Starting a small business is a top priority for many of our students. The main reason for setting up a small business is, number one you get to make more money, and number two you get to keep more of it through all of the great tax savings. The problem most people run into is where to start. They have no idea of what they would like to do and they have no idea of what their passions are. I think that knowing what you enjoy doing will give you and edge. There are a few ways you can do this. One of the most popular was is to just brainstorm what you like to do and then number them on a scale of one to ten. You can also use the approach of asking others what they think you would enjoy doing. You may be surprised what others can see in you that you can’t. Once you have decided what good or service that you are going to provided then comes putting a plan together on how you are going to translate your desire into income. There is a right way and a wrong way to setting up a business. This is the right way to set up a business. Jumping into a business without a life plan and a business plan is definitely the wrong way to go about it. Building a good business like everything else stats with having a plan and putting it on paper. Directions on how to write a business plan are all over the internet. Some of the best sites that I have found are www.sba.gov and www.startupnation.com. These two websites give you a step by step process to setting up a successful business. Remember running a successful company is hard work and you may begin to see that you will have to work as hard, or many times harder than you do at your current job. Things may get easier down the road if you set the business up correctly, but be ready for some ups and downs along the way. If you do want to start your own business one of the best ways to do this is to do it little by little. Try you business plan on a small scale first and then work on growing your business. Chances are if you business plan works on a small scale it will also work on a larger scale. In any case, if you have a good or service that people need, want, and desire mixed with the persistence it takes to succeed the possibilities for prosperity are endless.
Resources:
Websites
www.sba.gov
www.startupnation.com
Books
Raving Fans
One Minute Entrepreneur
No comments yet.