start by saving money. When it really comes down to it, you’re investing in yourself and you’re investing in your vision. By planning ahead, you ensure that investment flourishes.
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Don’t Invest All of Your Money
As tempting as it may feel to throw all your money into a new company, a bigger investment doesn’t necessarily mean a bigger return. Outside of your new business you still need to live. Budget for life outside of work, as well as leave a contingency fund, you never know when an emergency expense may pop up.
Do Bring In Friends, Family and Experts
Raising a business is a lot like raising a child, it takes a village. Nobody can do it all on their own. So, it’s important to lean on others where possible to build something that lasts and not burn yourself out. Whether it be helping lessen the load in your personal life, minor errands, or learning to overcome aspects you hadn’t considered, there are people who can help and will be thrilled to do so.
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Don’t Think You Know It All
Diving headfirst into a new project feels natural, new things are exciting, but maintain restraint. As you work out the kinks and logistics of your business, you need to leave room to learn. Nobody knows everything, so it’s important to allow yourself to come up short, so you can realize where you can improve.
Do Save Where You Can
Much like finding the areas where you can learn, you also need to find the areas where you can save. This doesn’t mean foregoing these expenses all together, but being reasonable with them. Items such as office space, branding, and even staffing are all essential, but can be reduced. By scaling back to essentials and doing some of the work yourself, you can offset a portion of these expenses.
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Don’t Skimp On the Important Things
Now that you’ve saved where you can, where do you spend that leftover money? Customer experience, company infrastructure, supplies, these are all crucial elements where the level of quality will directly influence your reputation. By directing those funds to the quality of your product or service, you ensure that you create something worth buying.
For more expert advice on starting a thriving business as a first-time entrepreneur, be sure to tune into Bryan’s All In, Sundays at 10 p.m. ET/PT on HGTV Canada, available to stream Live or On-Demand with STACKTV. Try it free today!
