At some time or another I am sure you have wanted to have a business of your own and be your own boss, but it has seemed like a daunting task and you ask yourself is it really worth it.
With some careful planning, hard work and start-up money you too can have your own business. Let’s be honest though not all of us have what it takes and there are certain things that entrepreneurs should have and these include being disciplined, knowing how to work with money, being confident, be able to communicate well, be humble, honest and have integrity.
1. Your Idea
You will need to come up with a concept, and a product or service that you believe will generate a good and steady income. Some entrepreneurs will already have an idea, but for most this part is the most difficult.
The best way to approach this is to use what you have, your knowledge, experience and expertise. When you have an idea do some research into the market and see how other businesses have managed and if there will be tough competition.
2. Family Support
Make sure you have enough support from your family. They will have to be on board if you are going to be working from home, as your decisions will affect things at home and your family.
If your family is unhappy work out whether it is worth it to go ahead if you cannot change their minds.
3. Business Plan
A business plan is an important part of starting up a business and unfortunately one of the main reasons why businesses have failed. Your business plan is your road map and when speaking to your investors or a bank this will show them what you have planned and why they should invest in your business venture.
Your business plan should have a mission statement, executive summary, what your service or product will offer, your target market or demographic, marketing, and industry and competition analysis, financials, resumes for the principal members of your business and any other information.
At this stage you may also want to decide what will happen to your business when you retire or decide to move on. You can transfer, sell or close down the company.
Your business will most likely require money to get started and this will help you to at least break even after your first year, but most business owners often have debt for a while.
Sources of funding include your local bank, using your savings or other investments, wins from online betting NZ, making loans from family or friends or you can even use your credit card.
Before you start your business make sure you have stashed away an emergency fund that you can fall back on, having three months is what is advised and this will make your first months less stressful knowing you have some backup.
Try not to get into debt with your credit card, as the interest is high. Also try not to use money that you have invested specifically for your retirement or anything that could affect your retirement plans.