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Starting Out In Business

New Business Ideas!

Martin Davis

April 15, 2008

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There´s really nothing like owning your very own business, but many people aren´t sure how to get started. Starting your own business is actually fairly simple, though a lot of work. Having your own business means that you´ll be able to work your own hours and do what you are passionate about.

That doesn´t mean that being your own boss is all fun and games, it can also entail a lot of drudge work, but it really is worth it. You won´t have any limits as to the amount of money you can make or the hours worked. It´s completely up to you.
Coming Up with an Idea

Every good business needs a great idea to start with. You might have something in mind already, but even if you don´t, that´s fine. Start by writing down all your skills and talents, as well as other jobs that you´ve held. Each of these is something that you are good at and know you can do. Include hobbies and things that might otherwise seem non-profitable, like tennis or woodwork.

Now go through your list and eliminate everything that you really don´t enjoy doing. It´s pretty hard to make a business work if you hate what you´re doing, so make sure you enjoy what you’re doing!
The next step is to go through your remaining skills and list two or three business possibilities for each. For example, if you are skilled in something like “writing”, you could put down “freelancing”, “ebooks”, and “copywriting”. Cooking lends itself to catering, opening a restaurant, etc. Try to come up with at least a couple of ideas per skill.

Once you have all your ideas written out, you´ll want to choose three or so to work out a bit more. Choose ideas that you like and then start examining them to see if they would actually work for you. Some business ideas might sound great, but if there is already a lot of competition in the area, you might want to look at something else. Also, some ideas simply won´t be feasible in your area. If you live in a senior citizen residential community, chances are not many people will be looking for a children’s nursery, for example.
Making the Dream Come True

Starting your own business isn´t something you should just jump into. It takes a lot of research to make sure that there is a market for what you are offering and to find out what you need. Different areas will require different permits and licenses, so make sure you understand all the legal requirements and zoning (if you wish to work out of your home), before starting. You may even want to consult an attorney before getting into a business.
Financing is a huge part of starting up a business and even if you come up with a fairly low cost idea, some money will be required to get started. There are several ways to come up with this money. You may dig into your savings, or you might prefer to look for investors. A business loan is another way to go and many banks will allow you to finance your business in this way. Just make sure that your estimates are good and that you will be able to earn the money back in time to pay the loan off.

Make sure you allow enough time to work out a business plan, something that is handy not only for getting a loan, but also to keep you on track with your business as it grows. You can check back every so often to take a look at the business plan and see how you´re going. Then make the necessary adjustments to get the business back on track.

Running your own business will be the most exhilarating, frustrating and incredible thing you´ve ever done. It puts you in the unique position of being able to set your own lifestyle and to decide whether you want to keep it relatively small or make it a larger business with franchisees and spread out across the nation.

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