Deciding to start your own business is a big step to take and not easy to do. Thinking that you can do it is very different from actually executing whatever you have planned. There are a number of steps that you can follow to make the whole process easier. First you need to come up with a strategy, a realistic idea that you can turn into a service or business. It is also important to protect whatever plan you have come up with. Keep in mind that there are many businesses out there that could be your potential competitors. What makes an entrepreneur stand out is his or her unique idea so protect your intellectual property so that no one copies your idea. It is after this that you can now turn your idea into a business.
Identify the potential customers by researching the market and work according to what would attract your future clientele. Test your products or service with these customers and make changes until you reach a quality level that you and they both are satisfied with. This is known as the developing and planning stage. It is also wise to find your work partners and suppliers. Working with those who can help you develop and later sell from your business is always profitable. After all this is done, set up your business including the legal structure and work out all tax payments as not doing so can cause complications later.
The next big step to get funding. A business involves a lot of time, effort as well money before profits start coming in. This is why it is advised to research the market beforehand so you can calculate the probable revenue you will make. There are a number of a sources to help you with the costs of a startup business. The first is government schemes. The government does have several support schemes that you can apply for to test and develop your ideas especially if your business is a non-profit one to help those in need. This is appreciated as well as funded by the government quite happily.
The second option is apply for a bank loan. For this you would have to show the bank realistic cash flow forecasts and also prove that you would be able to pay them back, interest included. Be very careful with all this since banks do require you to provide something in return against your loan as a proof that you will indeed pay back. This could be your house, your business building or anything valuable. Because of these personal guarantees make sure you know what you risking before making the decision and signing the loan papers. Another way to raise money is to simply sell the shares in your business. This way you can get people to invest even if they are outsiders who will own the company with you and will be referred to as co-founders. However keep in mind that they will have a say in how the business is run as well as have a share in the profits.
Your career is probably the most important thing in your life. It defines you, enables you to make a living and support yourself. We have all heard the saying ‘do what makes you happy’. It is no doubt true that if you thoroughly enjoy your job, you will always succeed at what you do. However what one likes is extremely subjective and not everything is meant for everyone. So if you have find yourself extremely tired of your job, you should check these signs about whether or not you should start your own business or not.
It is true that almost everyone wants flexibility with their working schedule but people who want to start their own business know that being self-employed sometimes means having a longer work week and harder work. However the good side is that you could at least make your own schedule according to your own needs regardless of the fact that this time off is un-paid. Business owners are always willing to make this trade off. Secondly, you want an increasing amount of control over your projects or work and ideas. Running things past co-workers or your boss irks you. Basically if you just do not want to work under someone or be dictated by someone, then owning a business is the right choice for you. This way your ideas will be yours alone and the only criticism you would have to face is from your clients. The third sign is that you just do not play well with others. You can be bossy or controlling and basically just want to supervise others. Next is your passion towards what you do and how you want to translate it into your customers and clients.
Self-employment requires a thriving enthusiasm about your work so make sure you know what you are getting into. If you are a good listener, may it be about the industry or the clients then you have a better chance of running your own business. To think critically and offer solutions should be your strong suit. Other than this if you see yourself as a ‘decider’ who is comfortable making the decisions and sticking to them then you will probably succeed. Even if things go wrong, know how to stick to your work and own up to it, taking criticism and making improvements where needed. Also, do not go ahead and open your business without thinking of your support system. Running a business is not easy and do not become over confident thinking you can do everything on your own.
Being self-employed means being more proactive than reactive. Work in a disciplined and timely manner. If you are the sort who can take charge and motivate others then this is definitely a sign of starting your own business. After all, being the boss does not mean you can take the back seat whenever you want. In conclusion, not everyone is meant for business. So before you compulsively quit your job make sure you know whether the signs are within you or not.
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