Here are six tips to starting your own business.
Step 1: What are your gifts and talents? If you have no idea of what business you will like to start, think about what you naturally like to do. What are your gifts, talents, etc.
Step 2: Research the industry. This is one of the most important steps, research the industry. Who is your target market, competitors, is this a thriving industry? Is the industry one that has an over-saturated market. Do you need any special training, education, license, etc. Are there any barriers to entry?
Step 3: Think of a name (Branding) One you have decided upon the type of business you want to start, think of a name. Not just any name, but one that can become your “Brand”. One of the mistakes I made in the beginning of my journey to entrepreneurship is that I did not conceptualize my brand until later on. My business is an e-commerce site and in the beginning the name of my store sounded more like the name of an email address and not a “Brand”. I later had to go back and change the name to my brand, (which I am still developing). I wish I had thought of “Branding early” so I didn’t have to go back and change things. However, it is better late than never.
Step 4: Do not “quit your day job” One of the main things you do not want to do once starting a business is quit your day job. In the beginning when I started my e-commerce store I was on fire and full of vision and I thought that things would take off overnight because they were on the internet and I had a global audience. I prematurely stopped working in the for a period of time, and just focused on my business full time. However, businesses take time to support themselves, let alone you. So I returned to the workforce, while still operating my online store. This allowed me to use money from my job to invest in my business as well as take care of my daily needs. Do not leave your job until your business can truly sustain you (which might take years). In the mean time, use the money from your job to sustain yourself, pay down any debts, and invest in your business.
Step 5: Write a business plan This is a very important part of the business process. You really need to have a business plan. It does not have to be something elaborate and it may even change or need to be adjusted as you come to understand your business better. However, you need at least get started on one because the business plan is a point of reference that helps you measure progress.
Step 6: Set achievable goals So another thing you want to do is set achievable goals. How many customers do you want on a routine basis, how much money do you want to make. What steps do you need to take to achieve this.
Step 1: What are your gifts and talents? If you have no idea of what business you will like to start, think about what you naturally like to do. What are your gifts, talents, etc.
Step 2: Research the industry. This is one of the most important steps, research the industry. Who is your target market, competitors, is this a thriving industry? Is the industry one that has an over-saturated market. Do you need any special training, education, license, etc. Are there any barriers to entry?
Step 3: Think of a name (Branding) One you have decided upon the type of business you want to start, think of a name. Not just any name, but one that can become your “Brand”. One of the mistakes I made in the beginning of my journey to entrepreneurship is that I did not conceptualize my brand until later on. My business is an e-commerce site and in the beginning the name of my store sounded more like the name of an email address and not a “Brand”. I later had to go back and change the name to my brand, (which I am still developing). I wish I had thought of “Branding early” so I didn’t have to go back and change things. However, it is better late than never.
Step 4: Do not “quit your day job” One of the main things you do not want to do once starting a business is quit your day job. In the beginning when I started my e-commerce store I was on fire and full of vision and I thought that things would take off overnight because they were on the internet and I had a global audience. I prematurely stopped working in the for a period of time, and just focused on my business full time. However, businesses take time to support themselves, let alone you. So I returned to the workforce, while still operating my online store. This allowed me to use money from my job to invest in my business as well as take care of my daily needs. Do not leave your job until your business can truly sustain you (which might take years). In the mean time, use the money from your job to sustain yourself, pay down any debts, and invest in your business.
Step 5: Write a business plan This is a very important part of the business process. You really need to have a business plan. It does not have to be something elaborate and it may even change or need to be adjusted as you come to understand your business better. However, you need at least get started on one because the business plan is a point of reference that helps you measure progress.
Step 6: Set achievable goals So another thing you want to do is set achievable goals. How many customers do you want on a routine basis, how much money do you want to make. What steps do you need to take to achieve this.
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