If you have always dreamt of being your own boss, see yourself as leading, like doing things your way and are always brimming with ideas then chances are you want to be an entrepreneur. And if you do, then most likely you are waiting for the time to be right and for you to be ready. Well, we say there is no time like the present and if you have a dream then you start working on it now, before you are ready for it. This does not mean that you need to rush into things and launch your company with the next sun rise, just that you can start laying the foundations of this dream.
If you don’t know where and how to start, we share with you the seven steps to starting your business:
Make sure you want to be an entrepreneur
If you’ve lost your job and can’t find another, it is not the best reason to start your business. But if you have an idea that makes you want to quit your job or work nights after a long day, then you might want to act on it. Remember starting a business is a hard job, you have to prepare yourself for many struggles at least in the first few years, so you need to be prepared for a lot the hard times. It’s best to figure out why you want to start a business, list down the reasons and then see if they are good reasons.
Figure out what kind of business interests you
Are you selling a service or a product? Are you manufacturing or are you procuring the product to sell? do you sell online or retail? There are so many businesses out there, so figure out what exactly do you want to do. Again it is important that what you interests you, you will be doing it for a long time after all. See if your business ideas matches your personality.
Research this idea
Now you start researching your idea. What is the investment, what is the scope, market response etc. Diligently research your idea before you start making any more plans. This research will help you for a long time, it will help you sketch strategies in the future, make plans for the first few years.
Once you have all the research in place, the next step is to start writing your business plan. The idea of a business plan is to get answers to the critical questions that arise when starting a business and to write these down as your holy book. Your business plan should answer questions like, who is my customer? What purpose does the business serve? How useful is my product? etc.
Plan out a business structure
What kind of business are you? A partnership? Sole proprietorship? A traditional Corporations? Before you decide this learn about the benefits and tradeoffs of each plan and see which one matches with your idea.
Assemble your team
First you need to work out what are your employee requirements. These are different for small businesses and large businesses. And then of course you start hunting for people that you can work with.
Every business has its own set of requirements, like registrations and other licenses. So find out what are the paperwork requirements for your business and then fulfill them. Also you might want to get a business insurance before you begin operation.
So, that’s about it! No matter what stage of life you are in if you have an idea that you desperately want to bring to reality, start laying the foundation, start researching at least if you can’t do much else.