If you are looking for a quick guide on how to start your own business, then I got you covered.
When you are little, what do you dream of becoming? A company’s top rank employee or someone who manages your own business? Whether small or big, business calls for more time and effort.
How do we start then?
Start your Own Business Tip #1: Know the Types of Businesses
In deciding on the type that you want, your capital and risks are involved.
Sole proprietorship
A sole proprietorship is a business that is owned and operated by a natural person (individual). This is the simplest form of business entity. The sole proprietorship is not a legal entity. The business has no existence separate from the owner who is called the proprietor.
Partnership
A partnership is a relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
Corporation
A corporation is a legal entity made up of an association of persons, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.
The highest risk falls in a sole proprietorship. You have to personally take all the responsibilities and liabilities. In partnership, it will be divided among the owners and corporation can simply close it and file bankruptcy.
Corporation calls for at least 5 shareholders, hence a big capital too. A partnership can dictate any capital. Capital wise, a sole proprietorship can easily start minimal like home-based.
It is always better to start small and grow your business with time. The smaller the capital, the lower the risk involved.
Start your Own Business Tip #2: Define Your Expertise
Which field do you excel? There is a wide variety to choose from but first, decide the category:
Food
What do you plan to sell? Think of burgers, dessert, lunch or dinner, and others. Below are some options.
Retail –individual packs, dry and frozen
Made-to-order –pastries, cooked food
Food cart, kiosk, traditional food outlets, or restaurant
Service
This typically calls for manpower.
Professional services – doctors, dentists, lawyers
Home care – a laundromat, cleaning, carpentry
Automobiles – motor shop, car wash, parts, and supplies
Delivery services, spa, and massage, or salon
Web-based – virtual assistants, online teachers, consultants, content writers
General Merchandise
This is very common in the market. Find some businesses that fall into this category below.
Products sold on the internet and supermarkets – nowadays, you can now shop online and have it delivered at your doorstep.
Younger entrepreneurs would love to have a food business in kiosk or carts, while others want to sell general merchandise online. The most common products fall under beauty care, fashion, clothes, accessories, and many more.
You must consider the following factors if you opt to have your business in a certain location.
Market
Situate your business where you think it will grow. Within a one mile radius of your desired location, define the people living in the vicinity. Manage a survey or interview some people.
Location
Is the location visible and can be easily located? How do people reach your place? Important to all businesses is the accessibility of your consumers.
Price
Pricing depends on the people’s class bracket. Identify their buying power. Compute for your raw materials, packaging, and profit before setting the price.
Marketing
Signs, lighted signage, flyers. These are important when you start to attract the market to come and buy from you.
Always make sure that you spend time and continue to grow with your business once you start one. Improve and listen to customers’ feedback. This will help you manage your business well.
Need Help on How to Start Your Own Business?
Starting your own business can be both be exciting and overwhelming. These are some of the reasons why newbie entrepreneurs choose to hire their own business coach for guidance. If you think that you need guidance on how to start your own business, I highly encourage that you do the same. As a gift, I offer you a NO Cost strategy session with me or one of my team members without any strings attached! Let’s then decide if we’re a good fit to help each other achieve our shared business vision.
