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How to Start Your Own Business

Updated on August 12, 2017

Starting your own business can be a both thrilling and joyful experience. Starting one requires a lot of time, effort, and hard work. Why should you start one? Well first if you don't want to work from 9 - 5, starting a business is the only thing you can do in order for you to survive in this life. Having a business means that you can be a boss of your own, it means that you control things and don't need to follow anyone. But starting a business can also be a terrifying experience. More so, if you don't know what you are doing, it is risky to quit your job and start a business. So what can you do? You can quit your job and start a business and hope for the best which I don't recommend or you can start a business part-time, which I recommend because starting a business is so risky that if you fail, you either start from zero or get buried in debt. If you want to start a business you need to study, you need to learn things, you need to learn the financial stuff, because if you don't know a thing about accounting or investing and not learning these things, starting a business maybe a not right way for you. But if you do, and you're not afraid to fail then go for it. Succeeding in business is the most amazing feeling in the world. Having to build something from nothing and seeing it grow and grow bigger is the best thing that can happen in your life, it is more of a proud experience. It is like seeing your children succeed and live a happy life. If you think about it, starting a business is like having a son or a daughter, at first it was small and don't know a thing about the world around it, you need to feed the baby, care for it until it can walk on its own. As it grows up he or she may not need you that much because he can do things on its own. Business is just like that, at first you need to care for it. You need to work hard, at first you need to build it even if you don't pay yourself, even if you work for free. But as it grows and becomes bigger, the work will eventually get easier and will take up less time. So that is the feeling of starting a business. So how can you start one?


Start with no money?

If you do not have money, and can't feed yourself then starting a business can wait a little bit longer, because you need to feed yourself first, what I mean by that is business can take a lot of time before you can actually earn, you need to first put up hard work upfront and then you can earn money later. But highly recommend that if you don't have money, and need it bad that fast because of the necessities of life, get a job and start your business as a sideline.


Have an idea

Before you can actually start a business, you first need to have an idea? But how can you have that idea? It is in your mind if you are walking and then suddenly a bulb appears on the top of your head and generated an idea, write it, either on your phone or on a piece of paper. If you are having a hard time generating ideas, you can think of a problem, problem that you can solve, and solve that problem and then write it again on a piece of paper or anywhere of how are you going to solve that problem.


Find a person

Find a person and talk about your ideas, what it will do is it will refine your idea, it will get rid of the weak points and get the strong points stand out.


Make a business plan

Making a business plan is critical because in this part you will consider many things that you may have to think yet. Things will come up if you plan your business, what it will do is it will make you be ready for more things that will sprout in the future.


Cost of operation

Determine your cost of operation. By doing this it will enable you to get a sight of how much money you are going to need in order for you to start of business. It will show you if the business you think is profitable or not. Because you know the cost of operation you can plan your business to be more efficient at the start without having to try and fail many times.


Potential Market

Determine your potential market. See if people will really buy into your idea or if people will purchase your product or service. What will market your idea will likely fall into? Is your product or service right for that market? Will they buy your product or service?


Competition

You will not only need to worry about the market but you also need to worry about the competition, because this will determine if you are going to succeed, if your competition is strong you may need to sell harder or plan your way up, if you are lucky and have no competition or small competition then building your business can be bit light.


Budget

Once get the overall idea, write a budget on how much you are going to need in order to start your business.


Think about the product

Once you have the budget, think if the product you think will be right for the budget. Think if this kind of product is affordable to the people who you are going to market to.


Marketing

Plan on how you are going to market. You need to think of how you can get the masses notice you, of how can people take a look at what you are offering.


Get financing

If you have credit and know what you are doing, you can talk to banks and get a loan but I don't recommend this because loaning in order to start in your business will increase the risk of your business.


If your idea is so great that you think investors may want to invest in you, then great talk to investors and get funded.


You can also approach friends and family, they will be more likely to support you because they love you or trust you and more so they can also help you refine your ideas.


Make it legal

No matter what kind of business you need to register your business with the government and you will also have to pay taxes.


Set up a shop

Either online or offline setting a shop is important. First, you will get a place where you can sell your product or service or if you are online you first need to buy a domain name and hosting then set-up your website. Purchase equipment that will enable you to run your business smoothly. Create a record system and track your inventory. You also need to set-up a payment system, this is critical because of you do not think of this properly you may have a problem when your customer pays and will lead to problems in cash flow.


Building a business is both hard and fun. Also, don't be afraid of failure, if you fail to try again. Always learn and read more.

Watch this video of Sir Richard Branson on how to start a business

A Quick Question

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