You can feel the entrepreneurial spirit coursing through your veins. You want to be your own boss, set your own hours and play by your own rules. Here are some tips that may be a starting point for you when you’re mapping out your plan to become your own boss.
Come up with a business plan
Don’t try to fly by the seat of your pants when it comes to business ventures, especially your own. When sitting down to write a business plan, there are some things to take into consideration:
Learn everything there is to know about your business. Who are your competitors? Who will be your customers – do some market research. If you don’t know how to tap into sources yourself, call the pros to help you. This goes hand in hand with actual marketing. How are you going to promote your business? Think about possible branding.
Decide on the dynamics
Are going to have a sole proprietorship? Perhaps a partnership? Maybe incorporating is the route you should take. Again, look at the overall picture and goals of your business and decide what is best for you and it.
What’s it going to be called?
There’s a lot to be said for a business name. Businesses with names that stick the minds of potential clients or customers and give them the dibs on what you’re all about are off to a good start.
Location, location, location
You wouldn’t want to set a pool company in the middle of the desert – you get the idea. Your company, store, service, and so on should be easily accessible and seen.
If you’re planning on starting a business that is in any way regulated, make sure you become familiar with the rules. For instance if you’re planning on importing or exporting products, find out what you need to know. This pertains to things like health and safety, human resources and environmental issues, among others.
Start up funds
There is money available to fledgling business owners. Find out what grants and loans are available and go after them. Check out government sources, non-government organization financing and private sector financing. There are ways to negotiate deals with possible investors to get equity financing. Learn the in’s and out’s.