So, you wake up one morning and suddenly realize that you have a smashing idea for a new business. Or maybe you have been playing with a concept for years and just need the extra push to get going. Whatever the reason, entrepreneurship strikes you as something you want to take on.
But where on earth do you even get started? Clearly, it isn’t just a matter of jumping in and hoping things work out. It takes tons of planning to make sure that it gets off the ground and stays that way. Here are a few tips on the very, very first steps you should take when considering entrepreneurship.
What is it actually going to be?
This may seem so obvious, but it deserves to be mentioned. It isn’t enough to have a vague idea of having a wedding planning business or a landscaping business or what-have-you. Really take the time to write out what will be offered, whether it is a service or a product, who it will be for, whether it’s a one person job or in need of employees. Plan out every single detail you can. Check out other similar businesses and see how they run and what they needed to be successful. And, of course, make sure that this is absolutely what you want to do. Dreams are so beautiful to have, and starting a business is a huge, sometimes stressful, undertaking that needs to be taken seriously.
What is the current market like?
Is your town saturated with florists, yet you still really want to open a flower shop? Do people actually need or want this kind of offering? You want to make sure that you will not be opening the 347th sports bar or anything else in the area. This doesn’t mean that you can’t do what you want to do. Or that your idea has to be so original that no one else around has thought of it, you just have to make the idea your own. Maybe it’s a sports bar that focuses on a specific sport or a flower shop specializing in large events. You might want to consider the idea of moving to an area better suited to what you want to do or in need of a particular service. This is a drastic step to take, but could be one that makes a business thrive.
How much is this going to cost?
This is so important to consider when you’re thinking of becoming an entrepreneur. It’s more than just advertising or paying employees. Will there be a storefront or will this be run out of the home? What equipment will be needed? What kind of permits and inspections? Supplies? Research this so thoroughly and make notes on what will be needed, in what time frame, what the average cost is, whether it can be used or must be new, etc. This reality alone has been enough sway people into not taking the leap, but remember it can be done. It just takes some planning, sacrifice, and effort. But the reward of being your own successful boss makes up for all that, once you get there.
Once all of these factors have been taken into consideration, you’ll need to write up a formal business plan. Check back to the blog to learn this and other useful tips on entrepreneurship.