5 top tips for setting up a business

Have you ever thought:

 "I just want to win the lottery and go sit on an island somewhere?"

That was me for many years. I was unhappy with my job, the long hours and all the stress that came with it. I dreamed of being free and living life on my own terms.

Have you ever felt torn between the drive to earn good money in the fast-paced corporate world and the freedom to explore a path you've been drawn towards? More and more people are asking themselves this question.

Eventually, I realised I didn't want to spend my life waiting for the "right time". I decided to take the leap and set up my own business.

Here are my top five tips for anyone thinking about doing the same.

1. Find your why

This is the most important aspect. Be really honest with yourself.

You're setting up a business, so making money is a given. But why else do you want to do it?

For example, in my case, it was to help empower people to live the lives they want.

Connect your why to something bigger. I like to think about how my work helps my clients and, in turn, contributes positively to the wider world.

Once you can answer these questions, you have a strong purpose. Your business and your values can then naturally grow from that foundation.

Increasingly, many people choose to buy from and work for organisations that consider people, planet and profit. Think about how your business can reflect the values that matter most to you.

2. How will you sell it?

Once you know what you want to do, consider your products or services.

For example, my vision is to help people create the lives they want. I do this by empowering them and helping them set up their own businesses. This might be through one-to-one coaching or group programmes.

What makes your product or service stand out?

Why would someone choose you rather than your competitors?

One little tip: don't compete on price. Instead, compete on service, quality or the experience you provide.

3. Niche, niche, niche

I'm sure you've heard people say this before, but it really is important when you're starting out.

You cannot be all things to all people.

It always amazes me when I ask clients who they want to serve, and they answer, "Everyone."

The reality is you can't serve everyone and, when you're starting, you probably won't have the budget or brand recognition to try.

It is far better to select a clear niche and become known for serving that audience well.

Doing so will strengthen your marketing, sharpen your messaging and help you prioritise where to advertise and network.

4. Get testing

All businesses evolve. That's a given.

You'll probably begin with one idea, but it will naturally develop as you learn more about your customers and receive feedback.

So don't spend too long trying to perfect everything before you begin. It is far better to start testing because your business will almost certainly change along the way.

Ask your friends and family. Attend networking groups. Start having conversations.

Marc Randolph, co-founder of Netflix, says:

"You have to figure out how to quickly, easily, and cheaply get your idea out of your head and collide it with reality."

He also says:

"Start now and start small; never leave an idea in your head."

5. Dream

"Believe in your dreams and dream big. After you've done that, dream bigger."

- Howard Schultz

Create a vision board, sit down and imagine your life once you have built your business.

How is your business performing? How are you feeling? What does your lifestyle look like?

Does it feel exciting and motivating?

If it does, you'll have something to hold on to when things become challenging.

There will probably never be a perfect time to start a business. There will always be reasons to wait.

Whether you're creating a side business, turning a hobby into an income or building your dream career, taking that first step is often the hardest part.

The important thing is to begin.