Thursday, May 19, 2011

How to Start a Business

If you sit at your desk every day, dreaming of being your own boss, and earning more money while also not having to work for someone else, then you’re probably just a few steps away from taking the plunge and becoming an entrepreneur. However, while most people have those thoughts, going from dreaming, to figuring out how to start a business is what sets true entrepreneurs apart from everything else.

The good news, if you’re wondering how to start a business, is that the process is the same for just about every business, in every industry. In this article, we look at the steps that will take you from dreaming to owning your own business.

1. The Idea

Every new business is born because of one thing: the idea. Without an idea, you cannot have a business. You cannot follow any of the other steps in this article, and you’ll be dreaming at your desk forever!

Business ideas can come from anywhere: they could be based on a need that you’ve identified, or they could be a brand new invention, product, or service. More often, however, business ideas aren’t breaking new ground. They’re based on existing products, services, or ideas. So if you don’t already have a business idea, think about what you’d like to do, and what kind of business you think would work well in your community.

2. The Plan

Once you’ve decided what your business idea is, the next step is to work on your business plan. That means doing as much research as possible, learning how to create a business plan for a new business, collecting ideas and information, and putting it all together in your own business plan.

A business plan is a road map to success, and something that every new business should have, so make sure that you devote enough time to crafting a well thought out and viable business plan for your business idea.

3. Finance

Once you’ve created a business plan based on your idea, you will have a good idea of what it will cost to start your dream new business. That should also give you an indication of the amount of capital you will need. Consider whether you will be self-funding or bootstrapping your business, or whether you will need to seek outside finance. Investigate the various financing options for your new business, and approach companies or individuals who can help.

Business finance is not always easy to come by, but if you want to start your business badly enough, and you have a great idea and a solid business plan, and you persevere, you should find a way to make it happen.

4. Hard Work

Once you’ve found the perfect business idea, written a business plan, and secured financing, the hard work really starts! Entrepreneurs are some of the hardest working people out there, and if you thought being your own boss would be relaxing and stress free, think again!

In fact, for the first few years at least, you will probably work harder on starting and building your new business than you ever worked for any boss! Of course, you will also be richly rewarded for all of that hard work when your business takes off, but prepare yourself for a long hard slog!

Every small business out there will follow the same basic steps from idea to organisation. Those who have done it before are more likely to use business plan services to create the a professional business plan. The process may take a little longer in some cases, and you will certainly learn a lot while you’re starting your business. However, there’s no denying that owning your own business is one of the most rewarding things out there, so if you’re determined to be your own boss, stop dreaming and start doing!

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