These series of articles will aim to provide all the necessary information of starting your own business.
If you are one of those people who fantasize about running their own business idea you’ve probably asked yourself what does it take. Is it challenging? Unquestionably. Do you have to be coming from a wealthy family and with a mile-long resume to start even a small business? By no means! If you ask any experienced business person he will tell you one thing – fail to plan is planning to fail. There are a number tried and true ways and there is probably no time like the present to get started!
- First you should develop an original idea for your small business – it can be helpful or fun, but why not both? Some will fail, some will be ordinary, and the goal is to work your numbers until the golden egg comes out.
- Define your goals – do you want stable financial income for life, or quickly rising popularity and selling your startup for profit? There are some key points to know before you start.
- Create a working name – sometimes a good name can sell even a sub-par product – you are probably surrounded by a few examples right now – so be creative!
- Define your team – Two people together can often create something that is greater than the sum of the two parts. John Lennon and Paul McCartney; Bill Gates and Paul Allen; Steve Jobs and Steve Wozniak; and Larry Page and Sergey Brin – they all have something in common: despite being brilliant on their own, in team they changed the world we live in and on the other hand became multi billionaires!
Who will lead, and who will follow? It’s important to define the functional and financial roles from the beginning so you can optimize the efficiency and plan costs. As the business grows you will have to adapt to the circumstances and most likely change the structural plans. In a number of cases you might have to hire external help such as lawyers and managers for a price until your startup is ready to hire such on its own for the business purposes.
To conclude our introduction, we have defined how to develop the idea of starting your own business with the right mind and predispose it to be successful with the right motivation. In the next parts we will look deeper into some of the core planning that is essential to create your imagination marketable and available.