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Want to Start Your Own Business?

Updated on March 21, 2015

Is it the right time to start a business?

Are you wondering if it is the right time for this business idea that you have? Well, there is never really a right time to start a business. If the economy is up that would be a positive time to start this endeavor. This is a time when people have money to spend and want to spend it. If the economic times are tough,though, then this endeavor will be challenging. If you do your homework then you will know that there is a need for your business, and you should go ahead and start that business you have been thinking about for a long time. Many people are very reluctant to launch their business in times that are challenging, but you will have a better chance to be noticed if you open up your business in tough times. When the economy is down there are a lot of businesses that will sell there equipment at bargain prices.

There are many roadblocks that prevent many people from taking the crucial first step of starting the business. Most people are really scared to start. One of the things that people are afraid of is the fear of the unknown or the fear of failure. Some people are even afraid of success. I know that seems amazing, but that does happen. When a person only knows a specific lifestyle and are not used to success then they will fear it. Many people become overwhelmed because they believe that they have to have an original idea like an invention before they start a business. This is not true at all. You can start up a restaurant, bookstore, an online business, or whatever your idea may be. All you have to do is jump right in.

Ideas? How do I get started?

To begin to understand how to get started you first have to know yourself. So take a piece of paper and at the top of the paper write "Things About Me." You need to list at least five things about yourself. These things should be things that you really like to do or things that you are good at. Some examples of this would be I love kids or I am good with numbers. Your list should be something like that. It does not matter if it makes sense just write down whatever enters your mind. Once you are done then number the items.

Now flip the paper over, and list the things you do not think that you are good at or things that you do not like to do. Do not spend too much time and overanalyze this. Just write what comes to your mind and write it down. Once you are done with this list then number it as well. At the bottom of this page determine three to five products or services that would make your personal life better. These products need to make your life happier and easier. These products could also give you more time.

There are three more questions that you will need to answer. One question is what you like and dislike about your business life? You need to list three to five things. The next question is what are the traits that you like and dislike of the people that you work with. Finally, ask yourself why you are seeking to start a business. Once this is completed you will see a pattern to begin to emerge. It may be a pattern to show you that you may not be good at all in the business that you want to start. Maybe you would want to consider another idea. Study your answers to determine if you believe that the type of business that you want to start is the one that will be successful for you.

Getting Started

Once you have an idea there are many areas that need to be analyzed. Who will be your customer? What type of need does your product or service provide for a consumer? Where and who will I market my product or service to? These are some of the questions that will help you in creating your business plan. A business plan seems very challenging, but is very necessary for your business. The first part of your business plan will be the Executive Summary. This will follow the title page and is very important. The summary tells the reader what you want. This is so very important to not let what you want to get buried in the back of your business plan. Clearly state what you are asking for in the summary. The second part of the business plan will be the Business Description. The business description begins with a short description of the industry of the business that you are starting. When you are talking about the industry discuss the present outlook and the future possibilities of this industry. Information regarding the various markets in your industry should be provided. This should include new products or developments that will benefit or negatively affect your business. The third part of your business plan will be Marketing Strategies. A very thorough market analysis needs to be completed regarding the marketing of your product. This will force you to become very familiar with every aspect of the market. This will allow you to learn who the target market will be and how your company will be positioned to get its part of the sales in the market of the industry that your business will be in. The fourth part of your business plan is Competitive Analysis. This is where strengths and weaknesses of the competitors within your market are given. This is where strategies are provided that will give you a distinct advantage over other businesses in your industry. You will also find out any weaknesses that are a part of the product development cycle. The fifth part of your business plan is The Design and Development Plan. This section of the business plan is to provide investors with a description of the product's design or what the service provides, how the product is produced or the service is provided, how the marketing will be completed, and a development budget will be created. This budget will show how the company will reach its goals. The sixth part of your business plan is The Operations and Management Plan. This explains how the business functions on a day to day basis. The operations plan will highlight the logistics of the organization. This is where there is an explanation of the responsibilities of the management team are listed. This is also where the tasks assigned to each division of the company are listed. The capital and expense requirements related to the operations of the business are also listed in this section. The final section of your business plan is The Financial Section. The financial data is always at the back of the business plan. It is just as important as any other information regarding of the business. This information is just a general place for you to get started with your new idea for a business. If there are any other questions please comment and I will answer your questions.

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Encouragement in Starting Your Business

Now that you are probably overwhelmed I want to let you know that this can be accomplished. It does not matter what your challenges are. If you really want to start a business to help change the world or make lots of money, whatever the reason is YOU CAN DO IT!!! Just start today!! Do not wait another day!!


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    • Dawn Henderson profile imageAUTHOR

      Dawn Henderson 

      3 years ago from Ohio

      Thanks for this information. We all appreciate money making opportunities.


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