Start Your Own Business

You have a great idea for starting your own business, but are you sure you’ve taken all the steps you need to take to insure that your business is successful and profitable? Many people get to the “great idea” stage, but can’t get beyond that because they don’t know where to go, but if you feel you have a good product or service to sell, you can make it profitable if you do some footwork first.

Is Your Business Idea Sound?

The first thing you need to check before starting your own business is that your idea can actually work. Look up costs and figure out what you can charge for your product to see if you can make a profit. Look up similar products to see if you have something that people will want to purchase. Find out how much time it will take to make your product and if there are any extra costs, like shipping, that might eat into your profits. If you can give numbers and facts for all of these areas and show your product to be profitable, you’re at a good spot to give your business a shot. [Note: Unless you are selling tremendous volumes like Wal-Mart, profit margins need to be a lot higher than you think, in order to cover taxes and  expenses and still allow you to survive on what is left over.]

One big difficulty for new businesses is the cost to get started, so make sure you have the cash on-hand to cover the early costs or get a loan to help you get through the rough spots. There are plenty of lenders out there that specialize in helping new businesses get started, so you shouldn’t have a problem finding  start up business loans if you have a detailed plan.

Have You Talked to a Lawyer?

Before starting a big venture like your own business, it’s always good to check with a lawyer first. A couple of hundred dollars could help you avoid any law or copyright infringement, which could save you thousands of dollars or more down the road. Knowing that your business is secure and legal will keep your business from getting bogged down in legalities as it begins to grow, which can be invaluable when your company becomes successful.

Do You Have Customers?

The greatest idea in the world is worthless if you can’t get it to your customers. Use as many ways as you can think of to get your idea to your target customers as quickly as possible to help your business get off the ground. Self-advertise locally, get your product in any shops or businesses you can, and make yourself a presence on the web. Open Twitter and Facebook accounts dedicated to your product and even get a website going with information, so people outside your immediate area can start buying. Getting your name and product idea passed around is the quickest way to get consumers to start purchasing from you, so you need to get yourself out to as many people as possible as quickly as you can.

Do You Have the Time, Inclination and Drive to Start Your Own Business?

If you aren’t willing to put in the time and effort to making your business work, there’s no way it can be successful. However, even the most seemingly-ridiculous or useless products have become huge and make money for those who put their heart and soul into selling their product. If you’re willing to work hard and push your business into becoming successful, you can make it happen. [Editor’s Note: Don’t count on making a ridiculous idea a success look for a want that you can fulfill and the road to success will be easier. How do you find “wants”? Whenever you hear someone say “I wish” your ears should perk up because that is an unfulfilled want.]

If you take the time to make sure your business is viable, find your target customers, and then put in the work and effort necessary to make your business successful, you’ll be able to turn your “great idea” into a profitable business that will get as big as you are willing to push it. You can do it if you’re passionate and prepared.

Editor’s Note:

Many business experts recommend that you try actually selling your product before you go to a lot of expense getting set up. You can try running Google Ads and see how many people even click on your ad to gauge interest. You can “pre-sell” before your product is ready (just be sure not to accept any money until you are ready to deliver.)

It is best to eliminate as many variables by testing as possible  before you commit large amounts of your time and money to a business. You can also talk to business experts through the U.S. Small Business Administration an organization run through the government designed to help small businesses get started. They can give you advice on getting started and even tell you how likely it is that your idea will succeed.

See Also:

• What Is Factoring Accounts Receivable?
• Small Business Big Profits
• Increased Volume In Your Small Business Brings New Problems
• Is Business Insurance a Priority?
• Small Business Expansion
• Overcoming Conflict in Your Family Business
• Home-Based Business Owner

 Wendy Hacker writes for education blogs where you can learn more about executive mba programs.