I Want to Start a Business, Where Do I Start?

  • I Want to Start a Business, Where Do I Start?

    The Top Tips to Think about when Starting up a Business and Becoming Your Own Boss!

    The real attraction for starting one’s own business is that they become their own boss, which is appealing because who doesn’t want to be their own boss? You get to keep most of the profits, and the flexible timing means that you get to spend more time with the people that mean most to you, aka, family and friends.

    That being said, you will need to put a lot of long hours into the new startup business if you want to see it grow in to a profitable company. Ultimately, the best reason for an entrepreneur startup is that it allows you to work towards a goal that is yours. Another great reason for starting up one’s own business is the money. With the help of various easily available resources for entrepreneurs, one is able to run a business which will after a period of time, make them earn more money than they would by working for someone else.

    Indeed in most cases, it is the dream of great wealth that leads most people in going down the path of entrepreneurship. And while that can most certainly happen, you will need the following tips in order to start up a new business from scratch and be successful.

    So, what Do You Want to Do?

    First off, those who are interested in an entrepreneur startup will need to either create one from scratch, or purchase an existing business. An entrepreneur startup can also involve opening a franchise store or becoming a local distributor of a product. Whichever path you choose, there are several basic steps that are necessary when it comes to figuring out which business is good for you and how to get that idea off the ground.

    Step 1

    Needless to say, before you dive into an entrepreneur startup, one should assess their strong and weak points. You can do that by first writing down your skills. While you’re at it, jot down the skills you have put to use in the past, while as an intern or in a high school project. This will bring out one or two of your most notable skills which you are good at. Then, start thinking of all the service businesses that uses those skills.

    Step 2

    Secondly, think of your interests and hobbies. What do you like doing in your spare time? And what are the things that you would enjoy doing? The single most common tip that all successful entrepreneurs and business experts give students and budding entrepreneurs is to always do something that you love and enjoy doing. If you choose a startup business that you enjoy doing, then you will most likely not mind logging in long hours for its success, as suppose to starting a business just for the money.

    Step 3

     

    Since we’re bandying on interests, it’s important for entrepreneurs to start a business which is related to their primary talents, for instance, if one is good at in web designing and has the necessary experience in that field, then offer web designing services, instead of something that you don’t know anything about. Although there are countless resources for entrepreneurs who wish to start off their own business, not having any fundamental knowledge of what you’re doing will only hurt your business.

    Also, narrow down your business options to two or three, based on your interest, potential earnings and the amount of seed money that you will have to invest in the startup. You can use online resources for entrepreneurs to help determine how you could potentially structure each business. If you can, talk about the business ideas with a partner and determine which business would best fit your needs and talents.

    Step 4

    It is important for budding entrepreneurs to decide whether or not their great idea has a market and will be in demand a few years down the line. One can learn about gaps in the market by reading articles and business reports and online journals on various industries. While you’re at it, look into the online yellow pages and contact another entrepreneur who is in a similar field that you’re interested in to find out some of the pros and cons of running that particular business.

    Step 5

    You can also go online to research some of the successful businesses in that market niche, to understand how the business works, the supplies that you will need and the manpower and capital which is required to make your entrepreneur startup a success.

    Step 6

    Hire an experienced lawyer to guide you through the buying or start-up phase of the business which you have selected to start. Meet with a lawyer and review all the documentation and fees before you make the final decision and sign on the dotted line.

    Start with the Easy Stuff: Eliminate Unwanted Expenses

    If you want to be a successful entrepreneur, you will need to know how to maximize your output by keeping your expenses to a minimum. Many of the more successful entrepreneur startups started off in their garage. If your business requires you to meet with clients, there’s no need to worry. Just meet them in a restaurant over lunch. This is usually what the entrepreneurs with the nicest office spaces do anyways. If you can, try not to hire any employees, such as, lawyers, technical people, graphic designers, or assistants, who you would not be able to pay later on. One of the mistakes that entrepreneur startups usually make, is to hire people who they cannot initially afford. So, to stay safe from any awkward situations, only hire the man power that matters, or preferably, don’t hire any employees at all. Do most of the work yourself until you get some money flowing in to your account.

    Handling the Legal Stuff and Incorporating

    The following are some of the tips which entrepreneurs will need when it comes to handling the legal matters of their entrepreneur startup.

    Contrary to popular belief, there are numerous resources for entrepreneurs who are looking for legal advice for starting up their business. Free lawyers are easily online forums and websites that are dedicated to entrepreneur startups. One thing that smart entrepreneurs do is to find a website which offers a similar service and modify their legal document to suit your business needs.

    Instead of hiring a qualified CPA or a book keeper, try to learn how make financial statements on Excel instead. You can do this by taking a free online Quick book class or attending a Quick book course at your community college. This can only be done after you actually start making money off your startup business. When it comes to LLCs, the smart thing for new entrepreneurs is to not worry about incorporating until they have started to earn money, until then, just do a sole proprietorship, which can be setup within a few minutes with the IRS.

    Ending Note

    So, there you have it, the tips and resources for entrepreneurs that will help you become a formidable force in your market niche.