ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

New Business Advice

Updated on May 6, 2011

Has this crappy economy got you thinking about starting your own business? Do you have an idea for a business but don't know how to take the next step? If so, I believe you will find this hub beneficial for you. I'm going to describe the steps necessary to plan and create a successful small business.

With more and more folks becoming fed up with the 9-5 grind of being bossed around, or that long commute to work, more people are looking to self employment as the answer. They all want the freedom of being their own boss and defining their own hours.

However, leaving the safety blanket of a full time career can be a scary concept.  The regular income and benefits of a standard job may seem to let go.  Many people have opted to stay within that comfort zone and not venture out with their business idea, thus never knowing what that business could have grown to be.

Others, on the other hand, are more than ready and willing to take that risk and leave that grind of making someone else rich.

After you have created your idea and began developing a business plan, you should think of a name to call it. I suggest keeping it short so the public can remember it more easily. Obviously, the name needs to reflect the business niche you are entering, which I'm sure you already knew.

Next, you need to decide how much money you have to dedicate to the start up. This can be a daunting task, but is essential. Use as much as necessary to be successful, but at the same time don't use so much personal funds that you can't pay your light bill or feed your kids. In the short run, I suggest keeping start up costs as low as possible. After your idea takes off and income starts rolling in, you will be able to update your equipment, expand, etc.

After you decide upon the initial capital needed, you must find that money. You may have enough in your savings, but most people won't have that luxury. You could try to raise the funds from friends or family, visiting the bank for a personal loan, or trying the SBA for a small business loan.

After start up funds are realized and your business is set up, it's time to start marketing your product or service. Here are a few areas available for cheap/free advertising:

  • Websites (think Craigslist)
  • Newspaper Classified Ads
  • Direct Marketing (leaflets, flyers, etc.)
  • Yellow Page Ad
  • Exhibitions
  • Trade Fairs

I suggest looking at where your successful competition in the industry are advertising. They most likely have tested the waters and figured out what works and what doesn't. You should also check out the book Guerrilla Marketing for tips on cheap marketing procedures.

You also need to work out how much to charge for your product or service.  Ideally, since your start up costs are low, you should be able to offer low prices in the beginning.  This should help attract buyers from the competition as well.  With any luck, word of mouth advertising will help create buzz about your new company.  As business increases, your prices will have to increase to keep up with demand.

Keep in mind that business is a learning experience.  Even if you make a misstep, don't get discouraged, but learn from the mistake and improve for the future.

Self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be many peoples downfall. We have to ensure that we work the required amount of hours. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf. These things are fine once you are established, but this is a long way off at this stage.

Source

Comments

    0 of 8192 characters used
    Post Comment

    • Ann810 profile image

      Ann810 

      7 years ago from Sunny Cali

      Everyone should own their own business even if it's an online business.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)