And how many times have you talked yourself out of the idea (or a significant other has talked you out of it?)
Starting up a business has never been easy. It’s very important to consider whether you really understand what’s involved and whether you and your skills are suited to business and self-employment.
A great start is to ask these two key questions:
- What business should I start?
- What are the basic needs before I start a business?
Once you have finally come to terms with your inner fear and you’re ready to take the risk and start up your own business, don’t jump off the cliff and grab the first opportunity that comes your way.
You have to follow certain rules in order to avoid failures. Remember, it is better to start low and slow than to come charging defenseless.
Some tips to get you started:
What business should I start?
Choosing the right business for you can be pretty daunting. There are a lot of options available and you have to consider your income goal.
- Part-time business: Running a part-time business is good if you have other commitments to attend to.
- Start-ups you can run from home: With our modern technology, you can run a business entirely in the comfort of your own home. Renting an office will no longer be necessary.
- Budget businesses: If you’re worried about having a small budget. It should not limit your options because there are businesses that you can start for a low starting budget.
- Popular industries: There are different popular sectors to start a business which includes Industry, Agriculture - Horticulture and Forestry, Manufacturing and production and Service and retail ventures.
What are the basic needs before I start a business?
- Choose a business structure: Decide if you will be a sole trader or in a business partnership? It is important to consider what business structure you will adopt.
- Market research: You need to do your thorough market research to assess the feasibility of your business.
- Create a business plan: Creating a business plan is necessary. Read a couple of books with strong business strategies. Having a business plan on hand is a necessity. It can be very helpful to potential clients.
- Create a business name: Remember that a business name, a logo and business cards can make a huge impact on the business.
- Work around with your start-up’s finances: Know how to deal with bookkeeping and cash-flow issues. Hiring an Accountant to handle and manage your finances would also be a great option.
Even when you’ve done it and started your very own business, the learning process doesn’t stop there.
Having a business to run has a range of comprehensive training that would help you learn the core of running a successful business. Don’t be afraid to ask for help - connect with other business owners and business experts. Read up books or watch video tutorials featuring ways on how to overcome different challenges and how to survive it.
Be willing to invest in coaches and mentors. It may seem an expense you can’t afford at the start of your business, but having someone on your side is actually worth gold. They can save you from making basic (and costly) mistakes and actually pay for themselves in a very short space of time.
Go well – good luck and well done for starting your own business.