Being part of an industry that provides various opportunities to work from home, on your own, or with multiple companies gives you a unique advantage over a more traditional job, or even working for yourself.
So how do you work for yourself when so many of your clients may already be vested in the company that you’ve been tirelessly working for? If that scenario sounds familiar, then we should talk about the idea of self-starting.
In the age of social media and global connectivity, many people are branching out and trying new things, so it can be difficult to create something unique or eye-catching. That being the case, how do you go about doing it?
In this post I’m going to try to help you figure out that process for yourself.
1. Pros and Cons of Owning Your Own business
This may seem like an obvious goal to most people, but there are a few things to think about when deciding whether or not to start your own business. The benefits of owning a business are obvious: being your own boss, waking up when you want to, making your own hours, making more money, etc. But what about the flip-side of that coin?
Often times when we find an idea that seems to fit nicely with exactly what we want to do, we tend to brush over what could potentially be a game-changer to our plans, which is why creating a pros and cons list is so crucial before making a final decision. This is a very personal thing, so maybe the benefits I listed really don’t apply to some and may in fact be disadvantages. For instance, waking up when you want. Maybe some– -maybe you– need a particular time to wake up every day in order to maintain a schedule and productivity; if this sounds like you, then that would probably go on your cons list.
After delving into your pros and cons list, if you still believe that owning a business is right for you, then…
2. Write a Business Plan
A business plan could be anything from a quick sketch of what you want to happen and what you’ll need to make it happen, to a long itemized list that includes your pro and cons list. This list shouldn’t necessarily be just for yourself, but also something that can be shared with potential business assistants or trainers who have the ability of making success possible. While any business could potentially be created without the help of a business assistant or trainer, it’s generally a good idea to look into getting one.
A business assistant works closely with you as the central point of communication between you and the individuals that will become part of your business (workers, managers, etc.). An effective business assistant will handle your sensitive business information with confidentiality, and in a timely manner.
Conversely, a business trainer would do as you may think: train you in the art of owning your own business. Even for those that have gone to school for business, it’s still may be a good idea since they’ll be able to help you come up with ideas that work, and help get you involved in the industry.
3. Financing Your Business
Financing is the most important part of the business, and can be the trickiest thing to manage. For the first few years that you’re in business, you must understand that any money made will probably go back into the business rather than to the owner. The main goal in the beginning is to build your customer base, and hope that you can break even financially. The longer you can do this, the more profit you’ll start seeing down the road.
For more information on this or to calculate how much you could potentially save, try out any break-even calculator on any search engine. Here’s an example of a top pick off google: http://www.dinkytown.net/java/BreakEven.html
4. The Legality of it All
Each state, providence, and country is different in regards to business laws, so you can imagine that things can get even trickier if you want to open the same business in multiple locations. You should pay particular attention to local business laws for the location in which you plan to open your business. To see what laws are applicable to your business, be sure to check with local administrative offices before setting up shop; this will help ensure that nothing preventable will stop you from meeting your growth goals.
5. Register That Business Name and Get in the Action!
Once all is said and done, you’ll need to figure out what you want your business to be called. Too often, fear creates a feeling of complacency and an unwillingness to grow. Without the want for taking risks, it’ll be difficult to do anything in the business world, especially owning your own business.