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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
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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.


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).

What do you prefer to start your own Business?

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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.



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    • black_mezziah profile image

      Light Ice 3 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 3 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 image

      Light Ice 3 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 3 years ago from Jubail, Kingdom of Saudi Arabia

      interesting hub.. Keep up your work :)