What Do You Need to Start a Business?
By Savannah Wardle
Many people are in love with the idea of entrepreneurship. Being your own boss, raking in your own money instead of making it for someone else, and having control
are all enticing aspects of running your own business. But most businesses that open and register wind up closing within 2 years. Starting and running a business is hard work, and
not everyone succeeds. Here are a few things that you will need to have in place before you begin in order to succeed.
Just deciding to open a business doesn't work. You need to have a concept for your product or service, and you need to make sure that you have an angle that sets
your business apart from your competitors. Whether you're a skilled professional trying to get out from under the corporate thumb, or if you have a passion for a hobby that you
would love to turn into your full-time job, you need to make sure that people will buy what you are selling.
One of the main reasons that new businesses fail is a lack of planning. It's important to have a strong business plan and decide on your structure before you begin.
Having a plan will help you measure your progress towards your goals, as well as keeping you focused and on track. You can
either hire a freelancer to help you write one or find
online templates for figuring it out.
You will need to secure enough money to get your business off the ground. Whether you seek out investors, take out a loan, or dip into your savings, make sure it will
cover your overhead, operating costs, and any advertising or manufacturing costs you will need to get your business off the ground. Many new business owners are surprised by some of
the startup costs involved, especially when it comes to tech issues, like hiring a social media manager, starting a website, or purchasing
garage door software for your workshop;
there are plenty of unexpected expenses involved in getting off the ground.
Growing a business takes time and a lot of energy. You need to make sure that you have the time to focus on your business. For most people, the initial phase of
starting a business requires well over 40 hours per week, and plenty of evening and weekend work as well. Plan on putting in long days, and some nights, and make sure that you
don't have too many other commitments that can interfere with the time spent on your project.
In addition to time, you will
need to have a strong support system. If you're married, your spouse may have to take on some extra housework while you're out getting
things started. Before you quit your job and embark on this adventure, make sure that you have discussed it with your family or anyone else that may be impacted by the loss of your
presence for a while.
While the idea of being your own boss is quite appealing to many, not having anyone to answer to can lead to your downfall if you have a lack of self-discipline or
motivation to get things done. You need to decide ahead of time how much time and energy you need to put in, and then stick to it. Deciding to take an afternoon off just because you
can or sleeping in past your normal start time are just a few of the things that can quickly derail your chances for success.
Starting a business can be a rewarding experience for many entrepreneurs. It's important to make sure that you know what you need to get started before you jump in and
embark on this journey.
About The Author
Savannah Wardle is an editor at Datastical.com and
Bizset.com. She's passionate about a variety of topics: business, career, entrepreneurship, as well as technology.
You'll also find her online blogging about personal development and travel.