Six tips to help start your own business and bring it to success
How many times have you been sat outside with the girls of an evening, sipping an ice cold glass of rosé, having a casual conversation about what products would make your life so much easier? ‘There’s a business idea in that you know’, one of you will say. Everyone will nod and ooh and ahh in agreement – it really is a fantastic idea. Quickly, the conversation moves on.
But what if you can’t stop thinking about that idea? What if it wasn’t just a throwaway comment? What if you really do believe there’s something in it? Where on earth do you start setting up your own business and making it a success?
One woman who knows exactly what it’s like to create (a very successful) something from nothing is Mitali Saxena. She founded Fashom, a mobile social media platform that allows everyday people to post photos of everyday style, rather than high-end ‘glossy’ fashion images that are shared on more traditional platforms.
Below, Mitali shares her tips for all you brave women looking to start your own business and bring it to success.
1. Believe in your idea
When you have an idea, no matter how great it might be or how much potential it might hold, there will be naysayers. There will be times when it’s hard to find supporters and when others walk away from what you bring to the table. There will be times when the comments from others make you wonder if you’re taking the right step. The difference between those who make it and those who fall short is belief.
It’s your idea; that means you have to fiercely believe in it, even when no one else does. Sure, you may need to make adjustments and modifications along the way. You must be open to criticism and ideas from those on the outside. But at the end of the day, you must believe in your idea from day one until the day you find success.
2. Focus on timing
Just because your idea is needed and unique, it doesn’t mean moving forward right away is the right way to proceed. To find success, Mitali advocates focusing on timing.
Once you start to flesh out your idea and look into how you’ll bring it to fruition, it’s time to start some research. Look at what’s happening in the industry your product, service or idea will benefit the most. Are there similar products? When and how did they launch? Are there external factors that could hurt your idea or hamper it in any way?
Look at the market you’re trying to break into and spend some time researching current trends. If the timing seems off or it feels like you need to make a change for your idea to fit right now, consider making that change or waiting for the right opportunity to launch.
3. Bring in the A+ team
It can be hard to appropriately staff your business idea, especially in the beginning. When funds are tight and you’re not sure how things are going to go once you get started, it can be tempting to settle for mediocre if that’s all you feel you can afford. This is a mistake. One of the best decisions you can make when starting your new business is to bring in the top players from the start.
Forget the A team, bring in the A+ team. When you have the right team members in place, you’ll be better equipped to deal with the challenges that come your way and to move forward in a profitable, successful manner. Trust your instincts, and pick key team members according to your faith in their abilities to help you take your business to the next level.
4. Keep learning
Learning is an ongoing process. Anyone who thinks he or she knows everything there is to be known about anything is bound to fail. This is just as true as it relates to starting and operating a business. Listen to what others have to say, know you’ll make mistakes, and make a commitment to learn from those mistakes. If you refuse to make adjustments or to learn from what others who have more experience have to say, you will never move forward.
Mitali experienced this in the beginning. Even though she brought in the A+ team, she still had to learn the technical side of building, launching and running an app. She devoted 5 hours a day to learning with her team to ensure Fashom became a success. If there’s an area in which you could use some growth or something you aren’t sure of, make learning a daily priority.
5. Compromise on the small things
You’ve been thinking about your business idea for years. You have an idea of what it will look like, how it will grow, and how you’ll find success. You know the ins and outs, you’ve designed a logo and you know how you’d like to run things. But then, you decided to bring in a support team. These individuals have different ideas, they make suggestions that point you in different directions, and they feel like certain things should look differently from the vision you have in mind. What’s best? To listen to those ideas? Or to stand firm on everything you have planned?
The answer lies somewhere in the middle. You shouldn’t compromise on the big things: your mission, your vision, what your company is all about and what’s at the core of your daily operations. However, other, smaller details may make good compromises. When you compromise, you demonstrate your ability to be a team player and show what others have to say matters to you. You also maintain the right to stay firm on the bigger-picture items to ensure your company runs the way you’ve always envisioned it would.
6. Look inward
Starting a business is stressful. It’s full of unknowns, and sometimes it requires great leaps of faith. Along with all of these things, it can be easy to let work run your life and let other things slide. One thing that should never slide, according to Mitali, is time for you. As a business owner, you must maintain the ability to function at your best level.
Meditation is important. It allows you to focus inward, spend time on you and forget about external stressors and situations. It also comes with tangible health benefits like lower anxiety levels, a decrease in depression, and the ability to manage complex diseases like asthma, cancer, heart conditions and sleep disorders.
Starting your own business doesn’t have to be impossible; it just takes a few steps in the right direction and the ability to push through difficult situations. In the end, the reward is worth the risk. Follow the tips above to take your business idea to the next level and find success!
