Wednesday, October 14, 2009

The Stepping Stones of a Start Up

So you've decided to start your own business. Good for you! Many think about taking this bold step but not everyone is sure how to go about setting onesself up in business. While there is no blueprint for guaranteed success, there are a number of steps that you should take into consideration when planning to establish your own business venture.

First and foremost, if the decision is yours, establish a business that you will enjoy operating. Considering the amount of daily time devoted to operating a business, it really should be a labour of love.

Don't get going with out a written business plan. This document will help you take a realistic look at your idea and examine its viability. You will also need it to attract potential investors.

Unless money is of no concern, try and get your business off the ground while you are still employed. Having a steady source of income while your business is still in its infancy can help keep your family housed and fed until your business start showing a profit.

Take the necessary time to research your ideas. In order to make a name for yourself, you should have all the know-how and answers. Be sure that you know what you are getting into and are well versed in the industry that you plan to enter. Also, don't be afraid to seek advice from others. Bounce ideas off colleagues and friends. Get feedback, both positive and negative. It's better to hear thoughts and opinions before the business is a reality.

Be sure to use qualified legal and accounting professionals in your planning. A seemingly small mistake, financial or legal, can cost you dearly. You may also need this information when writing your business plan.

Make sure that your financing is arranged before you hang out your shingle. Opening your doors and hoping to find the funds afterwards can be a serious error.

Finally, even during the planning stages, start selling yourself. Get customers lined up and make professional contacts. If you sell yourself well, you'll be ready to start business on day one.