How to Start Your Own Business? Part 1

Posted by Grace under Business on August 18, 2013

Do you want to start your own business but you don’t really know how? Or you have the passion in business but no ideas on what type of business industry you are going to open. Today I will give you a step by step guide in order for you to get some basic knowledge about business, I am so happy for you and I hope you succeed in your plan to own a business, believe me you will become financially free easily if you have your own business compare to being an employee, however if you are an employee, you don’t have to quit your job, you can start your own business while working for someone else and when your business is stable, you can quit your job any time and make the work for your business in full time.

If you really want to get rich, the best way is to own a business. Business is all that matter when someone wants to make a lot of money and get rich, because in business you have the potential to earn unlimited income compare to the income of an employee, and just common sense, who will gave the salary of the employee? Of course the one who has a lot of money, the boss! Congratulations for being your own boss!

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Reasons Why You Want to Start Your Own Business

So, you’re ready to know the basic steps on how to start your own business? maybe you know now the reasons why you want to build your own business empire rather than building someone else dream. Maybe your reason is to get rich, or in other words you want to become financially free, believe me, when you achieve financial freedom, that’s the time you will also achieve time freedom.

One reason you should have also aside from getting time and financial freedom is tha you can help other people to get a job easily when you have your business, that’s the heart of an entrepreneur, they make other people make money, they provide better opportunities to other people.

Start Your Own Business by Knowing Your Skills and Passion

The second part is to know your skills, if you know everything about computers, the you must open a business related to computer or internet, but if you love fashion, you must open a business related to clothing (fashion boutique), you can also build a business about hair salon, nail salon or spa if you are familiar with this field. You must love what you do, but in business, in order to succeed, you must do what you love.

Planning is very important, you must plan the following before you start your own business, these are very important things, you must take action and do what is in your business plan;

  • business plan
  • budget or business capital
  • business goal

In business plan, you must know when and where to start the business, the products and who is your target consumers.You must also know the capital and learn when do you get the return of investment in your business

Business goal is very important, for it will lead you to success, if you have no goal in your business, you don’t know where you’re going, example goal is you have to write down what would be your business after 5 years. How many branches, how much money you “SHOULD” make every month, what are the target sales every week. See my example business goal here.

Learn Documenting About Legal Business

The most worst in doing business is that some people don’t do it in a legal way, it is so easy to make it legally. You must have some business permits and any other important documents according to the law of your local area or where your business should establish or build.

As a summary, you don’t have to spend more money in order  for you to start your own business, you can do it in a small capital and make it grown overtime with your effort and hard work of course. First, know the reasons, your objective why you want a business (to help other people and to increase family income and to buy the things you desire like dream car or dream house) and of course to achieve time and financial freedom, second know your skills and “you must do what you love” not “love what you do”

Third, prepare your business plan, write down your business goal and do not forget to do it legal way by having important business permits.

I do hope you enjoy my basic tips on how to start your own business, if you have any questions, just leave a comment or do not forget to subscribe in this blog to get update easily in your inbox. May you achieve your business goal. See in my next article about business and finances.

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