5 ways to start a business and do it right

Starting a business is one of the most important decisions you’ll make, and doing it right requires careful planning, sound decision-making, and surrounding yourself with the right people. Here are 5 ways to start a business and do it right:

1. Be Selective About Who You Trust

• Carefully Vet Advisors: Whether it’s a bank, a consultant, or a partner, don’t blindly trust someone because of their title. Banks often look to see how much they can loan you, but their primary interest is making sure you can pay it back. Make sure you’re surrounding yourself with advisors who have your best interests at heart.
• Seek Recommendations: The best way to find trustworthy people is by asking friends and professionals you already trust. Vet them through referrals and ensure they have a strong track record.
• Be Aware of Self-Interest: Unfortunately, some people are in it for themselves. Human nature drives us to look out for our own interests first, so always double-check motivations and ensure they align with your goals.

2. Get Your Finances in Order

• Start with a Solid Financial Plan: Create a detailed financial plan that includes startup costs, ongoing expenses, and projected revenue. This will help guide your funding decisions and ensure you’re prepared for the financial demands of starting a business.
• Work with Smart Advisors: Find financial professionals who can help you make sound decisions, such as whether to seek loans, raise capital, or self-fund. These advisors should understand your long-term goals and ensure you’re not taking on unnecessary debt or risk.

3. Focus on Your Core Strengths

• Leverage Your Expertise: Your business should build on your existing skills and strengths. By starting in an area where you have expertise, you’re more likely to succeed and make smarter decisions in the early stages.
• Hire Experts Where Needed: Don’t hesitate to hire professionals to handle areas outside your expertise. Trying to do everything yourself can lead to burnout or mistakes. Outsource legal, accounting, and marketing tasks to those with the right skills.

4. Start Lean and Stay Agile

• Minimize Overhead: One of the key mistakes new business owners make is overspending on things like office space, equipment, or staffing. Start small, focusing only on what’s essential. As your business grows, you can scale up gradually.
• Adapt to Market Feedback: Listen to your customers and be prepared to pivot your business model if needed. The most successful businesses stay flexible and adjust to meet market demands rather than sticking rigidly to an initial plan.

5. Build Relationships with the Right People

• Network Strategically: Surround yourself with a network of trusted advisors, smart professionals, and like-minded entrepreneurs. These relationships will become valuable sources of advice, business opportunities, and support.
• Make Sure Everyone Wins: Ensure that your business relationships are mutually beneficial. A successful partnership is one where both you and the professional are set up to win. It’s not just about what you can get from the relationship, but also what value you can provide in return.

By following these steps, you can avoid common pitfalls, build a strong foundation, and increase your chances of long-term success. Surround yourself with trusted people, manage your finances smartly, and stay focused on your strengths—this approach will put you in the best position to succeed.