Starting a business comes with a lot of emotions—excitement, fear, determination, and uncertainty, just to name a few. Those of you who have embarked on the journey know it’s the risk of a lifetime but one worth taking. 

It is often said that the hardest part of anything is getting started, so today I want to share three essentials to consider when starting your own business. 

Essential #1: A Business Plan 

This is one of the most essential tools to get you started on the right foot whether you are seeking financial investors or not. A good business plan will help you formulate goals, do market research, and set a strategy for the future. 

A business plan asks key questions about your business like: 

  • What will my brand communicate?
  • Who should I market to?
  • Is my product/service a need among those I’m marketing to? 
  • What startup costs do I need? 
  • Do I need a website? 

Wrestling through these and other questions will prepare and keep you on track as your business grows and/or changes. 

There are a number of templates and online resources that can help you get started in developing your business plan. One of my favorites is Career Contessa’s, “What to Include in Your Business Plan for Your Side Hustle”. 

Essential #2: People in Your Corner

When looking back at the start of Hatch Creatives, founder Laura Botu shares the only way this dream of hers became a reality is because a friend pushed her to set a date for the first event. Having a strong support system around you is key to your success and the success of your business. They are the ones that will push you when you feel like giving up, will wake up early to help you setup,  will provide a shoulder to lean on when you feel like everything is failing, and reassure you that the risk is worth it. 

Whether your support system is made up of friends who volunteer their time and talents or employees and/or investors, these are the people that will walk alongside you during this journey, and that makes them pretty essential. 

Essential #3: Being Okay with Failure 

No one starts a business thinking it’s going to fail, but it is important to remember that failure is not an obstacle to success. Starting a business is risky and some fail, but that doesn’t mean you shouldn’t pursue your dreams. Being okay with failure from the beginning relieves the pressure of trying to make everything perfect and helps you learn from mistakes. 

In the famous words of Thomas Edison, “I have not failed. I’ve just found 10,000 ways that won’t work.”

As you embark on getting your business started, remember these three key essentials. But more importantly, remember that there is no one formula and that much of the journey is learning and adjusting.