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Tiroune Raburt Oates on Starting a Business in Washington, DC
What should you know before starting a business in the country's capitol.
Washington, DC, is our country’s political headquarters, but did you know that our nation’s capital is also a great place to start a new business?
Here are some tips for starting a business in Washington DC.
- Get Connected.
One of the most critical steps to take when you’re starting a business is to get connected with other entrepreneurs. If you create a network around yourself, you’ll never be short of resources. DC has neighborhoods that are full of entrepreneurs starting companies. Attend networking events and consider becoming a member of an online community, such as Founders Network.
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As you meet other entrepreneurs, try to find yourself a mentor or two. Having a mentor will significantly increase your odds of success in business. Mentors can help you to learn the ropes of business in the capital and can warn you about common missteps. Don’t be afraid to ask your mentor all of your questions, even when you think you should know the answer.
- Do Some Research and Write a Business Plan
Starting a successful business requires you to become an expert in all things related to your industry. Dedicate the time and effort necessary to learn all you can about the industry you are in. This process of researching, learning, and growing lasts a lifetime when you’re an entrepreneur.
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As you do your research, write out your business plan. Start with a mission statement. This mission statement should reflect the purpose of your business. Then, plan out your finances and how the company will operate. Planning everything out in advance will help you to think through your next steps rather than to act blindly.
- Know When To Quit Your Job
Many highly successful entrepreneurs suggest that you should quit your job to pursue your entrepreneurial endeavors. Others, such as Daymond John, believe that you should keep your job as long as possible.
Your day job will pay your bills and keep food on your table in the early stages of your business, so don’t be hasty about the decision to quit. Wait until your business is consistently profitable first. Once your business is capable of supporting you, then you can consider leaving to focus on it.
