Business & Finance Small Business

Starting A New Business

Have you ever thought of starting your own business? Are you getting sick and tired of watching the clock all day, just waiting for quitting time? There are a lot of people who have made the decision to start their own business, and, you know what? They are actually happier and healthier because they did.
Here is what you need to think about.
Do you have a hobby that you enjoy doing in your spare time? Think about ways you might earn money for doing it.
Maybe you like to make jewelry.
Unique, one of a kind jewelry can be sold from your home, consigned to a store, or even sold on the Internet.
You could also offer classes on jewelry making.
How about gardening? Do you have the showplace of the neighborhood? You could offer garden design services or sell bulbs and cuttings from your garden.
You could even start a restaurant based on home grown fruits and vegetables.
The possibilities are truly endless, bounded only by your imagination.
Before you jump in head first, take some time to research your area of expertise.
Who will your target audience be? What are your outsourcing options? Look around for other businesses or people who are doing something similar.
Talk to your family, friends, professionals and other entrepreneurs for feedback on your business idea.
Go onto the Internet and look for articles or eBooks that can help you start your business right.
If, after your research, you think you have a good product and a market to sell it, it's time to take the first step.
What is the first step? Start small.
Rome wasn't built in a day and your business won't develop full blown tomorrow either, nor would you want it to.
You don't want to get discouraged before you even get started.
Make sure your product or service is something you really love doing.
Having a hobby turn into a business can take some of the joy out of it, so you need to be sure you won't burn out on it.
Don't be afraid of making mistakes.
If you don't make mistakes, you won't learn anything.
That's how you grow and it's how to make your business grow too.
Now that you have decided to go ahead and give it a try, make a plan.
Sitting down and laying out your goals and defining your new business gives you a clear idea of the steps you need to take and the order in which to take them.
You can find business models on the Internet that will help you put the steps in the proper order and keep you from forgetting any.
Once you have your business plan all written out, start working out a budget.
Starting a business is not free.
You will have to research what kinds of licenses or permits you will need, any other business related expenses you can expect.
You must also consider the cost of the materials you will need and how much time it takes to complete a project.
Your time has worth too and has to be given a definite value.
There are tax benefits to consider also.
If you are going to work out of your home, you may be able to write off a portion of your electricity and telephone bills.
You can write off any business supplies as well as the cost of your materials.
If you use your car for any part of your business, you may write off some of your gas costs and the wear and tear.
A good tax person can help you in this area.
Once you have your business plan and budget down on paper and you are ready to go forward, your next step is advertising or marketing.
This can also be a big expense, but there are ways to start slowly.
Word of mouth is the cheapest way.
Talk to your friends about what you are doing and get them to tell their friends.
If you have some small items already made, give them to your friends and ask them to show them around.
Home parties can also be very lucrative.
Or, if you are offering a service, give your friends a demonstration, or have a get together and demonstrate to a group.
You could even generate some orders or sales this way.
Another inexpensive way of advertising is placing an ad in the local paper.
Newspapers are great places for ads, since most homes receive one or more papers.
You can start out with a small ad and run it for a month to see what kind of response you get.
If you are selling a product, try advertising on Craig's List on the Internet.
There is no charge.
But, be careful advertising on the Internet.
You could generate so much response; you won't be able to keep up.
It is better to start out selling one piece at a time until you build up sufficient stock to handle bulk orders.
Of course, there is also radio and television, but these venues are very expensive.
The important thing to consider is who you are trying to target as your customer.
There are different age groups, genders, ethnicities and political affiliations that respond differently to certain ways of advertising.
Where does your target audience live? Where do they go to school or work? How much are they willing to spend for your service or product? These are just a few questions that you will want to ask yourself to help determine the type of advertising that is right for you.
All of these suggestions will help you get your new business off to a good start.
Don't expect it to be easy.
Starting a business takes time, money and effort.
Ask for help, if you need it.
Pay for it if you have to.
Don't let yourself get discouraged if the going gets tough.
If you believe in your product or service, you will be able to make it a success.

Leave a reply