Great IDEAS for Starting a Business
Use a business plan to help guide and grow your business.
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Starting a business is an exciting time for individuals who have always aspired to leave their 9-to-5 jobs and build businesses they can call their own. Entrepreneurs are faced with many challenges as they start their businesses - from planning to marketing. If you’re looking to start a business, embrace the many resources available that can help ease your journey and put you closer to opening the doors of your business.
Passion And Skills
As you decide on what type of business to start, use your passions, your current skill set and knowledge base to help you select a business you can have fun while you're running it. "Entrepreneur, " a magazine for business owners, suggests thinking about what gets you excited, revisiting your childhood and testing the job market to come up with ideas on the type of business you want to start.
Road Map
Every good business has a plan, although the size of the plan may vary. A major aspect of starting a business is crafting a business plan that can help you bring your vision to life by outlining your missions and goals, and forcing you to decide how you’re going to get there. Business plans cover everything from marketing and management to financing and operations. As a startup, it’s not always necessary to create a 30-page business plan, start small with a simple business such as the one-page business plan model taught by Tamara Monosoff, author of “Secrets to Millionaire Moms.” These one-page business plans include a vision, mission, objectives, strategies and action an action plan. You may also want to add competitors and a description for your target market to your initial business plan. As a part of your road map, create a budget that outlines your startup and operating costs, so that you can determine the level of funding you need for your business.
Legal Requirements
Check with your local Chamber of Commerce to find out whether you need to register your business or apply for a business license. Laws and regulations may vary by state. Examine the various legal entities, such as sole proprietorship, partnership, limited liability company, to determine which one best suits your business.
Funding Opportunities
Each business is different, so the amount of funding you need to get your business up and running may vary. There are many ways to fund a business, including using your personal savings and reaching out to friends and family members for financial assistance. "Inc., " a magazine and online resource for business owners, also suggests getting a bank loan, applying for a U.S. Small Business Administration loan, using a credit card or attracting an angel investor.
Home Office Ideas
Before you set out to pay a lease for a small office space, consider using your home as an office as you build your clientele. Running your business from home can help you reduce initial start-up costs. Find a distraction-free area in your home, preferably with a door, and equip it with a desk, computer, comfortable chair and other supplies, and equipment you need for your new business venture.
