Starting a Small Business

So, you’re considering starting a small business! Congratulations - just about every famously successful person in the world started out thinking just like you are. As long as you are wise enough to not jump into it until you’re ready, you have every reason in the world to expect to succeed.

Quickly, I’ll dismiss a few negatives. You should not simply quit your day job and wake up the next morning saying, “What do I do now?” You shouldn’t start your own business just because you hate your job, or that you think the work will be easy or the money lucrative.

Most importantly: do not think that you will have it easier when you are your own boss. In fact, it’s a little bit tougher to have yourself for a boss. You have no excuse - you can’t goof off and lie to yourself! You will find yourself putting in grueling 18-hour days that you never would have thought to do when you worked for somebody else. You will find that you have to wear all of the hats - be your own marketer, book-keeper, janitor, purchaser, secretary, everything.

That being out of the way, if you’re ready to face the tough word of business solo, here’s some basic tips:

Start with what you know. If you have a favorite hobby, think how you can turn it into money. If you’ve had a position with a professional firm, think how you can hang a shingle and start your own firm. You might also get some ideas at your present job. Have a look around - do you see needs going unmet, a service that is in demand, or can you think of a better way of doing something? Every time you see room for a business, that could be you.

Do what you love, and the money will follow. This is an old, tired saying and you shouldn’t trust it blindly, but it does have a lot of truth. Starting a business just to get rich is the wrong way to go about it. If you aren’t doing something that you love or believe in, you will be terrible at it. At the best, you'’l be mediocre, while somebody else who is living out a passionate dream that drives them out of bed every morning will pass you by as if you were standing still.

Here’s an article on incorporating a small business.

You don’t have to invent the wheel, you can just make it better. Too many first-time entrepreneurs start out thinking that they have to have a unique idea in order to succeed. That just isn’t the case. For every business that succeeds from innovation, there’s a hundred that succeed out of necessity. The companies that really make their mark are the ones that did an old thing in a new way. You don’t have to be the first restaurant, but you can be the first one to serve pizza. If everybody else is serving pizza, you can be the first one to deliver it by car. If everybody else delivers, you can be the first where customers can order it online. And so on.

Franchises are also an option. A franchise is a retail outlet that allows you to purchase a ready-made business which you can operate as a chain while still making it your own business. Just because you’re buying a franchise doesn’t mean you can’t use it for a springboard to launch your bright ideas. Just remember that it’s going to cost money to buy in, and you’ll want a business lawyer handy to go over it with you.

Embrace the information age! That means, get a website, and keep it maintained and bringing in business. The Internet is a huge part of our lives, and it isn’t going away. To have a business and not maintain a website for it is just impossible. As little as ten dollars per month can keep some web space in your name, and a few hundred dollars can get a freelancer online to set it up. You spend more than that on a phone book ad that gets you ten calls a month.

Finally, take your time. Starting your own business almost requires a head full of confidence and a big ego. You are the mastermind. You are the chessmaster. You are the general. You have a special vision that’s going to help you win where others before you and after you fail. So use every strength you have, be the shrewdest that you’ve ever been in your life, and be as strong as you can be. Because you’re betting on yourself - don’t let yourself down! You will need to start with a business plan, and this business planning guide will help. We have looked around and reviewed many but this was one of the better advisory guides and priced well too.