Increasing people in the world are releasing that corporate culture is not good in the present scenarios. Many people are losing their jobs and some people do not have any idea when will they last in a particular job in simple meaning job security are an issue. Job security is becoming an artifact for the modern day, benefits are not really what they used to be, and starting your own business looks less risky in front of this at least there you have some control over your work and you can decide how much you want to work and convert that work into the money or assets.
If you are amongst the people who have realized the above and want to have security in life and want to attain gainful self-employment. Here are our 8 key steps to starting your own business without wasting precious time and financial resources.
Make Sure All You Really Want Is Entrepreneurship
If you lost your job or you got bored with your job and want to start your business then it would be good you start think about it finding new job instead because it could be a face because sometimes people get bored from their monotonous life and seek any opportunity to find a way where they can only have money and less work. Hire a career coach and have some training that you really want to do in your life. Starting a business or to run a successful business is much harder than to get a job so if it’s worth extra effort to look for employment in a better way if that is really you want to do.
And also, think some points that whether you have these things to how to start own business in these terms:
- No one will tell you what to do except your customers
- You have to be the motivation of your own self because in business sometimes it happens that you really have some good products or services but the customer doesn’t come to you.
- Willing to sacrifice for a long time like a comfortable life and you have to move out from your comfort zone.
Decide What Business You Want To Do
Brick and mortar retail, service or product, franchise or independent, there are dozens of business one can do, each has a different type of advantages and disadvantages. Like for example there is a good business one can have from a retail store but there are rent and other utilities cost. Identify what type of problem you are facing in your area or people are facing and if you can solve that with your limited means and make a market out of it.
Do Research On Your Idea
If you get the idea on which you want to do business, start your research on guide to setting up a business. The most important thing to remember that business is not a race. People who start their business in a rush get castigated much more severely than the one who takes their time to make their product usable for their customers after having research.
There are dozens of ideas, of any particular business, has been roaming around for days in your mind. There is no longer an excuse to not write a business plan before you launch your business. You have a question, why you have to write a plan if you are the only person who will run the business? Because it will give some enlistment about the business and it forces you to have some critical questions about the business.
Make it on a single page and have some patience while writing your business plan. Your business plan should answer these below questions
- What is the purpose of business?
- Who are my target customers?
- Who is my competition?
- What advantages I have on my competitors?
- What are my current financial resources and what would it be in 3-5 years?
- How will I support, price, market my product?
- What does my product/service solve a problem?
Choose a Business Structure
Decide whether to become a sole proprietorship, a partnership, a limited liability company, S-corporation, a traditional corporation will have a long-lasting effect of tax implication in the future in the future of your business.
Handle the Paperwork
Always remember along with any business there comes a lot of paperwork which you can’t ignore if you to run a safe and successful business. Just make sure to do below things so that some important things can’t be overlooked.
- Filling for applicable licenses and forms from your state government.
- Purchase important insurances for your product.
- If you are a minority or women you can take special benefits from the government.
Assemble Your Team
You have to think more broadly as your company consists mainly of employees. You will need trusted people, attorneys and a tax accountant. You should have a team who got your back in a good or bad time of the company to run the company successfully.
Always Be Ready For Market Insecurities
You can plan for ages and can have a product which is very well developed, but market uncertainties are the ones which can take your business on a low level, be prepared to bear this conditions as there are constantly new developments and an increasing number of competitors can take the market from one place to another.
No matter what type of business you choose, there are going to be ups and downs. Just remember just be realistic with your product to the customer so that you don’t disappoint your customers at the start of your growing customer base.
Do your homework and research on the business before quitting your job after the revenue starts generating launch the idea on a large scale.