Setting up your own business can be an exciting time. Before you start, save yourself time and money by being aware of what's involved in running a business.
Investing time into proper planning is key to turning your dreams into reality. Operating a small business is not just about working for yourself or working from home, it's also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed.
Starting a business is a multi-step process that can feel overwhelming when you're on your own, but we'll make it easy to stay organized and on track while you start your business and achieve success. Whether you're refining your business idea, filing for permits and licenses, drafting your business plan, or looking for funding, we have the tools you need to do it right and get it done.
Most entrepreneurs talk about how great is to start your own business, and that’s why so many people decides to start a business and then they find it is not what they thought starting a business should be.
Thinking of starting a business?
It's important to consider whether you really understand what's involved and whether you're suited to business and self employment. Start by asking yourself these questions:
- what do I need before starting a business?
- what type of business should I start?
- how do I choose a business name?
- what skills do I need to start a business?
- what are my business goals, objectives and skills?
- how much income will my business need to generate?
- what are the advantages and disadvantages of starting my own business?
The Key to Success a Business Factors:
- Business Plan
- Business Introduction
- Choosing a Business
- Business Structures
- Brand Your Business
- Register Your Business
- Location And Licenses
- Business Bank Account
- Finance Your Business
- Small Business Loans
- Taxes Your Business
- Business Liability Insurance
- Hiring Employees And EIN Number
- Advertise Your Business
- Make a Business Website
- Record Keeping
- Make The Leap
- Business Success Factors
- Business Conclusion
You Will Be Your Own Boss
This is one of the biggest fallacies of building a business. I've worked for big companies, in a University, in Institutes, for small companies… but I have never had so many bosses as when I have started my own business:
- When you start your own company, your first “bosses” are your customers, as you need to cover their expectations and you need their money to run your business. You shouldn't develop your product as you think it should be, but as your customers say it should be. A key to any company is to be user/customer concentric, so if you don’t consider that your customers are, in some way, your bosses, you’d probably fail.
- And your employees would also become your bosses, as you need an awesome team and if you have completed an awesome team, it’s hard to find a good replacement to anyone of your team. And you can continue adding ‘bosses’: your investors, core partners, key providers, etc. You will receive pressures from a lot of people, and probably you’ll miss to have a boss that let you focus on your tasks and main goals.
You Will Do What You Like Most
Really? As you may become ‘your own boss’, you will start managing people, and maybe management is not what you want to do. I've always been happy as a developer, and I really miss the time when I could spend several days coding awesome features or improving processes. But nowadays I have to manage teams, I have to talk to customers and potential customers and sometimes I have to give bad news, or even to fire people.
It’s not what I thought it was when I started my own company, but I don’t complain about it. In fact I’m really happy to learn to manage all these new thing I have to manage, I develop new skills, I love to try to understand what our customers want and need, and I've learn a lot about a lot of things, which makes me think that if I had to start my business again, I’d do a lot of things in a different ways, and also wouldn't do a lot of things that I did in the past or wouldn't worry about things that I can see now were not relevant in some moments. So I’m happy to be doing what I do now, but I also know that I’m not the average people, I've always been a ‘full-stack worker’ in whatever task I've done, and I like to learn new things and get in front of new challenges. And a lot of people prefer to stay in the comfort zone, and continue doing what they do best.
So if you start a business thinking that you’ll be doing what you like most, think about it, and question if it’s better for you to find a job where you can continue doing whatever you want to do, or if you are ready to start a business and become a CWO, which means that in the beginnings you’ll be doing whatever is important to your company and you have no employee qualified to do, and when the company grows, you’ll be managing people and loosing to code awesome features or make beautiful designs for your app or whatever you love to do.
You Will Have Time For Yourself
The first time I heard a person that he hated his job because he worked so many hours and he wanted to start a company in order to have enough time for himself, I couldn't avoid to laugh. I’m always looking to have more time for doing sports, and for relaxing a little bit, but the reality of an entrepreneur is that you are always looking ways to improve or to optimize critical processes for your company, so it’s harder for you to have time for yourself, compared to being an employee.
In fact, I think that if you start a business and you really start to have more time for yourself, something is wrong because it’s hard for me to understand that if you’re more committed to your work, you can dedicate fewer hours to it.
You Will Become Rich
In fact if you calculate the odds, I think it’s even easier to become rich with the lottery than starting a business. Every week, a lot of people from around the globe win million dollars gambling, but only a few entrepreneurs per year makes several million dollars selling their companies.
In fact, to start your own business, you’ll need to invest your money. Probably, you won’t have a salary during the first months, and maybe you’ll convince your family to invest in your company. If your company fails, you’ll loose a lot of money, and you’ll be loosing the opportunity to earn more money in any other company. So when you start a company, it’s normal that you want to make money selling the company, but you also have to think if you want to be managing a company that won’t make you rich.
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