The Things That Nobody Told Me About Starting My Own Business
Learn about the mistakes I made and the lessons learned in starting my own business. I will also share out-of-the-box tips that I have learned from experts through paid lectures and one-on-ones that shine light on never before considered tactics in business.
Why Start a Small Business?
Starting a small business is one of the most rewarding things an entrepreneur can do. However, it is also one of the most difficult to start. The initial steps take time and effort, but it can be a lot simpler with some help. There are many reasons why an entrepreneur might want to start their own business, but some of the most common are that they want more freedom in their life or they want to make more money.
This article will go over some of the first steps for starting a small business (like some that I wish I knew) and some ways to make sure it succeeds.
Some Things You Need To Consider Beforehand
Are you solving a problem for your customers?
It’s important to know whether you are solving a problem for your potential customers. For example, if you’re planning to open an ice cream stand… it should be somewhere that doesn’t already have an ice cream stand. Now let’s say its by the beach. You are now solving a problem in a warm climate by offering a cool treat where there isn’t one, already! Here’s another example, let’s say you are creating a blog post about dog breeds, then your customers are people who want to know more about dog breeds. Maybe you’re creating an infographic on how to get rid of mosquitos in your backyard. Your customer would be someone who wants to get rid of mosquitos in their backyard. Keep it simple, right?
Is this something you’re passionate about?
Just like the old saying goes, “If you do what you love, you’ll never work a day in your life.” This holds a few truths. First of all, you should play to your strengths. If you’re an expert car mechanic (and love working on cars), you might not find success opening a ballet studio.. you should probably consider opening an auto-repair shop. (Unless you also love ballet, because who knows!)
What are your overhead and start-up fees, if any?
There are a million and one potential business ventures that you could choose, and some are better than others. This also is true when it comes to your initial startup investment. Opening an ice cream stand is going to be considerably less of a financial burden than opening up a fitness center, for example. Start small and work your way to your end-goal. If you want to open a fitness center, maybe start with a building and focusing on team-building fitness programs, like CrossFit or Zumba classes. These typically only require bodies and space. As membership grows, buy some equipment and expand to fit your goal, etc.
While we’re talking about money…
What is the average cost of starting a business?
The cost of starting a business varies depending on the type of business, but there are a few basic costs that all new businesses incur. There is no set amount for starting a business because it varies from industry to industry.
The first cost to consider is what you need to invest in the business, which is also called the start-up costs. The next cost is your day-to-day expenditures and this includes things like your salary and the expenses incurred with running your company such as marketing, advertising and events. The third cost includes taxes and benefits such as social security or workers compensation insurance. Finally, you need to cover your operating expenses such as utilities, rent or mortgage payments and supplies for your products or services.
What do I need to do before I can officially be a “business”?
One of the most important things you need to do before operating legally as a business in your state is figuring out how to become an LLC. In order to create an LLC in your state, you must first take the time to learn the requirements for your particular state. You may have to take a business law course or get a lawyer’s help. In some states, it is not difficult at all to register an LLC. In other states, it can be quite challenging and time consuming. Follow this link to see requirements in your state.