I am tired of Paychecks. if you feel the same as I do, then the Best idea I would suggest is to start a business
Business. Most of People want to own a business. first of all, what is business? Any activity which involves buying and selling in a motive of profit or no-profit is Business. This is the definition I studied in my School. its correct.. but you need to define Business in your terms if you are gonna start a business on your own.
In my words, I define Business as ‘Business is something which makes me financially free’. That means I need to give my debit/credit card (definitely not the credit card.) to pay for something I bought even without looking at the price of it. I will walk you through some simple basic steps to start a Business. stay Tuned…
Describe the Purpose.
First of all, as I said earlier. you need to know, why are you gonna start the business? ask this question with yourself. for most of them, it is to get away from paychecks. but others may have different reasons, some may need some extra money so they can start a side hustle. by Describing the purpose, you can identify which type of business is suitable for you. this is the first step.
The evaluation depends on the Questions you ask. if you ask the correct questions related business, you can start progressing with the answers. I will state some of them so it will be easy for you.
– What skills Do you have?
– What is your Passion?
– Are you ready to fail?
– Will you be able to afford the cost of failure?
– What sort of lifestyle do you want to live?
– Will you face the Problems which will arise on your way to success?
– Are you ready to be an entrepreneur?
Be honest with your answers. these answers will be the foundation for your Business.
Create a Business Idea.
I will overly touch this step. this is one of the most important you should have and if you start a business without a plan am 100% sure it will fail. it is like building a house without a plan. Just think how will it be.
If you already have a business idea.. proceed with it. but if you don’t have you can get an idea by reading this article “8 Ways to Come Up With a Business Idea,”
Do market research.
Are you ready with the business idea? start your fieldwork. start researching the market.
– How is the Market working?
– Who are your rivals?
You can start online research, surveys and etc. start asking questions from people. ask questions from people.
– Why do you want to buy this product?
– What areas would you suggest for improvements?
Make your Business official.
Get all the legal aspects early before someone else gets it.
- Business structure (Sole Trader, Partnership or Corporation)
- Business name
- Register your business
- Trademarks, copyrights or patents
- Registering the business
- Getting permits and license and etc
- Rent .
- Travel expenses and etc…
- Business loans.
- Getting into a partnership so you raise more than a sole trader.
Choose your Accounting System.
Set up a location for your business.
Get your team ready.
Promote your Business.