How to Start a Business and Follow Your Dream
Owning your own business is a goal that many people dream of, but not everyone realizes this dream. In order to make your dream come true you must a plan. This plan will lay out the steps you need to make your business a success. Many small businesses fail for lack of planning and resources. Use these tips to start a business and follow your dream.
Write a Business Plan
A business plan is the first place to start. In your business plan you need to state the nature of your business, a company description, organization and management structure, marketing plans, your target audience, and a budget. Depending on your business you plan may contain more items; each one is different because each business is different and has different goals.
The Small Business Association has free training seminars you can attend if this is your first time starting a business. Their courses cover all aspects on how to start a business. If you’ve never had any financial training you may want to consider taking accounting or bookkeeping classes. These classes will give you a deeper understanding about the financial structure of your business and how to keep accurate records.
Location is Important
If you are going to start a business and have a physical storefront you need to give location a lot of thought and research. Scout out locations in your town and talk to other business owners in the area. Ask them about the traffic flow, if the area is safe, and if they would rebuild there again. Enlist the services of a commercial real estate agent. They will help you navigate the complicated process of purchasing commercial property, or find the perfect location for building your storefront.
Research Financing Options
You have several options to explore when you start a business. The Small Business Association offers loans at competitive rates, and they have several types of loans and loan structures set up to help people start a small business. Banks are an obvious choice, but you may want to explore venture capital, personal loans, and grants.
Obtain the Proper Licenses
In order to do business you will need to register your business’ name with your state. This is known as “doing business as” or DBA license. You must get a tax identification number from the IRS, and register for any state or local taxes. You will also need to get any local and state business license and permits.
Hire Your Crew
As an employer you have certain legal responsibilities to your employees and to the government. Contact OSHA to find out the safety concerns pertinent to your business, and get an employer identification number so that you can file taxes. Don’t forget to deal with the three types of withholding taxes; federal, state, and social security. Keep excellent records so that when it comes time to file your quarterly taxes you will be ready.
It may not sound easy to start a business, but if you have a passion and want to see it become a successful business it will take planning and organization. Use these tips to get started and build a business you can be proud of.
Want to Know How to Start a Business?
How To Start A Business
Ever dream of being your own boss? Believe you might have what it takes to set up on your own? Don’t dream on…read on!
There’s a reason why you have been looking for information on How To Start A Business. Maybe there’s an idea you’ve been kicking around for a while. It could be anything from running a corner shop or setting up a small community enterprise with a friend – to spotting a brand new business opportunity with a product or service no-one else is providing. You can!
The very first step towards starting your own business needs to start with you. You and your business are intertwined. Your business reflects you and your personality, skills and approach to life; your own personal objectives drive your business objectives. For success you need to be confident, focused, hardworking…all those attributes of entrepreneurs that you read about.
But you can’t just jump right in and launch any old business. The market these days are so saturated with everyone trying to make some extra money. Redundancies being made left, right and centre, so people are using their skills to set up small businesses and offer their service to the targeted market which means that competition is going to be fierce and there is not much room for error.
More and more entrepreneurs are being born out of necessity and not out of choice. Petrol prices are going up, food is going up, everything just seems to be increasing yet our salaries are staying the same. So we are now pushed into making it on our own, calling out own shots and putting 110% effort into making our lives successful.
To make it out there in the business world you need to understand that when it comes to starting a business, the starting line is you! No matter what resources, products, services your business has, without you it doesn’t exist. You can’t win a race if you don’t compete; you can’t win the lottery without a ticket; you can’t make an omelette without breaking eggs; just like you can’t have a business without you.
You are the starting point for anything in your business – whatever your stage of business, whether you are starting, growing or diversifying. The starting point will always be you. So let’s look at what you is and just exactly what you do bring to your business.
You and your personality are made up of your good points and your bad points. For your business to succeed, you need to make the most of your good points: your strengths; and minimise the effects of your bad points: your weaknesses. So you need to recognise what these good and bad points are. You need to develop your self-awareness; identify your good and your bad points so you can make the most of the good and develop coping strategies for the bad. You need to brutally honest with yourself. Be brave and find out how others see you.
How you see yourself may be wildly different from how others see you. If you want to be successful in life and in business, it’s important to get to know yourself intimately and why you behave particular ways in particular situations and with particular people. Only then can you make any changes that you need to succeed. You may be blissfully unaware that people see you as ‘airy’ and disorganised, when perhaps you just have so much going on that you don’t take the time with people or you’re always late for meeting friends or you show up on the wrong day. Perhaps you can’t say no to requests from friends and then when the time comes you have to invent an excuse not to do something.
We all have underlying assumptions and values that affect our behaviour and those around us. We all respond to the expectations of others: our parents, society, and our friends. We all have roles in life, which dictate our behaviours too. You need to take responsibility for yourself; it’s up to you what you do, don’t be driven by what others expect or think you should do.
Take a close look at some of your behaviours and especially recurring patterns of behaviours. If you do not organise your time well and are always late for meetings then you’ll find that business people won’t give you the second or third chances that your friends and family might. You will have to learn to plan your time better, perhaps you always underestimate the time that it takes you to travel somewhere, and never allow any time for train or road delays.
In the business world you need to be very careful. Or perhaps you perceive yourself as more important and that your time is more valuable that theirs, so it doesn’t matter if you keep other people waiting. This is a really bad habit to have acquired, and you need to get rid of it because you are definitely not going to cut it in the business world if you have an attitude like that!
We all experience different challenges, behaviours and circumstances in our life so it is important to be aware of these challenges and rectify them (as much as we can) before we even embark on our enterprise journey.
It’s tricky running your own business and balancing it with your personal and family life and coping with the ups and downs of life and business. You are bound to get knock-backs, failures and disappointments; it’s the cold harsh reality of business. The secret to success is not to let them get you down. Try to bounce back and learn from mistakes – you need to be able to develop a positive approach to your failures, and overcome the myths and fears you may have about the business world. Only then are you ready to tackle your business plan and get your business up and running successfully.
Remember, if you believe you have no confidence, you’ll find reasons to prove it!
How to Start a Business
Most new business start ups will fail within three years!
The main reason a new business will fail is the initial lack of proper research, to see if it will be viable. Proper advice on how to start a business would probably not have been sought.
Many people will have some business idea of what to sell. But instead of doing market research on their products, their business will be set up as quickly as possible. Act in haste and repent at leisure will then become a reality. Because their new business will eventually fail, if proper initial market research has not been done.
A business problem with most new start ups is knowing what to sell. Most people will eventually see some product that looks nice, or feel it could make them appear important, and decide to sell it at the onset. Without having researched the market to see if there would be lots of potential customers. Without demand for your products your business will not be viable.
There are basically three different types of business you can start.
1. You can start a land based business. You will obviously need a reasonable amount of money or capital to start a land based business. If you are wise, you will also have a website connected to your land based business.
2. You can start an online business. You will not need a lot of money to start an online business. But you will need some money. With an online business you can either sell your own products, or become an affiliate, or do both. As an affiliate, you will market other peoples business products on your own website. When someone buys a product via your website, you will get a share of the profits. As an affiliate you do not buy any products, but you can generate a high income from your share of the products sold.
3. You can sell products from your website via dropshipping. Dropshipping can be an excellent way to start a business online. Dropshipping is also an excellent way to start work from home. First, you find a business willing to send their products direct to customers buying from your website. A customer will then buy a product via your website and pay you direct by credit card or PayPal. You will then order that product from the dropshipper and pay for it, which you already have been paid for. When the customer purchased via your website, you will have added an additional sum to the dropshipped product to cover your own profit. Probably about 20% to 30%. The drop shipped product will arrive at the customer, with your business name and address on it. The customer will not know it came direct from the dropship company. You can also sell dropshipped products on auction sites like eBay, and you do not need a website.
No matter what type of business you decide to start, you will need to market research lots of products. The best method is to research keywords using business software. Keyword research let you know what products are in demand and which products are a waste of time.
You want one keyword research software for your business that can do the following:
The business software should have several options for building your keyword list.
The software should return anything from 100 to 10,000 keywords.
After you have purchased the software, there should be no additional monthly payments. You should receive free lifetime upgrades.
You should be able to do more advanced text editing to all of your business keywords.
Your software should create a Google AdWords Ad group.
The keyword software should be able to view Google AdWords advertisers. Viewing successful business ads can give you ideas for writing your own ad.
Your software should upload your business ad directly to your Google AdWords account.
The software should be able to create Google AdSense website pages. Software should include AdSense templates.
Keyword research software should create new projects, save and edit all projects.
The research software should analyze each individual keyword. That includes analyzing a keyword on top pay per click search engines like Google and Yahoo. After a keyword on those search engines has been analyzed, you should receive a special criteria report giving: KEI, Top Bids, Title Results, Anchor Results, Text Results.
The top bids report will show you what the top ranked websites are paying to advertise a particular keyword in the like of Google and Yahoo.
Keyword research software should allow you to spy on AdWords competition. Once you know what keywords your business competitors are bidding on, you can monitor those. You can then find out what business keywords are producing a profit.
Once you have analyzed all of the above, you then know what types of products are worth selling, whether for yourself or as an affiliate. You then get a better awareness of what type of business or businesses to set up.
Before you start a business you should purchase the best keyword research software that can do all of the above mentioned analysis. you will then vastly increase your chances of your business not failing within the first three to five years.
How to Start a Business With No Money – 3 Expert Tips For Start Up Success!
Is it really possible to learn how to start a business with no money? The answer is a resounding yes! As a Start Up Business Consultant, I cannot recount the number of times that I’ve been asked this very same question. The good news is that starting a business with no money is not only possible — but extremely smart.
I mean, why would anyone want to incur major debt from a mountain of small business start up loans if they didn’t need to — or rack up high interest credit card debt as a means of cash flow management. There is a better way – and it’s called bootstrapping.
Let’s take a look at three ways in which you can learn how to start a new business without big bank loans.
Expert Tip #1:
Start a Business from Home
When searching for the best small business to start on a shoestring, a home based business wins hands down. By choosing this option you are eliminating roughly 32% of a traditional businesses’ overhead costs. With a home based business, some of these costs may be greatly reduced or eliminated all together.
Consider the savings:
- No office lease payments
- No setting up services with utility companies (and no cash outlay for deposits)
- No fuels costs for commuting to work
- Decreased car insurance rates
- Reduction in child care expenses
According to a recent study, American companies could add more than $260 Billion to their bottom line profits, if their employees worked from home. There is simply no question that working from home is the smartest option for starting a business with limited resources.
Now that we’ve discussed where to start a business with no money, let’s examine the best small business to start on a shoestring.
Expert Tip #2:
Find Business Ideas Which Require Little or No Money to Start
Choosing the right business opportunity is the key ingredient to learning how to start a business with no money.
After all, not all businesses can be started without money. For example, is is near impossible to start a retail store with no money. Unless you have stockpiled a sizable lump sum, it is very likely that you would need small business start up loans to be successful with a retail business.
It is, however, possible to start a janitorial business with no money. Finding the best business to start without money will require some internet market research. Do your homework and be on the lookout for “too-good-to-be-true” claims of instant wealth.
Expert Tip #3:
Find Free Sources of Business Start Up Funding
The third and final factor for shoestring start up success is saving money on initial business start up expenses and daily operating costs. Reducing these costs at the business planning stage is essential for the long term profitability and success of any small business. Many budding entrepreneurs don’t realize that there are many creative strategies for starting a business without a heavy debt load from small business start up loans, or borrowing from family and friends.
Make your dreams of small business ownership a reality. You can learn how to start a business with no money by greatly reducing business start up costs and operating expenses. Eliminate or reduce these start up business costs and you’ll discover the secret to starting up on a shoestring.
How to Start a Business Business Plan
Millions of people want to know what is the secret to making money. Most have come to the conclusion that it is to start a business. So how to start a business? The first thing you do to start is business is to create a business plan.
A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
A professional business plan consists of ten parts.
1. Executive Summary
The executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to grab a potential investor’s interest.
2. Company Description
This section of your plan provides a high-level review of the different elements of your business. This is akin to an extended elevator pitch and can help readers and potential investors quickly understand the goal of your business and its unique proposition.
3. Market Analysis
The market analysis section of your plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions. This section is usually presented after the company description.
4. Organization and Management
Organization and Management follows the Market Analysis. This section should include: your company’s organizational structure, details about the ownership of your company, profiles of your management team, and the qualifications of your board of directors.
5. Service or Product Line
Once you’ve completed the Organizational and Management section of your plan, the next part of your plan is where you describe your service or product, emphasizing the benefits to potential and current customers. Focus on why your particular product will fill a need for your target customers.
6. Marketing and Sales
Once you’ve completed the Service or Product Line section of your plan, the next part of your plan should focus on your marketing and sales management strategy for your business.
7. Funding Request
If you are seeking funding for your business venture, use this section to outline your requirements.
8. Financial Projections
You should develop the Financial Projections section after you’ve analyzed the market and set clear objectives. That’s when you can allocate resources efficiently. The following is a list of the critical financial statements to include in your business plan packet.
9. Marketing and Sales
Once you’ve completed the Service or Product Line section of your plan, the next part of your business plan should focus on your marketing and sales management strategy for your business.
The Appendix should be provided to readers on an as-needed basis. In other words, it should not be included with the main body of your business plan. Your plan is your communication tool; as such, it will be seen by a lot of people. Some of the information in the business section you will not want everyone to see, but specific individuals (such as creditors) may want access to this information to make lending decisions. Therefore, it is important to have the appendix within easy reach.
How to make your business plan stand out.
One of the first steps to business planning is determining your target market and why they would want to buy from you.
For example, is the market you serve the best one for your product or service? Are the benefits of dealing with your business clear and are they aligned with customer needs? If you’re unsure about the answers to any of these questions, take a step back and revisit the foundation of your business plan.
The following tips can help you clarify what your business has to offer, identify the right target market for it and build a niche for yourself.
How to Start a Business – What You Need to Know
So, you want to know how to start a business? Your own business.
You need plenty of drive and determination if you want to succeed. While drive and determination are fairly broad ranging concepts, I’m talking about the ability to get out of bed in a morning, not have that second cup of coffee, and not “just browse the internet” before you start calling potential customers or cutting a deal with suppliers.
Evaluating your own personal character strengths and weaknesses as compared to a successful owner of a small business is a great idea. (Don’t forget to be honest with yourself). What else?
Now, where did I put that..
We’ve all been to the small workshop where the owner can’t find anything, didn’t know you were coming (even though you phoned last week) and hasn’t got your order ready. It’s far from impressive.
Let’s face it, being organized, following up on the details and managing projects is all down to you. Even if that means delegating. And while we’re talking about tricky situations, how well do you handle tricky situations or deal with different personalities? (I mean difficult personalities, but diplomacy is needed)
As a potential business owner, you will need to get yourself technically up to speed and develop successful working relationships with any people you need to make your business work. Customers, suppliers, staff (hopefully some day), accountants, probably lawyers, and of course the bank manager.
Let me think it over
I struggle with this one myself. Sometimes there’s just no substitute for straightforward – quick from the gut – decision making. As a small business owner you will often need to make rapid decisions under stressful conditions or tight deadlines without the ability to consult.
Ok, but what about when you’ve already been on your feet for 12 hours, your children kept you awake last night and the computer just crashed? Physical and emotional stamina is essential. This is because you can only live on the adrenaline and excitement of being an entrepreneur for so long. There is nothing more frustrating than wanting to keep going, but having nothing left in the tank.
All that for that?
You’ve dug deep, you’ve made the calls, got the goods, delivered the product, collected the money, paid the supplier, the accountant, the taxman, the rent, the, the, the…
There’s nothing left. You’ve been a busy fool. Oh No. Better give up now. No not really. Resolve to learn from mistakes and make essential changes is critical. We’ve all heard research that shows poor planning is responsible for many failures, but not as many as running out of money. Cash is King for a reason. Without it you just can’t go on.
Many different operational aspects of your business end their life either in or out of your bank account. Things like managing inventory (stock), delivery and production schedules and quality control all need to be managed through your financial statements. A tight fist of control and mastery of your business dynamics will have you ordering that new car soon enough!
Get your credits into the emotional piggy bank first
The first few years of business startup is the hardest. It’s important that you brief your family so they know what to expect, but it’s as important to make sure you have their support during this time. You’re not going to be as well off as you used to be until you make the business profitable and trade above break even. You’re going to be short tempered, tired and crotchety at times and you’re not always going to be home in time for dinner.
There are no guarantees that you will succeed, and there are many risks when you start out. Careful planning can eliminate many of these, but even the best plan in the world cannot take everything into account. Now you know you’ve evaluated your own personal character strengths and weaknesses and know you’ve got what it takes, its time to start thinking about your business plan.
If you don’t know where to start a business plan, what sections it should contain, and how to put it together so it delivers the results you need, then sign up for our free business plan ecourse now, and jump start your business plan today.