This article is designed to help you save some money and succeed in starting your own business. You must be organized and prepared to do a lot of calculations. The first step to starting your own business is to put your ideas to paper.
You should keep a notebook for this project. Organization is critical to your success. Here is a list of questions for you to answer.
- Do I want to sell something? (What do I want to sell?)
- Do I want to make something? (What do I want to make?)
- Do I want to provide a service? (What service do I want to provide?)
- Why do I want to go into business? (Is there a lack of this product/service in my area? Can you make a superior product/service?)
- How much money am I willing to lose to make this business successful?
- Will I be able to make enough money to pay the bills?
- Once business is open, how will I get my message (marketing) to the public to sustain and grow the business?
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It is important you are honest with these answers. These answers will actually give you guidance later in your process. Do not despair if you decide you don’t really have a good idea what you want to do. Mistakes are free at this stage.
You should be excited about your ideas every time you return to the notebook. Go ahead and make whatever changes you think are necessary. Mistakes and changes are still free at this point.
Tip: You want to have the best possible plan when you approach someone else (like a bank or partner) for help.
By now, you have a good idea about what kind of business you want to start. This is excellent! And it didn’t cost you any money (except for maybe the notebook). You will have plenty of time to spend money later on.
You have your ideas written down. You can run this idea past your family. They might be able to give you some suggestions, or even support. it is best to answer as many questions as possible at this stage of your process. Remember, mistakes and changes are free at this stage.
You have already saved money by writing down questions 1 through 7 before you spent your hard earned money. There are a lot of people out there who have tried to start a small business, and either lost too much money to continue, or just gave up from frustration. The failure rate for small businesses is about (95 to 98%, depending who you ask). I will try to save you some money with this series of articles.
Start scouting for possible names, business locations and different marketing techniques to reach your customers. You will also have to start to look at this process in terms of dollars and cents. You will have to start spending money soon. Keep in mind, you have your notebook to write down various costs, such as supplies, lease payments, and marketing costs.