What You Need to Start a Business

Many people want to be an entrepreneur and start their own business. There are things that the entrepreneur needs to take into consideration before setting up a business.

Define Your Business

  • What is it that you really want to do?
  • Will you have a product or a service?
  • Will you be providing your local community with your business and/or can you earn money by running your business online?

Time

The two most powerful warriors are patience and time.
Leo Tolstoy

It is going to take time to get up and going. If you are working a full time job then you should budget your time to work on your business. Do you have a family and schedules that you will need to work around? I personally find that getting up an hour earlier in the morning gives me the time I need without interruption.

Startup Capital

All businesses need some money to get up and running. It is possible to start a business with very little money, if you have the right combination of business sense, a strong work ethic and an idea of how to market your business. If you are needing more money than you personally have to begin, consider these options for funding your business:

  • Fund everything yourself
  • Family and friends
  • Banks and Credit Unions
  • Take out a business loan
  • Meet with an investor
  • Crowd funding – Go Fund Me or Kickstarter

Here are a few business expenses that you will need to plan for just to get started:

  • Business cards
  • A website
  • Marketing materials
  • Accounting software
  • Mailing supplies and postage
  • A credit card processor account

Patience

Patience, persistence and perspiration make an unbeatable combination for success. Napoleon Hill

When starting and running your own business you need to have patience. It is very easy to build up in your mind how long something should take to get it accomplished. Later, you find out that it is going to take twice as long or there were steps along the way that you didn’t anticipate.

Starting your own business is a learning experience. You are going to learn something new every day. If you can remember that, it will be easier to be patient.

When working with the public there will be different personalities you will encounter. Be patient with each person. If you have a difficult customer, learn from the experience and move on. You want your customers and clients to become your raving fans.

bus_searchResearch

You need to research your idea. Here are a couple of questions to get you started in the right direction:

  • Are there other businesses offering the same product or service?
  • Is there a demand for what you are wanting to offer?
  • Will you need a license or permit?
  • Will you need a storefront?
  • How will your customers receive your product or service?
  • How will people learn about you?
  • How much will starting the business cost?

These are all good questions and should be researched before making the leap. If you do the research at the beginning then you will run into less problems later on.

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