Starting A Business
If done properly, starting a business can be a very enjoyable and rewarding experience. We provide business ideas, reference materials and cover the necessary steps to determine the right business for you and position it for success.
Steps To Starting A Business
Step 1: Determine The Type Of Business To Start (Your Business Idea)
You will spend a lot of time and energy on your new business, therefore make sure it is something you enjoy doing. Otherwise you will have trouble expending the energy necessary to make your business successful. Ideally your business will involve something you already know. This will make things much easier and your chance of success much higher. Although with the proper support network (more on this later) you can still find success in an area you do not already know but it will be more difficult. Your business will face competition and you may find it harder to compete against other businesses that have more experience in your field.
When considering ideas for your new business, do not discount things as not being business material until you have done a business plan and truly know if money can be made or not. Also consider several things before settling on one. Ideally you will do business plans for at least 5 different business ideas before finding the one that is best for you. I did close to 100 business plans before settling on my current business and my business ended up being related to one of my hobbies.
Finally, consider your support network. Just because you are starting a business does not mean you need to know and do everything. Do you have contacts that may be able to assist in certain areas? Franchises often provide a support network. Also look for other companies that may allow you to focus on your core business while simplifying the surrounding areas. For example SiteSell provides an excellent support network for Internet businesses and businesses looking to establish an online presence. The more support you can find for the surrounding areas allowing you to focus on your core business the better.
Step 2: Create A Business Plan
Your business plan is not something to be taken lightly or done quickly. This is the roadmap to your success. Do the appropriate research and be sure that you really know the industry. Ideally the business is something you already know, but if not, read relevant magazines, join relevant trade, industry or professional associations.