There are many compelling reasons to start your own business. While it means a few years of stress and long hours, the payoff can be incredible. You get far more control over your own life. You get to choose when you work. If you build your own team, you get to decide who works for you and what attributes you want in your workforce. Let’s not forget that you are in charge of how much you make and you don’t have to “wait” for your boss to give you a raise to get the salary you want.
It’s all up to you to put the hard work in.
Personality-wise, you’ll need bravery and gumption! You’ll need to be willing to turn into an early bird and a night owl for a while and you’ll need to know how to say no. But what about other things you might need?
5 Things You Need To Launch Your Own Business
Of course, one of the first things that you might think you need is money. The honest truth is that these days you don’t need that much money to start a business, especially if you are prepared to dive in and learn how to do things yourself. Many businesses can now be started with less than $500 and most of the time, you can just use your savings or cash flow your expenses. That’s what I did when I started. What money was coming in and how much could I spend of that money? It’s a simple math game.
Say you are launching an online e-commerce business. You’ll need money for a website, maybe a web designer, and your materials and tools. I always recommend starting simply. You don’t need a big fancy website to start. To be honest, you don’t even need a website if you use the phone and go to in-person networking events with potential clients. Eventually, you’ll want to add it to your to-do list but don’t let this stop you from making a sale.
So now, let’s say you have a bigger project. You may need to get an office, or a factory or another type of space. For this type of business, you can rely on your own savings, but that might get eaten up quickly. It might also be a good idea to keep your savings intact for further down the line. Another alternative is that you can get a line of credit loan. This will help you get the business up on its feet. Once that has happened, you can pay it back and start making money. That money can then be used to hire new staff or move to bigger workspace.
Remember, this is not a time to be a big spender. Practice being frugal as much as possible.
If you’re launching a startup online business, you may be able to work from home. Even still, it might be wise to set up your own workspace or office. Doing so helps keep you focused and away from potential distractions. It can also make you feel a bit more serious about the business.
It could be the case that you can’t work from home, but need a space. Coworking is a great solution if this is the case. Most major cities have at least a few co-working offices. These are also great places to network and meet new people. Plus, at some of these places, you can have your own phone line and set up a PO box also.
Of course, something else you will most likely need is a website. It is the single most common way that people find out more information about things these days. A website is a good starting point, as you have total control over what goes on there. You can pick your best pictures, write the best description of your business. It is also handy for displaying opening times or working hours, and contact details of course. However, don’t forget the power of social media too. A presence on Facebook and Twitter will go a long way too.
4. Legal Paperwork
If you are just getting started, you’ll want to investigate the proper legal paperwork you’ll need in your state. You’ll want to figure out if your business should be a sole proprietor, LLC or Corporation. You may want to look into online sites like LegalZoom or talk to your lawyer and CPA.
A big mistake new entrepreneurs make is doing it alone and not having a partner, mastermind group or coach to help you. My business changed overnight when I invested in a coach and I continue to have a mastermind group and accountability partner. A community of support is truly what you need so you are never alone in this.
Check these 5 things off and you’ll be well on your way to a successful business! Good luck!
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