Each year, more and more people make the transition from working for the “man” to working for themselves. They gather up the courage to start their own small businesses and win, lose or draw, they give it their best shot.
“Check the local newspaper for business ideas. Make sure you are passionate about what you are going to be doing. In the words of the Groovie Ghoulies, “Be passionate, love what you do. Be passionate, or don’t do nothing at all!””
Some flourish and some fail, but they all take their shot at freedom. If you’ve been wanting to start your own small business but not sure how, here are seven tips to help get you started on the path to living the life you’ve always wanted.
Tip No. 1 — Deciding on the Type of Business
Well, the first step in starting your business is deciding the type of business you want. Do you want to make money-selling goods online? Do you want to earn commissions working as an affiliate for a wide number of merchants?
Deciding what you want to do is, and always will be, step one. Check the local newspaper for business ideas. Make sure you are passionate about what you are going to be doing. In the words of the Groovie Ghoulies, “Be passionate, love what you do. Be passionate, or don’t do nothing at all!”
Tip No. 2 — Research your Business Idea
Do your own research to see how others in your chosen field are making money. Buy magazines, visit websites and blogs and discover how others did it before you. You can even ask others in your field for advice or inspiration. Analyze the success of your competition and see what you can do differently to enhance your potential.
Tip No. 3 — Register Your Business Name
Register your business name. Once you decide what type of business entity you’re going to be, whether a sole proprietorship, a partnership or LLC, follow your state’s guidelines for registering the business and/or its name. Once your name is registered, purchase the domain name for it. You can also open up a checking account dedicated exclusively to the business.
Tip No. 4 — Keep your day job
Start your small business while you still are working your full-time job. Sure, it will be a lot of extra work, but you want to be sure that this endeavor is going to work, don’t you? Once your small business finds a footing, then you can make the decision to take it full time. Until that happens, it’s nice to get a regular paycheck!
Tip No. 5 — Keep Your Credit in Check
Next, you’ll want to check your credit to make sure it’s in good shape. While your company is young, your personal credit will be the deciding factor when trying to get credit for the company. If your credit is not that great, work on making it better. Until then, you must use more of your personal cash for financing your endeavors. That’s another reason to keep the day job early on.
Tip No. 6 — Learn the Financial Risks of Starting a Business
Take the time to learn all of the benefits and risks your company can pose to your financial well being. Seek professional guidance in the areas of law and taxes to protect your personal assets as well as possible. Determine how you are going to manage such things like health and life insurance.
Tip No. 7 — Never Give Up on Your Small Business
This is quite possibly the most important tip. There may be times when you have to adjust your way of doing things or change your entire business model, but don’t give up on the dream of running your own small business.
Successful small businesses don’t happen overnight. They take time to make an impression in the marketplace. Have the patience, the drive and the desire and eventually, your small business will begin to provide the results of which you’ve always dreamed.