November 15, 2024

4 things to do before you start a company

Have you ever thought about starting your own business? Many dream of being their own boss, but the process can be daunting. Here is a list of actions to consider before you create a company.

Starting a company at a glance

Passion is one of the biggest differentiators between successful and unsuccessful entrepreneurs. There should be a driving force behind your business.
A business plan can help reveal if your idea is achievable. It should do more than define what your business will be. The plan may convince others it’s a sound investment.
Share your passion with your network and find people who you can lean on for advice, industry know-how, and mentorship.
Starting a company can be a rocky road. By understanding those bumps not as failures but as learning opportunities, you could be one step closer to becoming a successful entrepreneur.

A few years ago, Priya Vasan dreamt of becoming her own boss. Now, on the social media of Priya Jewelers, her Sunnyvale, California-based Indian jewelry store, the hashtag #bossbabe makes a frequent appearance.

Vasan has found power in owning and operating a small business because it is her name on the door when someone walks in.

“This is not just a business for me. It’s very, very personal,” she said. “I feel humbled when people walk into my store. Jewelry can be bought anywhere. But the service, the blessing, the interaction, and the feedback that you’re going to get from me is completely different.”

Are you interested in starting your own company? Here are four steps to getting started.

1. Connect with your passion

Simply put, entrepreneurs have a passion to fulfill a need. But unlike other jobs that have a simple, more linear path, business ownership requires the dedication to find your own opportunities. That drive is a well that entrepreneurs can draw from to stick it out.

Vasan finds forging long-term customer relationships particularly rewarding. Her jewelry becomes linked to her customers’ most cherished moments, such as weddings, birthdays, and anniversaries.

“[My store] isn’t just a brick and mortar for me. This is a temple for me,” she said. “When people come in, I want them to absorb all the positive vibrations, all the positivity, all the prayers, and all the blessings.”
2. Make — and return to — your business plan

Writing a business plan is like designing a roadmap for your business. Even if you don’t plan to apply for a business loan or meet with investors, it can help you to answer key questions about your entrepreneurial pursuits before you take on financial risks: What’s my target market? Who are my customers? How will I fund this?

Check out this step-by-step guide for what to include in your business plan. For additional guidance, look for resources or groups in your area, such as business accelerator programs, local chambers of commerce, or your bank.

Don’t forget to regularly return to your business plan to take stock of your progress and readjust based on market factors and more. Less than a year into her business, Vasan found it had grown faster than she first expected. She’s considered opening another store but is taking a measured approach to growth.

“Take a huge step, you’ll fall face flat on the ground. I don’t want to do that,” she said. “Baby steps.”
3. Build your support system
Potential business owners benefit from a few trusted contacts in their corner for industry-specific advice or the occasional pep talk. Marshall recommends entrepreneurs expand their support system to include:
- An experienced entrepreneur
- A business owner or leader in your industry
- A mentor who you can have deep conversations with
4. Prepare for ‘failures’

Failure can be a bad word in business circles, but it shouldn’t be. In truth, even success isn’t a label a business owner can wear forever.

For Vasan, failure was not only something she and her family thought about before starting Priya Jewelers, but a possibility they embraced. Because even if the business failed, she wouldn’t live with the regret of never trying to run her own company.

“That feeling of, ‘Gosh, should I have done that?’ Guess what? I’m not going to have that feeling,” she said.

Priya Vasan next to text that says Gold plays a shining role in Indian culture. For Vasan, that means helping Indian customers—including dozens of wedding parties—mark their most treasured moments with gold jewelry pieces

Read how gold’s cultural significance played a role in getting Vasan’s business off the ground.

Written by: Eric Best