DFP1
starting your own business
Starting a small business doesn't have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. Put together a spreadsheet that estimates the one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.).
But not every small business is positioned for success. In fact, only about two-thirds of businesses with employees survive at least two years, and about half survive five years. So you may be in for a real challenge when you decide to take the plunge, ditch your day job, and become a business owner. The stage is often set in the beginning, so making sure you follow all of the necessary steps when starting your business can set the foundation for success.
If you’re sitting at your desk, daydreaming to start your own business, this is the article for you. You already know that launching a company can be an intimidating process requiring tons of hard work. But the question has been lingering with you day and night. Maybe you're just unhappy with your current position. Perhaps you've always dreamed of opening your own shop or consulting firm. Or maybe you just need a drastic change in your life. Regardless of the exact scenario, here are 50 signs that you may be seriously ready to start your own business:
It’s not up to them to approve of your idea or let you know whether starting a business is right for you. Only YOU can do that. This is very different from what we were taught as kids. Starting in kindergarten, we had to raise our hand. “Mrs. Kundle, can I go to the bathroom?” “Yeah, you can go to the bathroom, Timmy.”
This step is not supposed to dissuade you from starting your own business. Rather, it’s here to get you thinking and planning. In order to start a successful business, passion alone isn’t enough.
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Starting your own business is one of the most powerful ways to take control of your life and make extra money month after month. You can start with just a few hours a week. And best of all, you get to choose your hours, pick projects you find exciting, and meet interesting people.
But this stuff doesn’t happen easily or quickly. So if a starting a business doesn’t sound like it’s for you, I’ve covered how to make more money elsewhere on this site. But here, I’m revealing the advanced strategies behind launching a successful business that gives you the freedom to share your skills with the world — and create something people will pay you for, even when you aren’t working.
Your first option is to change your business model to demand fewer needs as listed above. For example, if you were planning on starting a company as a consultant or freelancer, you could reduce your “employee” expenses by being the sole employee at the start. Unless you need office space, you can work from home. You can even do your homework to find cheaper sources of supplies, or cut out entire product lines that are too expensive to produce at the outset.
Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes.
Your business plan has been laid out, the money is in the bank, and you’re ready to go. If your business is online and you won’t need a storefront, you’re probably looking at building your website and choosing a shopping cart solution. Maybe you’ll be able to work out of a home office or a co-working space instead of renting or buying office space. But if your business needs a dedicated brick and mortar location, there are many considerations.
Maybe you've hit a wall at your current position and become extremely bored. That's not always the best situation to be in if you're someone looking for a new challenge. Starting your own business is challenging, however, and should fulfill that need.
Thomas Edison once said, "I never did a day's work in my life. It was all fun!" Many successful people have uttered something similar. Instead of merely thinking about doing something that makes you happy and content, take a leap of faith and pursue your own startup vision. If you follow your dream, everything else may fall into place. Related: Are You Starting a Business for the Right Reasons?
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