How to Start And Run Your Own Business

09 Jul

If you are interested in starting your own business the best way to do that is to learn how to start and run your own business. Gathering as much information as you can about how to start and run your own business will help you to fully prepare to find the success that you need.

A strong plan and learning how to start and run your own business your first step on the road to being your own boss. A great deal of success is waiting for you if you follow some simple steps.

Let’s Get to the Nuts and Bolts of Things

You do not want to jump in feet first into starting your business. This can be a critical error. You have to do the background work and take the time to do your research. For example, starting a website design service may seem as simple as placing an ad online, but there is a lot more to it, if you want to start a professional business.

There are a few things you should do before you ever start studying how to start and run your own business, no matter what that business is:

  • Research the market that you are trying to start a business in.
  • Research costs for starting up (this is expanded on below).
  • Know your industry inside and out.

It is important to know what you are getting into. Researching the industry market in your area will answer a few critical questions about the potential to do well. An oversaturated market can slow your growth and in some cases do your business in before it ever gets started.

A market analysis can give you information about how many providers are in your area, how many people are expected to use those providers, and whether there is any room for your business. This should be your first step in deciding which business is right for you.

The Real Cost of Doing Business

We have all heard those stories of overnight successes, unfortunately, they are rarely true. The fact is it takes time, energy, and money to really get a business into the “overnight success” stage. Some of the most famous “overnight successes” took years and a lot of failure along the way to build. Microsoft, Starbucks, Intel, and so many others seemingly arrived on the scene suddenly and did well, except they did not. It can take a long time and a lot of investment to find success.

One of the key tenets of how to start and run your own business is to ensure that you understand the real cost of how to start and run your own business. Let’s say that you decide that you want to buy a turn-key franchise business. You are likely well aware of what it costs to buy in, but you may not have considered the cost of a franchising attorney, but a franchising attorney is a very necessary cost to protect yourself.

A lot of new business owners make the mistake of cutting corners in the wrong places. Here are some costs you should be figuring in:

  • What supplies will you need? What equipment will you need?
  • What professional support will you need?
  • Will you need property? Will you need warehouse space?

Every industry has its own tools of the trade so to speak. What tools will you need for your business to succeed? How much will that cost? At a minimum every business whether an eCommerce business or brick and mortar needs reliable connectivity, a way to communicate with customers, and the technology to track orders, place orders, or provide a service.

You will need professional support whether it comes from a sign company that is going to hang your signage or it comes from a financial planner that is going to help you to grow your business, you will have to pay someone at some time to help legitimize your business. You have to consider these costs as well.

Are you looking at opening a brick and mortar operation? Commercial real estate sales is another expense you will have to consider. Maybe leasing space at first will be the better option. The point is there are a lot of expenses that you will have to deal with from the very beginning. Being realistic about these expenses will better prepare you.

Where Will Funding Come From?

Entrepreneurs that are savvy know that finding funding sometimes requires that you think outside the box. For example, you can tap into your special status to find funding. If you are a woman that is staring her own business, consider supporting other women-owned businesses to become part of a network of support. Networking with other women-owned businesses can help you to find funding that you may not know existed before. A women owned law firm to represent your business, a women-owned supply company to supply your business, and more can put you right in the center of a network that may have avenues to special funding programs built for women-owned businesses.

What if you are not a “minority” how do you find funding outside the box? Many different funding options can help you raise capital that are not considered traditional lenders. Here are some options for funding from how to start and run a business:

  • Apply to investor groups. Angel investors can help you to raise the capital that you need.
  • Pitch your idea for your business to a crowdfunding site. Crowdfunding can be an excellent way to reach a wide audience of investors.
  • Look for grants from local small business groups.

Other ways to raise capital include tapping into the equity in your residence, joining a startup accelerator or incubator, credit cards, trading equity services, bartering your services, and of course, applying for a small business loan from your bank.

Many successful business owners started their business by getting help from family and friends. If you are ready to take the plunge and believe in what you are doing, you can find the funding that you need if you think outside the box.

How To Start a Business and Run Your Own Business In a Brick and Mortar Location

There are a few things that are unique to a brick and mortar location that can affect your ability to do business. Some of the things seem so simple that they are often overlooked. Foot traffic can be a great asset to any brick and mortar business, but what if you are lacking business parking, will that foot traffic still show up? If your brick and mortar location is not easy to reach, does not have ample parking available, or is just a little bit off the beaten path, your business will not enjoy the benefits of foot traffic. It is a small consideration when you are looking at the entire scope of things, but you do want to be sure that your property whether it is owned by leased has parking available.

Other considerations of opening a brick and mortar business include:

  • Your monthly overhead.
  • The cost of design elements.
  • Lease terms, and access.

Whether your business is generating revenue or not, you will have to pay those monthly bills. When you are starting up, that revenue may take a while to trickle in. You will still need to pay for internet marketing services. You want to estimate all of your monthly bills at a higher rate just so you can be prepared.

When you are opening a brick and mortar business, another cost you will have to consider is how will space be designed and how much will that cost. Maintenance costs are another area you will have to figure into your overhead.

If you are leasing your commercial property, how long will the lease last? This is an important piece of information. You do not want to find your business is successful at the location only to have to move out and reopen elsewhere in two years.

How to Start a New Business And Run Your Own Business and Keep It Successful

Once you have your business up and running and are enjoying your success there are some things that you should be doing to ensure that you continue on your path. Learning how to start and run your own business never really stops. For a successful business to remain successful there are a few things that you should be doing.

By this point, you should have a bevy of professionals on your team to help protect your business. For example, an estate lawyer can help you to set up trusts for your business in case anything happens to you. You should have an accountant managing your business taxes, and professionals to help manage financial planning.

Keeping your business growing and moving in the right direction requires the help of professionals that are experienced in business law, accounting, and growing a business. You should have the insurance that your business needs to protect against liability. You want to be sure that your workers are protected if there should be a work injury. Work injury lawyers recommend every business has liability protection.

Staying on course is vital to build a strong business that can withstand economic challenges as they arise. Planning does not end when you start generating revenue, although how you plan will change. You should still follow the five-year plan rule to help keep your business relevant and growing. How to start and run your own business information is important at all stages.

Businesses need to evolve with the times which can mean being highly flexible with your planning. You want to create a plan moving forward that is flexible enough to compensate for unforeseen changes.

Weathering the Storms

So you have crossed all your tee’s and dotted all your I’s and your business is booming and moving along nicely. You may feel like it is time to sit back a bit and relax, however, that is strongly discouraged. Part of how to start and run your own business is the idea that you have to keep working at it. Success is something that you have to work at constantly.

You learned how to start and run your own business but you have not learned everything. Running your own business is a constant learning experience. Even the most successful business that is well established will run into obstacles from time to time. Learning how to weather those potential storms is vital to keeping your business growing.

At some point your business will grow way beyond what you can handle if you followed the simple steps to how to start and run your own business. You will have to hire staff that you can trust and manage that staff. By now you should have a good understanding of how to figure out who is going to bring value to your business and who is not.

A lot of small business owners make the mistake of skipping vital steps when they are hiring new people including:

  • Not fully checking references. Checking references is vital to ensuring that you are hiring the best talent for your business.
  • Not checking education.
  • Not fully disclosing job descriptions.

Checking references, doing background checks, and taking other steps to ensure the integrity of the people that you hire is critical to the success of your business. Don’t skip these steps in the beginning or while you are enjoying success. It is not about being cynical, it is about being cautious and protecting your business. In an ideal world, everyone will have the skill set that they claim to have and everyone would have left their previous position for “creative differences”. It is not an ideal world and you need to move with your eyes wide open.

Education is also a big point of contention that is often misrepresented. Pick up the phone and make the call. It will help you to build confidence in your employees and ensure that you are getting the best talent.

Setting clear expectations is critical to making sure that you and your employees are on the same page. Job descriptions should be clearly outlined and expectations should be clear. Hiring people and expecting them to know exactly what you expect is not a good way to run your business. It is always best to start with clear expectations.

Continuing success relies heavily on continuously learning and evaluating your business and looking for ways to improve your business. Innovative thinking and a commitment to continued growth will take you to the top of the heap in your industry.

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