Starting A New Business(71001)

So You Want To Start A Business?

Starting a new business allows you to let your imagination and efforts take you to wherever it may lead. The main factor in starting the business is the owner. As a business entrepreneur, the owner must have to have the desire, the drive and be willing to make sacrifices.  Before you start to spend any of your time or money you need to make a commitment that you will do everything possible to succeed. Starting a new business is a challenge like no other. You must believe that you can succeed and visually see yourself accomplishing the tasks that lie ahead.

When starting a new business, you have to realize that you are starting from the ground up. It is your responsibility to handle all the details involved with operating a new business including attracting new customers.

Taking the risks of a new business startup offers so many more opportunities that a regular job falls short of. There is the challenge and excitement of being your own boss, working your own hours and of course the unlimited profits you can make.

.People can get a franchise with corporative support or purchase an existing business, but to start a new business from scratch and succeed is a great accomplishment.  

Things to remember about starting your own business:

  • You should expect to spend much more time working than you did on any full time job you ever had in the past.
  • You also have to be prepared to work many hours with little or no pay until you get your business established.
  • You will get encouragement from family members and friends and also negative thoughts and comments.   
  • Expect the unexpected and with many headaches and you may find yourself wondering, “Is it worth it?" Only you can decide the answer to that question but in time with hard work, things do get easier if you can hang in there and are committed to do whatever it takes to be successful.
  • Starting a new business will change your life. Unlike having a job where you can leave your thoughts and your problems at work, your mind will be on your business. Knowing this, you should be 100% sure that this is what you want to do and that the timing is right to make that commitment. 

Before You Jump In To The Owning Your Own Business World

You may think you have the best idea for a new business but before you jump in you should take some things into consideration.  If you are thinking about starting a new business you can ask yourself some questions such as:

  • What can I sell?
  • Who are my customers?
  • Why will customers buy from me?
  • What is my selling price?
  • What are the costs involved?
  • What is my competition?

To answer the questions above, a business owner should do research and give much thought to each of those questions that will be in part used for your business planning.  

Whatever you consider in any aspect of your business keep it as simple as possible. Define your target market and the product and or services you will sell. Keep in mind what solutions you will provide. Figure out what costs you have and what your profit is on each unit or service sold. Then you need to figure realistically how many can be sold and what the total costs are for all the sales made.

Before starting any business, capital will be required. If you can start a business on money you saved or borrow from family or friends would make it easier and you could start your business faster. If at all possible, it would be a good idea to not take any profits from your business for the first three-six months and reinvest any profits back into your business. During that time, you could consult an accountant to figure how you would want to receive your profits for the future and get financial planning advice for your business.     

One consideration that needs to be kept in mind is what type of company you will have such as sole owner, partnership or S Corporation etc. In some cases you may need a corporate ID and a vendor’s license if selling product. The easiest way to get started is by sole ownership and if your business grows then you could look into additional options.

Every business needs to have a business plan which is a detailed statement that describes the type of business along with the financial and marketing plan. Without a business plan, it would be like a ship sailing without any course. Writing a business plan is something that should be reviewed constantly and changed or updated as required.

Having your business and marketing plan set, it would be time to start your marketing process of the product or service you want to sell.  There are numerous ways and means to sell any product or service but with a business startup you have to build up a customer base. Most sales people hate to make cold calls or do any telemarketing, but it is a very effective way to generate new business. Sales is always a numbers game and timing is everything. Simply put the more sales calls made, the more sales will be made. Even if you don’t get an appointment or make a sales presentation from the initial contact, you will get your name out in the business world and it will help when you make future contacts.

The easiest way to generate sales is from your current customers or referrals from those customers. Therefore, when a sale is made, it is the upmost importance to make sure all your customers are satisfied and keep in constant contact with your customers to make sure they are satisfied customers.  Regardless of how you decide to generate sales for your company, simply track your results, make necessary changes and with your commitment and positive attitude you will succeed.