How To Start Your Own Business

Posted by Benjamin Kling on Mar 25, 2021 1:45:43 PM

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Have you always wanted to be your own boss?  Would you like to captain your own ship?  Perhaps you should consider starting your own business. 

You may want to think about becoming an entrepreneur if you have identified a need in the marketplace that your business can fill, offer a value to your customers, have a strong work ethic, and believe in your plan.

Where to start when starting your own business?

  1. You must decide what kind of business you are looking to start. It is best to find a topic or specific field you are looking to enter. You must determine whether the field is too saturated or not. Also, it's important to determine if there is a client base for the business you're looking to start
  2. figure out the why of your business. If your business does not have a why, who is your business going to help? If your business is not going to help anyone, you will have no target audience. Business must provide a useful product or service to make people's lives easier and more enjoyable
  3. Are you passionate about the business you are starting? If you're not passionate about your business then you will not have the work ethic to continue through the struggles of business in the early stages." or "If you're not passionate about your business then you will not have the work ethic to continue. Most businesses struggle in the early and middle stages. You'll need passion and strength to fight through those struggles. You need to determine if you can see yourself being passionate long-term." expand on why it is important to be passionate long term.. how once you overcome the early stages you will have great success, etc.


Where can you find advice on starting your own business?

  1. You should see if you have any personal or professional connections that own their own business. These people will be able to provide you real experience and relate to your situation. They already know you as a person and be willing to help you tremendously
  2. Read books about entrepreneurship. You can find books such as “The Art of the Start 2.0: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything” by Guy Kawasaki.
  3. Explore on youtube. In this day and age people publish almost everything you want to learn on Youtube. People share their real world experience with the world on Youtube for people to take their tips and learn from the mistakes  made during their entrepreneurship experience. during their entrepreneurship experience. Some Youtube channels such as the Young Entrepreneurs Forum are a great place to start.

How to come up with an idea for a new business?

  1. When you are coming up with a new idea for a business, you have to brainstorm how your product or service will help a person or people in society.
  2. You have to research your competitors in that field. If there are too many companies already providing the same product or services then you shouldn't continue with that business idea. The market is already saturated which will be very hard for you to start a new business. You must find a market that is unsaturated to be able to become successful. 
  3. Research the logistics of an idea. You have to actually be able to provide the service or product at a reasonable price, while still making the money. If people will not pay the price of a product or service at your business then it will not be profitable. This means you will not be able to remain in business.


Where to find resources when starting a new business?

  1. Truic is a great place to start for small businesses and start-ups. Truic offers state specific laws and how to set up a Limited Liability Corporation (LLC). They have a logo maker, brand name maker, and idea generator for small businesses.
  2.  The Small Business Administration is one of the greatest resources. The SBA provides loans and grants to small businesses. They also provide guides on starting, launching, managing, and growing your small business. They also provide a learning center for entrepreneurs to learn in those same categories. 
  3. Docracy offers legal documents that are open for the public to use. If you need a legal agreement for your business, this is the best way to save money while still protecting your business. 


Why is having a business plan important?

  1. It is important to have a business plan, if you are going to look for a loan or investment you’re going to need a business plan. Your lender will want to see how they are going to be paid back. They will not loan you money if they do not see the plan ending up with them being paid back
  2. Business plans are proven to improve your business and help it grow faster.. When you complete a step in the business plan you don't have to think or come up with the next step. Your business plan allows you to have the next step ready for you to complete. This ensures you will reach your goals efficiently
  3.  Business plans minimize risk for your small business. There’s so much you don’t know. Creating and reviewing your business plan regularly will allow you to identify any flaws from previous assumptions. It also helps to develop contingency plans


If you want to be the Captain of your own ship, you will need to chart your course carefully.  A successful business requires careful planning, time, and effort. 

Starting your own business may seem like a great idea, however it can be very daunting.  More than fifty percent of small businesses make it more than four to five years.  For some, that may qualify as a success, but if you are really serious about owning your own business, you'll want to plan for the long term.  There will be ups and downs, and you will need to be prepared to weather them.  Fear of failure could overtake your great idea, your problem solver, your customer must-have.  However, with careful planning, a lot of research, even more time, and personal effort, you could become a successful entrepreneur.  From an at home starter business to a full fledged operation that includes partners and investors, the possibilities are endless


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Topics/Tags/Categories: Job Exploration, First Step, Job Fair, Job Tips, Job Offer

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