ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Starting a Business of Your Own: 5 Things to Keep in Mind

Updated on July 13, 2014
Starting your own Business
Starting your own Business | Source
Now Open for Business
Now Open for Business | Source

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.

2. Research

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.

Source

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).

Source

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).

What do you prefer to start your own Business?

See results

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.

Source

Comments

    0 of 8192 characters used
    Post Comment

    • black_mezziah profile imageAUTHOR

      Light Ice 

      4 years ago from Cebu City

      Such a great insights you have been sharing here, thanks will definitely take note of this and unto my next hub. Pretty awesome you add it up.

    • BizVT34 profile image

      BizVT34 

      4 years ago from USA

      Good info but the core of the issue is you must have a clear idea of how the cash flow of the business will work and how that cash flow effects your decision making both personally and for the business.

      Start with cash flow and work backwards to determine what has to be done to make the cash flow work.

      People go bankrupt because they run out of money, not ideas.

    • black_mezziah profile imageAUTHOR

      Light Ice 

      4 years ago from Cebu City

      Thanks for your comment, aha I will glad you pass by on my hubs....

    • Maricarmjolo profile image

      Maricar M. Jolo 

      4 years ago from Jubail, Kingdom of Saudi Arabia

      interesting hub.. Keep up your work :)

    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)