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4 Things to Consider When Planning to Open a Business

I read a lot of blog post before opening my own business, and the majority of this blog go straight to finding your niche, marketing, etc. These blog posts are very informative, and I learned a lot from it.  However, I wish I knew other essential aspects of planning to open a business which is not listed in the majority of blog posts I read. Therefore, I have written down the list of things I believe that you need to consider when opening a business or pursuing whatever dream you have in mind.

 

1. When you have a brilliant business idea; don't tell everyone about it except your spouse or partner.
As humans, it is hardwired in us to get approval from our close friends and family member. Therefore, it is only natural when we have a brilliant business idea or dream to share this information with them expecting that we will gain praises and full support from them. However, be warned that not everyone will approve of your ideas, or understand the dream you are pursuing. You will be surprised that there will be one or more people in your circle that will try to scare you away from your vision or criticize your business plans. As a person who is planning to start something new in your life, and getting nothing but negative feedback from the people you expect to have your back is very hurtful as their opinion matters a lot to you. I had experienced this situation; when I was planning to create my blog. This individual has nothing good to say about my ideas. I had low self-esteem and confidence when I first opened my blog, because of this individual. However, it did not stop me from doing what I think is right. There are times people end pursuing their dreams due to the amount of negative feedback they received from the people who they expect to cheer them. While I read a lot of success stories who uses other people's criticism as their burning desire to work harder, others lose the strength to move forward to pursue their dreams. So if you do not have a thick skin to accept negative feedback from other people, it is best to keep your business plans and dream to yourself. Keep in mind these people do not see your future, as they do not own a magical crystal ball to predict what will happen to you. The worst thing that can ever occur to you if you share your business idea with someone else is to steal your ideas and open a business before you! So keep your dreams and plans to yourself.


2. Talk to your spouse or partner about your business plan or goal. (If you are single; you are fortunate as you can skip this section)
The only person that matters the most that require their approval and full support is your spouse or partner as the two of you share financial responsibility, and life together. As your partner can be the stepping stone to making your dream come true; remember opening a business is a huge risk that can affect your family in the long run. So it is best that you have your partner's full support. Make sure to incorporate your partner's interest and ideas to your business plan. As your partner automatically becomes your business partner by default. Having a spouse who shares the same desire as you is vital when you open your business as you have to share responsibility in running the business together. In my case, my husband shared the same passion as me, and together we work hard to reach our dreams. I am very fortunate to have him around as I am timid in marketing our business; while my husband can make friends to anyone and promote our business to everyone he meets.


3. Find a mentor
Finding a mentor is the most crucial part of planning to open any business or pursuing your dream. You can do all your research online, and talk to people who have experience running a business. However, finding a mentor who is willing to take you under their wings until you learn how to fly is extremely hard to find! NOTE: Doing research online about the niche you plan to have is essential. Sadly, some information might not be relevant to your area and only works in the city the author who wrote the article. While talking to business owners will only give you brief information on how the industry works. Therefore, find a Franchisor that truly cares to see you succeed. Do your research, and make sure you get to know the Franchisor on a personal level. Find a Franchisor who has proven years of experience running a successful business that will mentor you and take you under their wings until you learn how to fly on your own. Keep in mind running a business by yourself is overwhelming and without proper guidance, you will get eaten by hungry vultures. Therefore, having a mentor will teach you how to survive and soar like an eagle in the sky. My husband and I are truly blessed to find a good mentor named Abby Q. Cast who takes time from her busy schedule to help us. If you are interested in joining the club, email me at customercare@geormerik.com, and I will be happy to refer you to our mentor.


4. Do not borrow money when opening a business
Some people might disagree with me in this section, but in my opinion, it is best that you have savings to use as your capital. That way you don't have to worry about the accumulating interest you borrow from the bank. It's even worse if you borrow money from a relative, close friends, etc. Because if your business goes down and you cannot pay them back, this can ruin a good relationship if you cannot pay them on time. Therefore, you have to prepare and save as much as you can before you even planning on opening a business like a boutique, restaurant, or a retail store. Start small and hire a few people. Open a company that you can afford, or you will be forced to borrow money from other people or the bank. My husband and I save and invest our money into stocks/mutual fund until our saving is enough to use as a capital to open a small business.

 

BONUS TIP:
Always keep your head high, and remain positive. Being an entrepreneur requires you to work more extended hours, and work harder than when you used to be as an employee.  However, if you love what you do, and running your own business gives greater meaning in your life. Then, use this passion and burning desire as your motivation to achieve your dream of having a successful business. Change your negative mindset and believe you have what it takes to be successful in everything you want to do in your life.

 

After learning from my past mistake not to share my business idea with anyone except my husband. We have managed to open a Medical Massage Boutique and an online store under the close supervision of our mentor and surprise everyone in our circle about our small business.

 

If you live in Toronto, you are welcome to visit us from Monday, Tuesday, Wednesday, and Friday to our temporary location at 1834 Danforth Ave. Toronto Ontario Canada M4C1H8. Currently, we are having up to 50% off for the Registered Massage Therapy Services we offer. To book your appointment; please visit http://medicalmassageboutique.ca. Also, as I have mentioned we have an online store where we sell anti-fatigue stockings, shoes, clothes, bamboo sunglasses, and other wellness products at https://medicalorthoticsboutique.com all item is free shipping, and if you sign up at https://medicalorthoticsboutique.com, you will receive loyalty points that you can redeem in your future purchase for additional discount.

If you are a business owner what other lessons you learn in the past that you wish you knew before planning to open a business? Please share your experience below.

Write a comment

Comments: 6
  • #1

    Ekenechukwu (Thursday, 27 September 2018 17:38)

    Opening a business is a very important venture in humans.

    Therefore knowing this things before opening the business is the best thing an aspiring entrepreneur should do.

    Real helpful tips

  • #2

    Sharon (Thursday, 27 September 2018 17:54)

    Smart tips! Wont lie a a new divorcee is nice to not have to run things by a plus 1 lol

  • #3

    Maya Griffin (Thursday, 27 September 2018 18:18)

    Wow never actually thought about not telling everyone about it except your partner. Very good point!

  • #4

    Misty (Thursday, 27 September 2018 19:39)

    These are great tips. It’s hard to feel like there is enough saved up but I definitely agree with you!

  • #5

    Michelle (Friday, 28 September 2018 22:25)

    These are such great tips for opening and business and definitely something that I will refer to when it comes time for me to make the decision whether or not I want to open my own business.

    Great post! x

    Michelle
    dressingwithstyle-s.com

  • #6

    Megwyn F. (Saturday, 29 September 2018 06:49)

    Every mom definitely needs help like this. I mean, we all go into business every now and then but we must be armed with enough know-how.