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.

A Concept

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.

A Plan

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.

Money

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.

Time

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.

Support

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.

Discipline

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.