Small Business. Com Article
So you want to start your own business? Congratulations on wanting to
become your own boss. In addition to giving you the ability to make
your own decisions, business ownership also offers financial
independence, creative freedom, the chance to fully use your skills and
knowledge, and more free time to spend with your family and friends. Of
course, with those perks of business ownership also comes a host of
pitfalls, including risk, liability, and mounds and mounds of paperwork.
Luckily, you’ve come to the right place to help you navigate the first
phase of business ownership—startup. In the startup phase, you’ll figure out whether you have what it
takes to run a business, determine what kind of business you’d like to
open, write a business plan, conduct initial market research, secure
funding, decide on a business structure, meet with accountants, advisers
and lawyers, and the list goes on.Starting a business isn’t easy. It takes a lot of motivation,
discipline, talent, research, planning and good old-fashioned hard
work—before you can even hang your “open for business” sign. But ask any
successful business owner, and they'll verify that working hard in the
beginning will pay off in the end.
Getting started: The self assessment
In business, there are no guarantees. There is simply no way to
eliminate all the risks associated with starting a small business. But
you can improve your chances of success with good planning, preparation
and insight. And that starts by looking at yourself. Take some time to
answer the following questions about yourself before starting a
business:
Spend a good amount of time on this exercise. This might be best done
with a friend, colleague or business mentor. When you’re finished, take
a look at the list and note any gaps. Your lacking some of the traits
of a successful small business owner, for example, doesn’t mean your
business will fail, but it will give you a good idea of your strengths
and weaknesses—and any partners, employees or advisers you may need to
help you fill the gaps.
Alternatives to starting a business from scratch
Instead of starting a business, you may consider one of these options:
Buy a franchise
Becoming a franchisee of a successful franchising company can increase the odds a business will succeed, but there are many factors which a potential business owner should consider.
Buy an existing business
Purchasing a business that is already operating can help a potential
business owner succeed. But like acquiring the rights to a franchise,
the buyer must beware.
Developing a business plan
Every successful business plan should include something about each of
the following areas, since these are what make up the essentials of a
good business plan:
- Executive Summary
- Market Analysis
- Company Description
- Organization & Management
- Marketing & Sales Management
- Service or Product Line
- Funding Request
- Financials
- Appendix
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