Starting your own Business
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Write down the reason why you want to start your own business:
Do you need to make more money to enjoy luxuries of life? To meet your financial needs? to be your own boss and have flexible schedule? or there is a need of your type of business in your area? Knowing the reason why you want to take this big step is very important. Any start up business can take close to 1 year before showing any returns on your investments. Make sure you have the capital to run your expenses (business & personal) for that period of time.
How are you going to invest in your business:
Is it a personal capital? a loan or investor's capital? How much you are planning to invest and for how long? Having a detail business expense for one year would help you to know how much investment is required. Making sure that amount is available before starting would help to ensure that you can focus on building up the business rather than worrying about financing your business.
Do you know the expected returns on this business:
Study the market and knowing what first three years of returns on this kind of business is important to have realistic expectations .If the market is already saturated; it may take longer to make it through the tough competition? If you have a unique business idea, you may be successful must faster. Do the market analysis in your area.
What type of business do you have:
Home based, shop or online .Each one of them have their own pros and cons. Write all the pros and cons down beforehand. If it involves direct interaction with customers, are you ready to have customers visit your home. Although it will help you to save lot of expenses at the start. If you are thinking of opening a shop, it will have expenses like rent and utilities and you have to be there for 8-10 hours a day or have help available. Online e-commerce sometimes is a good option for women as they can work from home and fixed expenses will be minimal. The hardest challenge is making your presence in a world-wide web.
How do you plan to advertise and market your business:
There are lots of inexpensive ways to advertise. Joining local network groups, social media, google plus, blogs, exhibiting at local events are some of them. Paid advertisement can get very expensive very fast.
How much time you are going to invest in your business:
Is this business going to be on the side while you are still working or doing other jobs? Will you have enough time to invest in this business? Initially it is going to need lots of hard work, thinking and planning. Are you working alone or do you have help? Clearly define the roles of all that are involved and their responsibilities.
Do you have all the legal issues taken care:
Opening a new business is fun but also needs lot of attention to the details. Understanding the legal, financial and tax liabilities is extremely important. Consult with an attorney, tax accountant or a financial advisor if you are absolutely new to having your own business. It will save you lots of hassles and money later on.
Are you emotionally strong:
Every business has its ups and downs. There are different types of challenges to face at every aspect of the business. You should be strong enough to face the downfalls and not give up easily. You should be motivated enough to take your business to the next level.
Are you organized and disciplined:
Staying organized from day one and being much disciplined in taking care of tasks is one of the most important assets that you need. Leaving the work for the weekend to catch-up, writing notes on sticky notes, not having a set daily routine is a recipe for disaster.
Do you have a mentor? How do you plan to keep yourself educated & informed about changes in your industry?
Having someone on your side who is well informed about your business can be huge plus point. They can guide you against making mistakes and making the right financial decisions. Stay connected with your industry and type of business. You can learn a lot from others. There are lots of local and online resources available.