Starting your own business seems like such a simple concept. In actuality, it’s woven with hundreds of complexities, most of which you don’t have answers for in the beginning. It can be so easy to get completely overwhelmed with the start up process that a lot of people stop right there and never go back. In addition to the major task of figuring out what kind of business you want to start, you immediately get wrapped up in having an official business plan, deciding what kind of legal entity you want your business to be, business taxes, where you will house your business, who will work for you, how your new business will affect your family life, when you will quit your day job, and on and on. No wonder so many businesses fail before they even get started!
As someone who’s been there, done that, I’d like to share what I’ve learned about starting a business with you in the hopes that you can one day enjoy a successful business too. There’s no way to do all of this in one post, so I encourage you to stick with me while I share with you. It will totally be worth your time.
The first step in starting your own business is to figure out what kind of business you want to start. If you don’t already have an answer, let me ask some questions to help you with the process. Take some time to think about these questions and respond as honestly as you can.
- What are you good at?
- What kind of work are you experienced in?
- What things are you passionate about?
- What kind of work does the person you admire most do?
- What kind of work do you hate?
- How much money do you need your business to provide you with each month?
- Do you have any start up income? If yes, how much?
- Where will your business be housed?
- Where do you envision yourself in 5 years? How about 10 years?
If you take time to answer each of these questions, you will find that they reveal a lot about yourself. When starting a business, you need to work towards something that you enjoy and that you are passionate about. This business you are starting now should be something that can eventually help you reach goals you have set for yourself and the lifestyle that you desire. This does not have to be anything lavish, it can simply mean that your business will eventually help you provide more for your family or that this business will help you create the financial independence you have always desired. Don’t ever go into a particular business just because you think that it will make you a lot of money. In order to succeed, you need to love what you do and believe in it. The money will follow. Having a business of your own will be a big part of your identity and should be something you can be proud of.
I’d love to hear your comments about the type of business you want to start. Check back with me later this week for my next blog post on How to Start Your Own Business.