Owning your own business
Not just a dream…you can make it happen!
When thinking about
career possibilities, do you ever think about owning your own business? A
lot of people do. They look at self-employment as a chance to advance
professionally and to earn more money. Some feel that owning a business
allows them more flexibility to set their own hours or work from their
home. Others like the idea of specializing in a business involving
activities they enjoy.
No business can be guaranteed success, but
there are some things you can do to increase your chances for
Tips for starting a successful business
When choosing a business to start or buying a business that is already
established, think long and hard about how much appeal the business has
for you. Are you willing to invest a substantial amount of time and money
to make it work?
2. When making your entrepreneurial choice, be
sure you have some experience, skills or education in the field of
business you’re considering. Look at your personality, background and
preferences when making your choice.
3. Evaluate your work and
other life experiences to see which experiences you can use to start a
business. Take a good hard look at your personal strengths and weakness.
Be honest about them.
4. When you’ve chosen a business that you’re
interested in, learn as much as you can about it. Read as much as you can
about small business. Read magazines and trade journals, talk to
successful business people and spend time surfing the `Net. Get as much
information as possible about the costs of employees, rental space,
materials, equipment and other necessary items for you chosen
5. Enlist the aid of experts. It might cost you a little
money, but it will save you heartaches and headaches in the long run.
Invest in a good accountant or financial advisor and a reputable
advertising person to assist you with your marketing strategy.
Remember to budget for start-up costs. Some of these are one-time only
costs such as major equipment, licenses and permits, utility deposits,
beginning inventory and down payments.
7. Don’t forget your
operating budget. Determine the continuing expenses you will incur and how
much money you need to make to meet those expenses. A good rule of thumb
is to allocate enough money to operate for the first three to six months
without steady revenue.
8. Find out as much as you can about your
potential customers. Get to know their likes and their dislikes. Know what
their expectations are. Figure out if you can get them to buy your product
or service rather than buying it from a competitor. When gathering this
information, be realistic about your expected share of the
9. Determine how much you can charge for your product or
service and whether your prices will be competitive.
your competitors’ strengths and weaknesses and compare them to your