Starting Your Own Business: The Basics

We started Life Out of the Box because we wanted to create a business of our own that would make a positive impact on others around the world. Getting started wasn’t easy and sometimes pretty scary, but we wouldn’t be where we are today if we hadn’t just gone for it. We get a lot of questions from our readers asking how we got the business going, so we’re going to start a series of blogs called, “Starting Your Own Business”! Here is the first of many, the basics.

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Why do you want to start a business? This is an important question to address as it will help carry you through the crazy journey of becoming an entrepreneur. It could all start from a deep passion, wanting to be your own boss, needing something different out of life, or a desire to change the world!

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Starting your own business is a process that requires constant learning along the way. It takes dedication, hard work, long hours and definitely some risk, but that doesn’t mean you won’t regret it. Here are very basic some guidelines on the essentials to start your business.

1. Make sure that your idea fills a particular niche and/or solves a problem in society

Go outside, observe, ask and find out what people want. Find ways to do things or processes differently. Listen to what others around you have problems with and start brainstorming business ideas to fix them.

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2. Money/Funding: Not all businesses are expensive, but you are going to have to invest personal money into it.

You can receive funding in various different ways from friends/family, angels, loans, a go fund me account etc. Don’t forget to budget! Plan ahead and use your money wisely. Even though we all wish money grew on trees, it doesn’t.

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Our LOOTB team

3. The Team

This is one of the most important aspects of a business. Although you may start off on your own, as yor business grows, yo’ure going to need a team of amazing people to take you to the next level. Make sure you choose your team wisely, though. Surround yourself with those who share your vision of the company, your values in life and those who push you to be better. You’re going to spend a lot of time with your team, and although you won’t always agree on everything, make sure you have the right people in the right seats to be able to push your business forward. We are so close with our team that we call each other the LOOTB Fam.

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Also, make sure that each individual on your team isn’t exactly the same so that you have a variety of perspectives, personalities, knowledge and skills to tackle all the of the different issues you’ll face.

4. Have an advisor.

Choose a person(s) whom you trust that will help you along your journey for emotional support and/or business advice. Mentors are game changers and such an important part of your entrepreneurial journey. We wouldn’t be where we are without ours. Having an advisor will show you different perspectives, can provide you with advice from their own personal experiences and can be a great guide through tough times.

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5. Most importantly, do something that makes you happy 🙂

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“Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t”. The only thing stopping you between your dream and reality is YOU. So go out there and live your dream. Start your own business!

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3 thoughts on “Starting Your Own Business: The Basics

  1. Office Mall | Office Supplies and Products says:

    Wow, this is so amazing! Straight out my mind. I’ve always wanted to start my own business because I want to run things my own way, rather than run others. Its such a big risk opening a business but you have to be sure that you’re willing to take it because that’s what you’ll be doing all the time. I agree with the factors you have mentioned, especially ‘doing something’ that makes you happy. Because there will be time where business will be hard but it’s outdone by the fulfillment of doing what you want. I hope people will get the chance to read this so, like me, they’ll be able to have courage to start their own business.

    Hope to hear more business start-up advice from you! You should actually keep making such advice because you’re so good at it!!

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