Do you dream about starting a business but don't know where to begin? Does the idea of being your own boss and creating a company that provides great products and services excite you? Yet all you do is dream, unable to move ahead. You're not alone. Below are five step-by-step strategies that can help you launch the business of your dreams.
1. Commit to one business.
You must commit to one business. Throughout the years, I've met people who have the passion to become entrepreneurs, but they keep spinning in circles, never committing to one business. Look at it this way: Once you succeed at building your first company, you can always start another one.
Don't choose a business unless you are passionate about it. This is not about the latest fad or fashion. It's about making a commitment to something that will absorb large amounts of your time--and possibly a lot of money. So choose wisely. If you want to start an online business, then commit to it. If you want to open a retail store, go for it. If you want to be a contractor, move ahead. But don't hang yourself up by wanting to do all three things at once. Make a choice and commit.
2. Research that business.
Today it's easier than ever to learn about any business in the world. For the fastest results, look online. Google the type of business you want to start.
Find out about professional organizations in the field. Read blogs and bulletin boards written by people doing similar things. Learn about sources of help. Read industry articles and buy the magazines or books that can teach you more. Participate in web seminars.
You also need to reach out to businesspeople and others who may be able to help you. You can do this through networking at local events, seminars, business groups and online through social networks. Make sure you understand the business that you want to start. The more you know about it, the greater your chance for success.
3. Have a plan.
Don't worry about a formal business plan, at first, unless you want to raise money through venture capital or obtain a commercial loan from a bank or other source. Most people start businesses with their own funds or a personal loan.
What you actually need is a three- to four-page business plan that serves as your personal guide to navigating the road ahead. Here's what goes into a business blueprint:
* What the business does (your products or services)
* Who it serves (your potential customers)
* Your competitors and why you're different
* How the business will run on a day-to-day basis.
* A list responsibilities as the business owner.
* An estimate of what it will cost to run the business for the first year.
* An estimate of how you will cover these first-year expenses, either through sales or from some other source.
Once you create a written picture of how the business will function, you'll be able to move ahead to the next step.
4. Start from small
One of the biggest myths about starting a business is thinking that you can start big. You can if you have lots of experience and have been there before.
5. Surround yourself with positive people.
Many times you'll question yourself, wondering whether you're doing the right thing. That's why it's essential to surround yourself with positive people. Negative people encourage self-doubt. They drain your time and energy, and undermine your ambitions.
Negative people come in many guises, from those who don't want you to get ahead to the ones who see the downside of every situation. They are everywhere. Some may even be family and friends. Try not to share your business dreams with them. Instead, share your ideas with people who are supportive. Positive people will help you build your business. Seek them out for counsel and advice.
Starting a business may seem like a daunting task. But if you are passionate and committed to making it work, then following these steps will help make the journey easier, less complex and much more fun.
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