Tips For Setting Up Your Own Business

Are you thinking about setting up your own business? Do you have an idea for a new business but you are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. It covers various aspects of how to plan and create a successful small business.

Many people are looking at ways in which they can become self-employed as they have had enough of being dictated to, and they’re fed up with long and frustrating commutes to work. They want the freedom of being their own boss and to be able to choose their own hours of work.

It must be said however, that leaving a full time career can be quite a scary prospect. The security of having a regular income and other benefits such as a pension and a shared savings scheme can seem hard to let go. I am sure many people, whether rightly or wrongly, have opted to stick with this security and to merely keep their business plan as a back-up idea, which they never see through or use.

On the other hand there are people who are willing and happy to take the risk and see it as a way of getting out of the “rut race” (that’s not a typo!).

When you have an idea for a new business you then need to think of a name to call it. It would help to keep this name quite short as it makes it easier for people to remember. It obviously needs to have something to do with the type of business you are entering.

You will now need to work out how much money you will need to set up the business. This can be quite daunting but is essential. In the short term it would be wise to keep these start up costs as low as possible. You can always buy or rent better machinery in the future, as only on example of keeping costs low in the beginning.

Once you are aware of how much money you need, you then have to find it. You may have enough yourself via savings or a redundancy payout, however most people are not in this position. If you do not have enough money, you could try and raise money via the family, by seeking a partner or by tapping into the equity from your home. There is also the option of a business loan.

The next stage is to market your product or service. There are many ways of doing this including:

  • The Web via a website you create
  • An ad in your local newspaper
  • Direct marketing in the form of flyers & business cards
  • An ad in the local yellow pages and B2B pages
  • Exhibitions
  • Trade fairs and other advertising methods.

It is advisable that you find out where other people from your industry advertise as they will have tried and tested many of the above options.

You will need to work out how much to charge for your product or service. A good practice is always keep these charges fairly low in the early going so as to attract as many people as you can and to get some income in. Then you look forward to the time when word of mouth (and your other promotional efforts) take over after a few months you will be in a position to increase your fees.

It is also important to realize that you, like many new business owners (and some veterans) will make mistakes along the way. When this happens you’ll need to think positive and not to beat yourself up. Consider it an experience you can learn from.

Always have belief in yourself. Any business will go through a rocky period from time to time, but during these times is when you need to be strong. In my opinion the more work put in, the more rewards you are likely to reap; and this, ultimately, is the reason you’ve opted to start your own business in the first place. The rewards for you and your family!

Self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be the downfall for many people. Business owners and entrepreneurs have to ensure that we work the required amount of hours. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf. These things are fine once you are established, but this is a long way off in the early stages.

Catch the Spirit of the Entrepreneur

Grabbing opportunities with open arms is often easier to talk about than to actually do. Most people find themselves dreaming about being rich but never actually doing anything about it. A combination of procrastination and ‘what if’ syndrome can cripple your creative spirit and might mean your idea will never become a reality.

Socrates said “Action equals knowledge’. He was one of the greatest philosophers of our time. What he meant was that it is through action that we achieve results. For example, you could think about learning a foriegn language for months, imagining the holidays you will take and the people you will communicate with. You can dream forever but accomplish nothing unless you actually make the effort to start taking lessons.

Much like the martial arts approach, the idea is to take action immediately and avoid over analyzing the situation.

Do you want to start your own business but are afraid of what kinds of things can go wrong? What if your initial investment doesn’t pay off? There are millions of things that could go wrong, but likewise there are many things that can go right! Fear can be paralyzing. When thinking about starting a business, particularly if you keep waiting for the right time. There will never be a perfect time. It’s now or never when it comes to starting your own business.

Overcoming your fear is a step by step process.

  • Do you have a clear idea of what kind of business you want to start? A clear plan will help keep your worries at bay.
  • Do you have access to the resources you will need? This includes the necessary start up cash as well as anything else you will need.
  • Do you have access to clients or do you know enough about marketing basics to ensure you will have enough interest in what you are offering?

Just like anything else – taking action is the most important part. Make an itemized list of what you feel needs to be done in order for you to start that business you always dreamed of.

Prioritizing your list will help too. Don’t wait for all your ducks to be in a proverbial row before you begin but make sure you have all the basics covered. Don’t wait for that ‘perfect someday’. Make an imperfect start.

Don’t over think everything. Sometimes the best approach is to just jump into the deep end.

Don’t wait to start discovering your own entrepreneurial spirit. Take action today!