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5 Tips for Starting Your Own Business

 Have you looked at your current job and thought that you could do better? Has Covid given you a great idea that you think you could sell? Then maybe it’s time for you to start your own business! If you are ready to finally climb that mountain, here are some tips to help you get started. 

  1. Have an idea

The most important part of starting and running a business is to have a good idea. This doesn’t have to be a world changing new invention, but just has to be something that you think the world/your city/your neighborhood needs. It could be as grand as a commercial and safe jetpack, to opening up an indian restaurant in your town, to just being a little cheaper with better customer service than your competitors. Finding inefficiencies in the market and then filling the void is a great foundation for any company, and will put you on the right track towards starting a successful business.

  1. Write a business plan

After coming up with your idea, write a business plan. A business plan documents what you intend your company to be about and how you intend to grow and sell your idea. You need to outline what your goals are and to have a plan for the short and long term on how you fit into the market and how you intend to scale and make money doing it. According to the Small Business Administration, here is what to include in a good business plan:

  • Executive summary - This should be a summary of what comes later in your plan, and should include your mission statement.

  • Company Description - This should go in more depth about your company, and how it intends to fill a niche and solve a problem within the community. Explain why your company will succeed.

  • Market analysis - You need to show your research on why the market is ready for your business, include any information about your potential competitors and what makes you unique.

  • Organization and management - How are you structuring your company and who is running it? 

  • Service or Product line - Go into more detail about your product of service here. Mention who your customers are going to be. If you have any, mention your patent filings.

  • Marketing and sales - Roughly describe your marketing strategy and how you plan to get and retain customers.

  • Funding Request - This is where you ask for money and you outline how much you need. Describe where this money is going.

  • Financial Projections - Show why this business is a good investment. Include a financial forecast for your next 5 years. 

Your ultimate goal in writing a business plan brings us to our next tip...

  1. Get funding

A business plan’s purpose is to get funding. Whether that is from investors and seed funding, or loan from your local bank, to borrowing money from friends and family, your business cannot succeed without adequate funding. 

Make sure that you do your research when you come up with a funding figure. Borrow too much, and you might find yourself in too much debt. Borrow too little and you will fail before you even start. 

Take into account how much you need on your opening day, how much your fixed and variable costs will be going forward, and how much money you project to bring in. When creating a budget, plan for low sales and high expenses. Expenses always cost more than you expect and it will take more time than you think to get your sales going. 

  1. Find good help

Make sure you hire good employees. An experienced worker can make integrating into your field that much easier. Be sure when hiring an employee to run a background check on them. A good background check can find out the employment history of your employee to make sure they have the experience you need to get started. 

  1. Take care of your fees

Take time to learn what exact local licenses and permits you need. How much will insurance cost? Do you need a patent? What taxes will you have to pay? Regarding these kinds of questions, it might be worth it to get some help in this situation and hire an accountant to set up your books and accounting system and a lawyer to make sure you are set up against any fees or regulations put forth by the government. 

By following these tips, you can make sure you are prepared to start your own business and take the world by storm. Good luck!

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