You wake up one day and decide you want to
become a business owner. Great! Welcome to the American dream of
entrepreneurship. But the question is how do you become an entrepreneur.
What exactly do you need to start your own business and succeed.
Deciding to become an entrepreneur is only
the first step in a long journey.
Below are thought starters related to the 10
considerations above.
01
WHAT
WILL YOU DO?
When making the decision to start a home
business, the first question you need to ask is, "What will I be doing)"
Will you buy into a business opportunity or join an MLM) Will you go
with something you love or something you think could earn you tons of
money (they don't always come hand in hand)) There are so many options
out there, it can be hard to find the right business to start.
02
WHAT
WILL YOU NEED TO START
After you've decided what to do, the next step
is to find out how to do it. Do you have the necessary skills required
by the business) Make a list of what you think you'll need to achieve
success. It may be knowledge about the business, certain skills,
cenifications, equipment, or inventory you'll need to purchase. If you
don't possess the knowledge, skills, ete. now, plan on how you can get
it. (A quick tip: A business mentor or
sponsor can give you all the details on what you need to start.)
03
WHAT REGULATIONS Will YOU NEED TO FOllOW?
Make sure you have all the government
requirements needed to operate the business, which you can learn about
by going to your county courthouse or city hall. Online, you can visit
your Secretary of State's website or check if your county or City has a
website with information and contact details for starting a business.
Some states have better information on their websites than others, so
allow yourself Some time for your search.
04
HOW MUCH MONEY DO YOU NEED TO START?
This is a basic question that could impact which
business you can stan-it is one thing to want a particular business, and
anOlher to know whether you can actually afford it. That said, there are
many opportunities that cost just a few hundred dollars or less to get
started. Also consider the cost of training (is it free with your
opportunity?) and inventory (are you offered a discount by the
company)).
05
HOW MUCH MONEY WILL YOU MAKE?
The revenue your business will earn is really
hard to predict because it depends on so many factors, but having some
idea of the range of earnings will help push you. The high estimate can
motivate you to suive harder, while the low estimate can give you some
sense of acceptable income parameters. Business books or someone who is
already in the business can often give potential income estimates. You
can also check with the company or industry associations for studies or
papers showing income ranges of its members.
06 HOW
CAN YOU GET STARTED?
Plan out the specific steps to stan and operate
your business and check if you have everything the government requires
for your business, from licenses and permits to zoning approvals. Even
if you arc not applying for a loan, you must have completed your
business plan at this point-it is your road map to success and without
it, its hard to navigate through all the ups and downs of
entrepreneurship. You should also finalize your pricing, making sure
nOlto price yourself out of the market while covering all )'our
expenses.
07
HOW DO YOU INTEND TO REACH YOUR TARGET MARKET?
One of the worst mistakes when starting a
business is to assume customers will noek to your business immediately.
They won\, and chances are, you will have to work hard to find your
customers and tell them about your product. 'vVhen you start a bus mess,
it is crucial to know your target market and how you can reach them. A
marketing plan can help you create your positiomng statement, identify
your target customers, and formulate strategies with corresponding
timelines on how to reach them.
08
WHAT TOOLS CAN YOU USE TO OPERATE AND
IMPROVE YOUR WORK?
Technology should be your best friend. Be open
to technological innovations and find out how they can be used for your
own purposes. What gadgets can help you improve your productivity? If
you can automate routine practices, so much the better. Simple things
like a script to automatically update your website's date and time can
allow you to work on more important things your business needs.
09
WHERE CAN YOU GET HELP?
Sometimes, try as you might, there will be
moments when you need some advice or assistance. It can be easy to be
overwhelmed by all the decisions you need to make as a small-business
owner, especially when you are a one-person business. Many studies have
shown that business owners with mentors showed more growth in their
businesses than those who did not have one. A mentor can show you a
proven road map to your business success. Having someone to guide you,
give you counsel, and even open doors for you by introducing you to
customers and financing resources is literally heaven-sent.
10
WHAT'S YOUR EXIT STRATEGY?
I am a firm believer of the saying, "You don't
start out by giving up." That said, a realistic and tangible exit
strategy should be a critical component of your business plan. Thinking
of an exit strategy while just starting a business is not about
pessimism; rather it is about smart planning. Are you planning to work
the business into retirement) Do you envision turning over the reins
to your children) A long-term strategy will allow you to plan exactly
how to reach the goals you've set out for yourself.
What Backgrounds do home based business
owners come from?
