Tips for Starting a Business

The New Year brings a lot of excitement. From setting New Year’s resolutions to planning events in the upcoming year like a wedding, you are looking forward to an amazing year.

If you’ve been thinking about starting a business with an inkling in the back of your mind that won’t go away, now is the time. Here are tips for how to start a business.

HOW TO START A BUSINESS

• Get a plan together. Depending on what kind of business you are starting, this can be a detailed, 20-page business proposal or simply some notes on a whiteboard to get started. Have some sort of direction, a mission, a vision, and a value statement. Give people a reason to try you out.
• Do your research. Figure out your competitors and how you are different because you are going to have to sell how you are different in order to gain customers. If you have a product idea, get feedback from others on that idea. Friends and family are good places to start and then trusted colleagues who can evaluate your idea objectively.
• Just do it. Your business is not going to start itself. It’s going to take a lot of work, a lot of hours, and some blood, sweat, and tears. But in the end, it will all be worth it. Remember you only have one life to lead. The worst that can happen is your business fails. So what? At least you tried. That’s more than 90 percent of the population can say.
• Knock out the legalities. Again, this will depend on what type of business you have. If you have business partners, this is a must-do step before even opening your doors. If it’s just you starting a business out of your bedroom, then you can probably wait a bit to see how this will fly. Once you start bringing in revenue, however, you’ll need to officially become a business.
• Finance your business. Is this just your seed money to start your business or are you bringing in partners and angel investors? Come up with a fund-raising plan to get your business off the ground.
• Develop your product and service. This is important. You really can’t begin your business until your product is ready to be mass produced. Same with a service. When you have all the pieces in place, then begin. The last thing you want to do is turn potential customers off who want your product, but you don’t have one yet.
• Hire employees. This can take some time, and you don’t want to rush this one. Finding the right people to help you run your business is essential.
• Begin! Open your doors to the masses, and see what the market brings. Keep future growth in mind always and develop a great social media plan as well.

Starting a business is no easy feat — that’s why many people want to start a business but never follow through. Yet, the rewards of business ownership can be amazing: set your own schedule, work when you want to work, go to the gym and the doctor at off-peak times, see your kids’ plays at school, and work online for a few hours while on vacation. Don’t be discouraged. Know the work will be worth it. Find some supports to cheer you on.

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