If you are considering starting your own business you want really be sure that route is suitable for you. Starting your own business is going to be demanding, it’s going to be tough, it’s going to be emotional. But boy, when it’s done well it can be so richly rewarding, both financially and personally. Read on to discover 10 tips for how to get your business idea off the ground:
- Know yourself. No, I know you know yourself, but do you really have what it takes to be an entrepreneur? Do you have the entrepreneurial spirit? Are you resilient? Are you flexible? Can you adapt and overcome? Just because your idea is the next big thing, doesn’t necessarily mean you are the right person to see it through to fruition.
- Have a great idea. Don’t just start a business because you know something is popular. You have to develop an idea that you are passionate about. Bear in mind you will be living and breathing your business you are going to want to be fully committed to it. Know too that you have the support of your family and that they understand exactly what you are doing as it will have a significant impact on their lives whilst you get going.
- Test your idea. So you know what you want to do. But will it work? Will people buy it? Do people even need it? Always be asking yourself ‘how does my idea help people? What problem does it solve?’.
- Create a business plan. It doesn’t have to be in-depth, but you do have to have one. It will help keep you on track and it will reassure potential investors that you have thought it through. Check out SBA.gov for advice on how to write a business plan. They also have lots of great free resources, so well worth checking them out.
- Identity potential clients. Just because your mom said it was the best idea she had ever heard doesn’t mean everyone is going to think that. Figure out your market and who your potential customers are.
- Money. Know your finances inside out. Know how much it is going to cost you to make your product. Know how much your product typically retails for. Know your margins. Establish a budget to better aid your financial situation.
- Find investment. There are so many options for investment: you can self fund, find government grants, take out a loan, or have outside investment.
- Know your investors If you choose to have outside investment you are going to want to know your investors as they will likely want to get involved in the business. Find someone who you can work with and who believes in you.
- Legal stuff. Pick the legal structure that works best for you and your company. Understand fully your tax obligations, and adhere to them.
10. What’s in a name? Make it easy on yourself and your customers by choosing a name that suits your business. Be sure to check the URL is available to buy. Register the name with the country clerk and trademark it if necessary.