The idea that could take you places

Starting a business? The thought of it alone can give you an adrenaline rush. Before you get lost in spreadsheets and branding strategies, here are five steps to give yourself a leg up. Because while the road to success doesn’t come with a “skip to the front” card, there aren’t rules against getting help along the way. 

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Step 1: What’s your why?

Before you start swiping your credit card and making purchases as part of your set up plans, let’s unpack the big question: Why are you doing this? (Psst, if you have already set up your business, consider a GXS FlexiLoan Biz!) 

Knowing your “why” is crucial because it’ll keep you going when things get tough. Entrepreneurship can be an expensive and long journey. Owning your reason - whatever it is - is key. There’s no “wrong” why - as long as it’s meaningful to you and keeps you grounded even when times are rocky. 

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Step 2: Take a good long look in the mirror

Are you looking at launching a side hustle or are you looking at building your next empire? There are merits to each, and it’s worth taking a step back and asking yourself: How much time are you going to invest in this business? Are you doing this to explore a passion (potentially fleetingly) or are you looking at building something up? Having clarity is key, so dig deep when you reply this: What does success look like to you and why does it matter?

Reality check - be honest about how much time and energy you’re willing to commit. If “Saturday mornings only” is your plan, launching a full-blown e-commerce site might not be your best bet.

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Step 3: Get your house in order

Before you start taking customers, making sales, or even registering your business, take a moment to look inward. Are your finances solid enough to fund this dream without dipping into next month’s rent? And as everybody loves the corporate jargon these days: Do you have the bandwidth to juggle this on top of your everyday responsibilities? 

If you’re feeling confident about both, you’re already off to a great start. 

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Step 4: Learn before you leap

Let’s get one thing straight: you don’t need an MBA to start a side hustle. But a little research goes a long way. Whether it’s binging YouTube tutorials or asking ChatGPT for some simple business advice, soaking up knowledge is key. And while you’re at it, see what other people in your field are up to. How can you sharpen your idea and make it better? Knowledge isn’t just power - it’s a goldmine waiting to be tapped.

Don’t just take it from us. Entrepreneurs and other inspiring people we’ve spoken to all talk about the importance of reading and dabbling widely. 

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Step 5: Test the waters

Before you cash out your life savings for a big launch, start small. Sell to friends. Offer your services at a discount. Get your family’s input (yes, even from that too-honest relative who’s a little too comfortable with “constructive criticism”).

This is your soft launch - a little rehearsal before the big show. Not everything will go perfectly, but that’s the point. Refine your product, tweak your pitch, and figure out if that “brilliant” idea of yours can stay afloat. Better to test the waters now than sink on Shark Tank later.

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The Takeaway

You don’t have to have everything figured out to start. Consider launching your business as a side hustle first. Entrepreneurship certainly isn’t for the faint of heart or easily distracted. It takes guts, grit, and a lot of Google searches. But if you’ve done the work, asked the tough questions, and come to the conclusion that you’re okay with the occasional sleepless night, then you’re already somewhat there. 

Stay tuned because in our next article, we dive into the nitty-gritty of registering your business, staying legit, and looking like you know exactly what you’re doing (even if you don’t).

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