Travelling the Road to Financial Independence – Steps to Starting Your Own Business

You will find thousands of viable business ideas out there, and while identifying the concept right for you is a critical very first step – that’s all it is – a first step. Once you have your idea, then the real work begins. The truth is, most businesses fail before they even start. A good idea is merely good if the right person brings the concept into reality. That said, the following is some good news: Matching to the Bureau of Labor Statistics,

“About 1 / 2 of all new organizations survive five years or more.. inches

There is a commonly held idea that less than you in 10 businesses endure their first five years running a business. This simply basically true. If you are willing to invest time and energy into exploring, planning, and investing in your idea, you can your own chances of success and build your road to financial freedom. Here are the high level steps you will need to follow in order to choose your idea into an affordable business – 

Phase 1 – Initiation

In this cycle, you will identify if your idea really has merit in the business world. You are going to invest more time here than money, and the key is to ascertain if your idea will be profitable before you invest too much money in it. The ultimate goal of the initiation phase is to minimize your personal risk as much as possible.

Conduct Market Research: You can do this yourself or hire a company to do it for you. Essentially, you wish to know if people will be willing to pay you for your idea as well as service / product. The only way to know that, frankly, is to ask. There really is that one of the better online resources readily available for market research is GreenBook. org, but there are many other resources available.

Recognize Your Target Demographic: Understand who you’re selling to and target your market research to that audience. If you have a talent for developing mobile software and also you want to know if people would be willing to pay you for this service, you will need to concentrate on pursuit to businesses who are selling services or products that would benefit from the use of a mobile app.

Conduct a Cost Analysis: Businesses require money to launch. You cannot find any way around it. How much cash will depend on the business itself. It is advisable to determine how much money you require to open your business and whether or not you will be willing obtain that money. The fact is, few-people have the personal money accessible to startup their own company, but that really does not mean that they have to let that get in their way. There are plenty of companies and resources available that are able to help you get the funding you may need to wide open your doors. To relax and play have a solid business plan, good credit, and in most cases, collateral. The Tiny Business Association (SBA) is a great location to start exploring your options.
Stage 2 – Plan

In order to ensure that your business has the greatest chance at success, you need to create a solid business plan and follow it. The majority of businesses that fail in their first year, probably do not have a solid business plan. Functioning a business without a plan is like generating a car with a blind fold on. You will not be in a position to see where you’re heading or getting there.

A good business plan contains the following basic components:

Exec Summary: An index of your business objectives, objective statement, and the components essential for success.

In business Plan: It will identify company type, ownership, several hours of operation, service or product description, a place of suppliers, management information, and locations.

Marketing Strategy: Here you will include the results of your market research and identify your strategy for obtaining customers. Marketing plans should include both online marketing and standard advertising strategies, a defined budget, a competitive analysis, and a results analysis. Your online strategy will be a work in progress and definitely will become more effective over time as you determine what the most successful paths for marketing are in your niche. Don’t let poor results in first discourage you.

Financial Strategy: In your financial plan you will include a profit and loss assertion as well as financial forecasts based on your better educated guess. Completing it of your business plan will most likely give you understanding you haven’t had before. The key is – be realistic.

By May 7, 2018.    Uncategorized