How to start your own business? Get an idea, get some financing, set up an office, hire some people, advertise your business, the services offered or products for sale, invoice on time, collect on time and you are well on your way to having your own business!
While that was easily said, it is not as simple as it would appear and many a wannabe entrepreneur has burned their hands and money on ill-prepared initiatives. I recommend some hard thinking prior to setting out to start your own business.
Some guidelines to help you along the way:
What are the reasons you want to start your own business? Is it because you believe you are the best in that line or because you have a product or service that has never been offered to the market before? Is it that you are a person in a real hurry and cannot suffer the trials and tribulations of employment to reach your goals? Is it because you find yourself incapable of taking instructions from anyone else, cannot suffer mediocrity and hence would like to set out doing business on your own? Is it because you have a inheritance waiting to be acquired soon after you set up a business or that there already is a cash purse with loose strings and you want to make the best of this bonanza?
If your reasons are any or all of the above, abandon the thought right now and save yourself the disillusionment that awaits when you step into the world of commerce.
Start your own business just for the sake of doing a trade, or for undertaking a commercial activity. Do not burden yourself with lofty notions of superiority when compared to your peers. When setting out to start your own business, be emotional about it, but not impractical; don’t be lead by your heart, but be dictated by your mind.
Having covered those parts that are not taught in a business school, let us look at the essentials of starting your own business.
- Conduct a SWOT analysis – Strengths, weaknesses, opportunities and threats – analyze these for yourself, for partners in your business, if any, and for the business itself.
- If the result of the analysis is encouraging, then prepare a business plan. This is a very essential document; it details the business you want to start, how it will be financed, the potential or target customers, any existing competition, and if there is room for your business to take roots, grow and prosper. Additionally, it should contain information on the number of people to be involved as employees, external professional assistance by lawyers, accountants, advertisers, public relations, realtors, consultants rendering specialized forms of advice, etc. A business plan is like a road map for actions in the near foreseeable future to achieve your business goals. Search the Internet for templates of business plans that are relevant to the area or industry in which you wish to start your own business.
- Get your business plan reviewed by technical experts relevant to your business, by accountants and by lawyers for confirmation of its viability.
Finally, execute the business plan with precision; tweak it as you go along, only so that it helps to meet the end goal of successfully establishing and conducting the business. You'll also want to take some online business management courses so you can keep abreast of current trends.