When you start seriously thinking about what type of business you want to start, you need to think about what kind of life you want to have. If you are thinking about starting a business because of the money then you will want to rethink that. Businesses that are started for the money generally don’t last very long and usually don’t succeed.
You will be more successful if you start a business in a field that you are interested in and passionate about. If you can follow your passion and solve a problem for people then you will be much more successful.
Keep in mind that when you start your business, you will be living with it all day, every day. In order to be successful, you will have to eat, breath and sleep with your business idea. But if successful, owning your own business can be the most rewarding, and exhilarating experience of your life.
People that own their own businesses report that the greatest advantage of owning their own business is the Freedom that working for themselves gives them. The thing about Freedom is that you get to make your own rules. You don’t have to ask for time off to attend the kids concerts, go to your son’s ball game, or take your kid to a medical appointment. If you choose a work at home business you will also be able to spend more time with the family and save money on child care.
With that Freedom of course comes great responsibility. Now you have to not only do the work, but you also have to find the work, keep the paperwork straight and look after employees, the vehicles and the buildings, and take out the garbage. I always say that the best way to find out who owns a small business is to watch who takes out the trash at the end of the day.
When you are starting to think about starting a business, a good place to start is to ask yourself “what kind of Business Do I want?” There are endless answers to this question but you should ask yourself do I want:
• A Tradesman Business
• An Internet Business
• An Artistic Business
• A Professional Business
• An Outdoor Business
• A Physical Store Business
• A transportation Business
• A Food Service Business
• A People Care Business
The answer to this question is important because it will help you decide what you don’t want to do. If for example you don’t like dealing with large groups of people, you won’t be happy owning a catering business, or if you don’t like driving your car out of the city, you likely won’t be happy owning a trucking company. You will want to pick a niche that you are comfortable in.
This is also the time to think about what you always wanted to do. An exercise that you can do is to sit back, close your eyes and dream about your ideal job, or even better visualize your ideal day. Write down your ideal day and then think about some things you already know how to do that can help make your ideal day come true.
When you are thinking about your ideal business, give some thought to all of the things that you always wanted to learn. Many businesses are started by people simply picking something they always wanted to learn about, finding a problem and devoting their time to solving that problem.
The best thing about starting your own Business is that you are constantly learning. Business methods, Marketing skills, and technology are always changing. If you are going to be successful, you need to keep up with the industry you get involved in. In our society even the lowest tech business needs to use technology, especially when it comes to marketing. Just about every business now needs an Internet presence.
When you are building your own Business you will also need to deal with some details, things like registering your Company name, Business licenses and insurance details. You will also have to set up your bookkeeping system, open a bank account and set up a mailing address. All of these things are necessary to properly start a business and all can be contracted out.
None of these little details take very long to complete but all need to be done. The Bookkeeping and Incorporation details can be done by anyone, but it is a good idea to engage an Accountant to set up your Bookkeeping system and file your tax returns. You don’t need a Lawyer to Incorporate your business but if you don’t feel comfortable about doing it, you can hire a lawyer.
That is another perk about owning your own Business, anything that you don’t know how to do, you can learn it, or contract it out to a temporary contractor or hire an employee to do it. Contractors and Employees are also the best ways to get work done that you don’t like doing.
One of the biggest mistakes that Small Business Owners make is the lack of Delegation. If your motto is “if you want it done right, you have to do it yourself” starting your own Business may not be in your best interest. Delegation is the key skill to master to make a business grow.
When you are switching from being an employee to being a business owner you will need to change your thinking about a lot of things. Things that you will need to change your thinking about include but are not limited to;
• Hours of work-Now that you own your own business, there are no set hours of work. The 9 to 5 hours that you have been working your whole life get thrown out the window and you will just be working. There is always something to do for the owner of a small business.
• Payday-Very few small business owners get paid every 2 weeks or twice a month like most employees do. You might pay your employees every 2 weeks but your pay day may slip, especially when you are first starting.
• Holidays-Your holiday schedule may take a beating especially the first few years of owning your own business. Many business owners report that even if they do go on vacation, they still answer their phones. But it is also important that you take breaks and recharge yourself.
Some small business owners never make the transition from Employee to Employer. If you come from a good paying Union job it is really tough to get over the regular hours, regular payday, regular raises mode of working.
But here is what you get in return;
• You don’t have to take orders from people you don’t like. You don’t even have to work for customers you don’t like.
• You can do only the work you like and hire employees or contractors to do anything else that needs to get done.
• You can set your own hours and spend more time with your family.
• You can do what you want. That is why it is very important to start a business doing something you like. It is much easier to get out of bed in the morning when you are getting up to go do something you love.
Overall one of the best things you can do for you and your family is to Start Your Own Business.