How to Start Your Own Business
I have recently started a business and have learned some crucial lessons in the process that I feel privileged to share with you.
1. Identify your motivation. __1__ To have more time? To make more money? To be your own boss? To have creative control over what you love to do? Write out all of your motivating factors and prioritize them. When you see them listed, you might see a pattern in that you're just unhappy at your current job and starting your own business isn't the answer.
2. Identify your passion. What do you love to do? What skills and knowledge do you uniquely bring to the table? What gets you excited about your work? __2__ If you keep your passion in plain sight, you will stay focused on the purpose of your business and not solely on the logistics.
3. Identify your market. If you are starting your business locally, research your competitors. Determine if there is room in the market for your business. What will you do differently to draw in customers? What niche market are the other businesses missing? __3__ Your business cannot survive without customers, so do enough research on the front end to determine if there are enough potential clients to keep your business alive.
4. Identify your finances. __4__ You have to buy furniture, trash cans, a garage door opener, light fixtures and landscaping equipment, and before you know it, you've far exceeded your financial boundaries. That can happen just as easily in a business. Do exhaustive financial planning. Meet with a financial advisor or someone at your bank to examine the financial viability of your business and the process of getting it up and running. __5__ Be prepared for financial loss and get advice on how to alleviate that burden in the future.
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