Starting your own business
Becoming your own boss, being an entrepreneur, no longer working for he man, these are dreams a lot of people have, but they often become nothing more than just dreams. Unless you take some initiative, then you will never achieve the goal of being your own boss. The following is a look at some of the things you need to do in order to start a buiness, and successfully become the CEO of You, INC. rather than always working for someone else.
1. Get creative. It is not enough to want to start your own company. You have to do something you are passionate about. You have to do something that leverages the skills you have. You have to do something that gives you an edge. If you were to enter the market of hair salons, for example, and start your own, what would your salon have or do that would make you different from other salons in your area? Are you passionate about hair? Would you be a supply too? Or just a salon? Would you have other offerings, such as waxing, botox, eyelash extensions, nails, etc.? Or would you mostly do cuts and colors? In order to really have the best company you can, and start a business that will survive, it needs to be less about not working for someone else, and more about doing something you feel passionate about in a way that is better, more creative, or different from the competition.
2. You have to know your competition. The next thing you have to understand when starting a business is that it is not enough to know what you want to do, you have to know your competitors as well. What are their strengths and what are their weaknesses? What can you do to leverage your strengths and exploit their weaknesses? For example, if your competitor has low prices, but terrible customer service, and you can't beat them out on prices without seriously jeopardizing your company's profitability, then what you can do is offer the highest level of customer service in the industry. Many consumers will appreciate a helpful, friendly, and knowledgeable staff over a low price. So, if you want to start a successful business, do some market analysis so you become familiar with what you have to do to take market share from your competitors.
3. Make people want to be part of your company. Another important aspect of starting a successful business is creating a business that people want to be part of. Show employees they are valued so that while you are in the start up phase, they are willing to put in the long hours, and work hard for you despite lower pay. Make people want to associate with your company by standing for something, and having values that you stick to.
Starting a business takes commitment, passion, and some funding, so last but not least, familiarize yourself with the various loans available to small business, and prepare well before applying for funding. Have a great business plan, and know what the lenders are looking for so that you can do your best to provide it.