How to Start Your Own Business2:20 PM
Coming from a long line of entrepreneurs and having started five businesses on my own or with family...
Coming from a long line of entrepreneurs and having started five businesses on my own or with family, I know the benefits and freedom entrepreneurship can bring. If you are wondering if you should start your own business check out this post with 25 advantages of becoming an entrepreneur. If you know you want to start a business here 13 proven ways to create a successful business.
- Have the desire to start a business or pursue an avenue of making money on your own.
- Have a general but useful idea that has demand or will have demand in the market place.
- Do research on the product, service, etc. Research, research, research.
- Study marketing. Learn how to market on multiple different platforms. The worst number in business is 1. If you only have 1 way of getting customers you could lose them if that avenue suddenly dries up or turns cold.
- Work. Put your ideas, research and knowledge into action.
- Incorporate. My businesses as well as most of my family members run their businesses as Limited Liability Company’s. LLC’s receive the tax benefits of a partnership but enjoy the liability protection of a corporation. You can do further research into what type of company you should become. When you have chosen the type you can contact your state.gov website and register. The website should walk you through registering a name, filling out required paperwork, and paying a fee (typically the fee is not too expensive).
- Keep working. Things like starting a business or manufacturing a product, or getting clients for a service based business often requires more endurance, patience, hard work, time, and money than one plans on from the outset. Don’t give up now. Keep going.
- Keep track of your finances. To begin, a simple spreadsheet of your expenses and your income will do. Once you start really making money, reaching out to an accountant/tax professional would be wise. Get a business bank account and a business credit card. Make sure to keep receipts and a mileage log from the get go.
- Don’t take money out of the business until you are extremely successful. Reinvest any money you make to keep growing the business. Set aside a certain amount of money just for marketing and be vigilant in trying to grow your customer base. (Read: 7 Key Ideas to Help You Run a Better Business)
- Keep working and learning what you can about your industry. Test and improve your marketing. Smooth out the rough edges.
- Hire a contractor, virtual assistant, or an employee to help bear the load (when your business is becoming too much for you to handle alone and you can afford it). Be sure to consult with a tax/business professional before hiring actual employees. There are many laws associated with hiring employees. Also, be careful about who you hire. I wrote a blog post about the Top Proven Ways to Get Hired. I share my tips on what to look for and some tips and tricks for business owners.
- There are times when investments are called for. It is important to invest wisely, be prudent, innovative and frugal. Many businesses fail due to mismanagement of money. Do your best to stay in the black.
- Be vigilant about online reviews and great costumer service. One horrid and descriptive review can hurt you immensely. Do your best to ensure that your customers are satisfied. It is almost never worth it to sacrifice money or time for your reputation—in the long run. (read: 10 tips to improve your business)
Follow these steps and read the following recommended post, this will be helpful to you.
15 Signs That You Are An Entrepreneur
7 Steps To Move from Employee to Entrepreneur
10 Tips For Young Entrepreneurs To Avoid Premature Failure
10 Important Tips To Create a Strong Startup To Success
11 Things Should Not Do As An Entrepreneur to Be Successful
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