Starting a business can be a massive undertaking that seems intimidating at first. Many new entrepreneurs feel lost and bewildered when experiencing a business launch for the first time. For this reason, it is important to know several things before your first business.
First, it is crucial to know how to finance your business. Are you going to seek venture capital for investors? Will you crowdfund your business through platforms such as Indiegogo or GoFundMe? Are you planning on bootstrapping or self-funding your business? If you wish to bootstrap your business, you should ensure you have enough savings in your bank.
Ryan Pitylak, co-founder and CMO of ZenBusiness, says, “If you want to bootstrap your first business, it’s not wise to sacrifice your livelihood or go into debt for the sake of your dream. Having enough savings in the bank will save you a lot of stress, pressure, and loneliness.”
You should also be intimately familiar with the sector or industry you are entering. Knowing your market, competitors, and potential customers will help you formulate a plan for your company’s success. One helpful way to understand your industry is finding a trusted mentor who has spent many years in it.
Ryan Pitylak also adds, “Young entrepreneurs are bombarded with business advice from books, podcasts, and the Internet. In such a confusing landscape, whose advice do you listen to? It’s easier to learn how to succeed through an experienced mentor who has been in your shoes before.”
With his company ZenBusiness, Ryan Pitylak helps guide new entrepreneurs through launching their first businesses. The company’s all-in-one platform also provides FinTech solutions, expert help, and other essential tools for entrepreneurship.