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17 Sep
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OWNING A BUSINESS

BUSINESS

 

 

Some people don’t like to work for others and always dream about having their own businesses. However, being your own boss is not that easy. There are many factors involving in this issue but we just mention some of them here.

 

"Know yourself, and work in a job that caters to your strengths. This knowledge will make you happier.” – Sabrina Parsons

Let us start with saying this that the first step is to know yourself. What do we mean by that? It’s true that first, you have a passion for a business, but it’s not enough. The next step is to have a plan and set goals according to that.

To help you with this step you can use SWOT to figure out about your abilities. What is SWOT?

It stands for strengths, weaknesses, opportunities, and threats. It can also be answered by asking more questions like the following.

What are your strengths? What are your weaknesses? How will these affect day-to-day operations?

To narrow it down here are some questions that you can ask yourself:

Why do you want to start a business?

Is it money, freedom, creativity, or some other reason?

What skills do you have?

What industries do you know about?

Would you want to provide a service or a product?

What do you like to do?

How much capital do you have to risk?

Will it be a full-time or a part-time venture?

 

“The more you know about your industry, the more advantage and protection you will have.” – Tim Berry

Yes, the next step after all those questioning yourself is to know your industry. Once you decide on a business that fits your goals and lifestyle, you need to evaluate your idea.

Who will buy your product or service?

Who will your competitors be?

At this stage, you also need to figure out how much money you will need to get started. After all analyzing yourself and the industry you want to enter it is time to make it real and that is to make it legal.

Registering your business as a business is the first step toward making it real. If at all possible, work with an attorney to iron out the details. This is not an area you want to get wrong. You will also need to get the proper business licenses and permits.

Depending upon the business, there may be a city, county, or state regulations as well as permits and licenses to deal with. This is also the time to check into any insurance you may need for the business and to find a good accountant.

There are four types of business formation that you can choose.

Sole proprietorship

Partnership Corporation

Limited Liability Company (LLC)

Try to know each one of them. The pros and cons about all of them and then make your own decision.

 

“Our goals can only be reached through the vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” – Pablo Picasso

If you will be seeking outside financing, a business plan is a necessity. But, even if you are going to finance the venture yourself, a business plan will help you figure out how much money you will need in order to get started; what needs to get done when, and where you are headed.

Now that you have started your plan it’s time for getting financing. In order to finance your company, you will need to match the company’s needs to the appropriate financing option. You’ve done it—or, just about.

Your business plan has been laid out, the money is in the bank, and you’re ready to go. This is now your last step.

Set up a shop.

Your business location will dictate the type of customer you attract, what types of promotions you can run, and how long it will take you to grow. While a great location won’t necessarily guarantee your success, a bad location will almost always guarantee failure.

So, when you are about to make a decision for the place think about these too. Visibility, access to parking or public transportation, distribution of competitors, local, city and state rules and regulations.

 

The great thing about owning your own business is that you get to decide what you want to do and what direction you want to grow in.


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