Let’s revisit the topic of Start-Ups again. I love going to networking events in Washington DC because every time, I am encouraged by the energy produced by so many young entrepreneurs. Hearing from millennials working their 9 to 5 then spending hours in the evening, grinding and doing everything they can to have a shot at a successful enterprise is inspiring.
For most entrepreneurs, working a job just doesn’t cut it. It’s not about the money or time, but it’s the drive and the continuous challenges that make the ride exciting. Do you feel that way? Maybe, you have dabbled in many different jobs, but have never quite found anything that speaks to you. You’ve dedicated your time to many jobs and finally decided that your start up business is going to be your main priority. Being an entrepreneur is not easy. If you have already launched your business, you understand the hard work that needs to go into it in order to make it a success.
When people have an idea of a business, they see the big picture and sometimes miss thinking about the details. If you are considering business ownership, before you hop on the train, consider the following.
Establish a Detailed Business Plan
Your business plan is going to be your foundation, the rock. It is what you refer to when it becomes stressful in the first few weeks or months. Running a business will be no walk in the park so it is important to set in place strategies that will at lower your burden. Your business plan is the road map which will serve you at times when all hell breaks loose. You should outline your aims and intentions from the very beginning and map out a clear plan for the future. Seeing your business plan in black and white on paper will really help to boost your motivation in the initial stages.
Your business will not grow exactly as you plan. Life comes in the way but having that foundation helps you to not derail.
A Strong Knowledge of Your Industry
There are probably going to be hundreds of people competing against you, depending on your industry. Being an ‘expert’ and having a strong understanding of the intricacies of your field or the niche you chose will help you stay in business. 
Knowing how the business works allows you to be creative. You don’t need to be perfect, as no entrepreneur is, but you do need to maintain your passion and determination throughout your journey.
Professional Contracts
In some instances, depending on the type of work that you do, the industry that you’re in and the size of your start-up, you may need to work with others. I’ve heard of entrepreneurs who constructed contracts and legal documents by downloading templates from a Google Search and later found out that it was not the best move. Professional contracts are complex and unless you have the expertise, it is recommended to refer to a credible resource. Working with people you already trust is a great way to kick-start your business, but when necessary, it is important to reach out to firms such as The Weisblatt Law Firm, L.L.C. for advice on how to structure a formal and legally binding contract. This will prevent any sticky situations in the future.
Financial Resources
Let’s face it, starting a business, small or large will require an investment. Many start-up entrepreneurs will invest their own money or reach out to family and friends for help. Getting a bank loan is not always possible and even when it’s the case, it comes with a lot of risks. The money saving techniques can help you start the process of saving to invest your own cash. And even when you get the loan, having some form of financial fall back will help you to get back on your feet if times ever do get tough with your business.
***This article is in partnership with a guest writer, or a brand, or a company and may contain affiliate links. Nonetheless, these are my experiences and my opinion. For questions, contact me directly here.
Money-Smart Millennials 