Looking to Start Up Your Own Business?
You’ve decided that you want to start up your own business, but where do you actually start? Firstly, if you have a hobby that you are particularly good at and you’d like to expand on, you need to consider if this idea is an intelligent business move, or if it’s better off keeping it as your own creative outlet. Below are some other points to consider if you’re looking to start up your own business.
The Type of Business
To start up a business, you have to know what type of business structure you plan on following, and if your idea is worthy of being developed into a business. A great way to discover this is to start the business as a side job to your main employment, play around with structures such as home-based or online, see if your chosen industry has room to grow, and take some courses or training to learn the ins-and-outs of this career. For example, if you’re pretty savvy with the world of trading, in particular ‘Forex’ or foreign exchange trading, consider a free Forex trading workshop or course through an established company such as Learn To Trade .
Know Your Product
You can’t start a business without a clear idea of what your business is actually going to sell or provide to your clients. This seems like an obvious point, but it is also something many people don’t take the time to define clearly. For example, you’re pretty handy with making furniture, and you’d like to start selling some, but what is it exactly you plan on selling? What makes your product worth buying over somebody else’s? Don’t just state that you’ll be selling timber furniture; say that you provide custom-designed coffee tables that can be constructed based on the dimensions of the space your client wants to fill. Make it worth their while!
The Fine Print
You can’t start any new business without making sure you’ve crossed all the T’s and dotted all the I’s. The first step is finance, and working out exactly how you are going to get this business idea off the ground. A good idea is to speak to your bank or a financial advisor so you can find out what type of funding schemes or loans are out there for a small business owner. From here, you will need to look into what is involved in regards to tax, what names or numbers you need to register for, what records you will need to keep, and if you are going to have a separate bank account for this income.
Starting up your own business can be good in theory, but where most people come up short is when they haven’t done enough research, planning and preparing. There is a lot of work involved in starting and then running your own little company. The only way you are going to succeed is to not rush into anything. Take your time, read the fine print, and do your research beforehand to make sure it is a productive venture that you have enough time to dedicate to.
What are some of the best success or failure business stories you’ve either experienced or heard about? Share your insights in the comments.
Photo Credit: University of Salford Press Office