5 Steps to Help You Start Your Own Business

Good Morning DINKS.  Some of us work a 9 to 5 job, some of us have a second job (or a side hustle) that provides us with extra income, and some of us are self employed.  For those of us who currently work for a boss our dream may be to eventually become our own boss.  Today we are going to give you some great tips on how to become self employed, as well as some things to consider if you are deciding to start your own business.

If you are thinking of starting your own business follow these 5 steps to get you on the right path to becoming self employed.  Of course there are many aspects to starting a small business such as hard work, dedication, money, and commitment.  So keep reading to help your dream of starting your own business become your reality.

5 Steps to Help You Start Your Own Business:

1. Think About You.  Why do you want to be self employed? Some people think that being their own boss means short flexible hours and lots and lots of money.  But I am sure that if you ask any well established business owner they will tell you that it is very difficult to get started and it is definitely a lot of work.  Starting Your Own Business has to be your dream and being self employed has to be your passion.

2. Plan Your Perfect Business.  Make a list of all the things you want out of life and how being self employed will help you achieve them.  What type of small business do you want to start?  Think about the perfect job that will make you want to wake up and get out of bed every morning.  Think about the type skills you have a passion for and what type of business you will be good at.

3. Research Your Idea.  After completing step one and step two, you now have an idea of the type of business that you want to start and the type of business that maximize the use of your personal skills.  Now it’s time to research the existing market to make sure that there is a need for your small business and also make sure that it will give you what you want out of being a small business owner. Talk to existing business owners, subscribe to industry magazines, visit trade shows, and always ask questions.  The internet can be a very helpful research tool.

4. Start Small But Think Big.  Vision your business in 5, 10, 15, and 20 years.  What steps do you need to take to get your small business to where you want it to be? Where do you see your business headed in the future?  Think realistically about the growth of your small business, do you need employees? Where will you work from? Who are your target clients?

5. Build Your Business Plan.  Put everything down on paper.  Goals and strategies are easier to follow when we see them in front of us.  Your business plan should include a proposal summary which outlines the vision for your business, why you are qualified along with your experience and skills, as well as your market research results.  Basically the proposal summary includes everything from the first 4 steps.  Your business plan should also include a financial section.  If you need to apply for financing options this section should include the amount of the financing required, the repayment structure, as well as your predicted income and expenses.  Finally your business plan should include a business structure.  This is the outline of employees and management roles along with their duties and contributions.

Once you have your business plan you can seek advisors such as accountants and lawyers or strategists.  You can start applying for financing with banks, applying for bursaries or grants with local government agencies, or looking for investors.  Once your business is ready to go you can start hiring employees and scouting suppliers if need be.  With your plan in motion you can keep on track and grow your small business from an idea into a reality.

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Don’t worry about the recession, Hitachi Capital Invoice Finance are offering a handy cashflow guide to help you manage your finances. You can also get access to £1 million free of charge in funding in the Inspired Cashflow SME Competition, enter online for a chance to win this award!

Photo by Dano

Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.