January 31

Starting Your Own Business

How To Start Your Own Business 101

Whether you’re an investor or just a regular guy, you may have entertained the thought of starting your own business at one time or another. Perhaps you want a better way of life for yourself as well as for your family members, or you might just be tired of working for others. However, starting a business, regardless of what the reasons are, is not easy. You will need lots of devotion and patience.

First, I recommend you find something you’re really interested in and have it to be profitable. Your passion and a profitable niche will go hand in hand. Without a passion for the business, you’ll quickly lose interest in your new-found venture and most likely quit when things get tough or find out that what you’re passionate about doesn’t necessarily equate to making money. For example, you maybe passionate about cockroach research, but is anyone else and will it make you money? The secret is to discover something that you’re both passionate about and have it to be profitable.

Figure out what your interests are, then you will have to research various businesses or investments. For example: if you are interested in collecting old antiques, then you may want to consider starting an antique business. Start writing down all your interests and business ideas that are related to that topic. Once you’ve done that, it’ll help narrow down your interests and you’ll have a better idea of what you want to do.

Researching Your Business

Once you have decided what your interests are, you’ll need to start researching what kind of business platform you will want. Depending on your situation, you will have a number of options including online business, physical business (traditional brick and mortar), a mobile business (a business where you provide products or services onsite), or home-based business. What would benefit you and your business more? If you are not sure, you may want to consider starting with a few different options to see what works the best.

Next, you will have to consider your resources. If you are selling products, where will you obtain these products? Are their distributors in the area? If you are selling services, such as construction and remodeling, do you have all the necessary tools to complete the jobs? If your business is going to be online, do you have the necessary knowledge to work with the websites you will need (eBay, creating your own website, etc)? If not, do you know someone who can? You will have to consider all of these factors.

Business Platforms

Once you’ve considered on your particular business platform and whether you have the resources to carry it out, you will finances. The old saying “you need money to make money” is extremely true when it comes to starting a business. Some may disagree but you pay for it one way or another. It may be your time or what some call “sweat equity” (your own labor), either way, you will have to pay to play.

sweat equity

You’ll need money to obtain your location, your products, and your resources necessary to complete your services. Then once you launch your business, you will need money to live on until your business becomes successful (your business may not be profitable for awhile). Unless you have the money on hand, you may want to consider looking into business loans or grants.

Advertising and Marketing

Lastly, once you have completed the plan for your business, you will then have to start thinking about promotion. Your business will not be profitable if no one knows about it. What type of advertising and marketing will best suit your business? Will you advertise locally or nationally?

With the addition of the Internet, there’s so much more you can do when it comes to advertising and marketing these days. You may want to consider online marketing such as on various social media websites (Facebook, Pinterest, Twitter, etc.), Google Ads like Pay Per Click, or SEO. Alternatively, media advertising includes placing ads on radio stations, television channels, and in various other publications. These types of ads are often a little more affordable than larger types of advertising.

Other media marketing includes placing advertisements on radio terminals, tv networks, and also in various other publications. These types of ads can be more costly depending on how big the networks are, but more often than not you can secure yourself a great deal. If your budget allows, you might want to consider bigger advertising such as billboards.

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