Starting a Business of Your Own: 5 Things to Keep in Mind
Whenever I read or hear inspiring entrepreneur stories, it makes me wish I could grow my wealth like they did. Do you feel that way too?
Experts have always believed that to build your first million and be most prepared for the future you need to have a job that allows you to exert less effort and invest less money. This makes setting up a business of your own a very good idea to make millions before you retire. However, before anything else, you should keep these five things in mind:
1. Take inspiration
When you’re inspired to do something, you become more passionate about it. You want to prove to everyone that you too can do it
— that you too can be great at what you do. So find stories of inspiring entrepreneurs. Learn everything you can to know how all those businessmen and women have succeeded in their respective fields.
Before you invest all your hard-earned money, you need to know whether you have any chances for success. You need to know whether the product or service you are planning to sell has a market waiting for it. You also need to determine how much competition is there in the market. And you need to know what leading companies offering similar products or services are doing to succeed. In short, you need to equip yourself with enough knowledge to get your business moving.
3. Determine your business structure
Are you registering a sole proprietorship, partnership, or a limited company? Whichever structure you choose, you need to understand the responsibilities you need to fulfill. You need to keep in mind that generally, costs and complexities may increase as you change from being a sole trader to a partnership or a company.
You might also want to consider franchising. It’s a popular way to operate a business because of the mitigated risks. This is because franchising means you are operating an already established company. This lessens the risk involved, since you can be assured that you already have a good customer base.
4. Register your company
To ensure that your business complies with local laws, you need to register it. There are a number of registrations you need to make, depending on the nature of your venture. In Australia, for example, you will need to register for an Australian business number and Australian registered body number, which you can lodge at the Australian Securities and Investments Commission (ASIC).
5. Seek mentorship
Aside from reading stories of inspiring women entrepreneurs, you should seek professional advice. If you’re new to the industry, chances are, you’re not fully equipped to answer all your questions yet. Besides, you’ll need all the help you can get to get to a good start. Getting a business coach was something I wish I did before starting my first business. I didn’t know that it would be so detrimental to my success (or failure for that matter).
6. Get funding
If you can help it, don’t go into debt. The interest rates on your credit card and loans can drag your business down. Find investors if you must. Or use your savings to fund most of your start-up expenses. Then, once your business is earning revenues, you can use the money for expansion.
With all these tips, you’re on your way to succeeding with your own business.