How To Move Ahead On Your Big Idea
Guest Article by Jason Lewis, StrongWell.org.
Career setbacks can feel like a significant blow when they come up, but these days, many people are using these types of setbacks to transition into starting their own business. The options for owning your own business are almost limitless and while the journey can be time-consuming and challenging, it can be incredibly rewarding as well. How does one get started in pursuing this kind of path?
Brainstorm ideas for your new business and do deep research before moving forward
Many people dream of owning their own business, tossing around ideas for years but never taking the steps to make it happen. Sometimes when a career setback hits, it can be a sign that perhaps it’s time to jump from the dreaming stage to the doing stage. Some people can take skills they developed at their prior job and turn it into a consulting business and others may change gears completely.
As Business News Daily details, doing some brainstorming as you begin to consider starting your own business is a key first step. Some people pursue business ideas linked to things they’re very passionate about while others will focus on ideas that allow them to stay home with children or provide an opportunity for significant growth down the line. Starting childcare or tutoring services work for some people, while franchise shops or restaurants appeal to others, and many people offer consulting services or build online businesses.
Once you have a few ideas, start doing as much research as you can to flesh out the potential of your business opportunity. It is important to dig around to make sure that there is a need for what you plan to offer and it’s also key to check the competition and sort through how you can differentiate your business from theirs.
Creating a thorough business plan and considering financing needs is a must
Putting together a detailed business plan is the next component you should focus on when working toward starting your own business. There is a lot of legwork that will need to be done in order to put together a solid business plan, and the process of writing the plan will push you to consider a lot of difficult questions. The Balance shares that working on a business plan will help you consider the structure and goals of your business, how you plan to market it, and what you may need in terms of financing.
When it comes to starting your own business, there is a degree of financial risk with every venture. Some businesses, like a tutoring service or childcare service, may not require substantial money upfront to get started. Franchise opportunities or other bigger business opportunities, however, may mean that you need to pursue loans, grants, or investors.
The Small Business Administration can be a good resource, and sometimes people can utilize personal loans from friends or family, or use credit cards, to get the funding they need. An increasingly popular approach to funding a business startup has been crowdfunding, utilizing sites such as GoFundMe, Kickstarter, and Indiegogo.
Don’t miss the mundane details such as insurance, taxes, and licensing.
There will also be plenty of paperwork that needs to be done, and it’s important to consider tax and insurance specifics, licensing training, and other additional needs depending on your business idea. Many people find it useful to connect with tax specialists and attorneys throughout this process to ensure that all of the pieces are in place from the very beginning.
The path to owning your own business can be a challenging one, as there is a lot of preparation and creativity needed in order to be successful. However, there are a wide variety of opportunities available to those who have the drive and determination to create a new business of their own and make it work. Whether you dream of opening a consulting business, a franchise of your own, or a childcare or tutoring service, success is possible with detailed planning, determination, and hard work.
Jason Lewis is a private business owner and personal trainer interested in sharing some of his knowledge and experiences regarding building a business. Gliffen values his insight and appreciates his willingness to share. Thanks, Jason!