Are you starting a business for the first time and worried about failure?
ZworkSpace is a startup co-working space solution in Fullerton, Orange County.
Since it opened its doors in July 2019, it has served many startup businesses and local entrepreneurs, and gathered valuable business tips and lessons that can help anyone who is planning to launch a successful business.
1. Don’t Aim for Perfection
When launching a new business, you must let go of your perfectionist tendencies. While you might think that being a perfectionist will be beneficial to your new endeavor by making you more motivated and pushing you to strive for success, that's not always the case. Stop aiming for perfection.
When starting a new business, you are bound to experience bumps in the road. If you expect them to happen, you will be better prepared. Mistakes don't make you a failure. They help you learn and become a more successful entrepreneur when you overcome them.
2. Be Passionate
You don't have to love whatever your business is about, but you do have to be fired up about it. You are going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it is really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery or providing financial advice.
Make sure you are on the right track by asking yourself whether you are truly passionate about your venture.
3. Don't Do it Alone
You need a support system while you're starting a business. A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start-up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start-up program such as the ones provided through Small Business Administration. When you are starting a business, experienced guidance is the best support system of all.
4. Write a Business Plan
This is a key step before starting your business, as it provides you with invaluable information. Creating a business plan will allow you to better understand both operational and financial goals, providing crucial budget and marketing strategies. The main reason for doing a business plan first when you're thinking of starting a business is that it can help you avoid pouring your time and money into something that will not succeed.
5. Get Professional Help
On the other hand, just because you're starting a business, doesn't mean you have to be an expert on everything. If you're not an accountant or bookkeeper, hire one. If you need to write up a contract, and you're not a lawyer, hire one. You will waste more time and possibly money in the long run trying to do things yourself that you are not qualified to do.
6. Get the Legal and Tax Issues Correct the First Time
It's much more difficult and expensive to unsnarl a mess afterwards. Does your business need to be registered? Will you have to charge a sales tax? Will you have to have Workers' Compensation Insurance or deal with payroll taxes? How will the form of business ownership you choose affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly.
Following the business tips above will make starting your new business both a smoother, less stressful process and go a long way towards ensuring the business you start lasts and thrives.
ZworkSpace fully understands the difficulties and challenges in launching a business, and its main objective as a business is to provide start-up businesses and entrepreneurs with flexible and affordable workspace solutions.
For more information about our membership offerings, contact ZworkSpace at info@ZworkSpace.com or 714. 253. 7788.