You have a great business idea. You’re tired of your nine-to-five job. Many business professionals agree that those reasons aren’t the ones you should use as motivation to start a business. In fact, you should focus on how you can solve a consumer need by doing market research. For example, if your idea is to open a pastry shop in your neighborhood, then you’ll want to know if consumers in your area eat pastries, what types of pastries, and if that need is already met. 

Do some market research to decide if a need exists for your business and whether other companies are providing the same service.

Develop a Business Plan

Your business plan is the foundation that will be the driving force for your startup. A business plan also serves as a roadmap that can determine how you run your business and establish potential for growth.

The Small Business Association (SBA) recommends that every business create a plan to help manage the future. The SBA also has some excellent business plan templates you can use to chart your ideas.

Check Your Finances

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Unfortunately, starting a new business requires funds. You need to be honest and ask yourself, “Do I have the money to start a business?” With a little strategy, you can still start a business with minimal funds. Typical business expenses include licenses and permits, supplies, equipment, office space, and other operating costs. But you can reduce your cost by reducing your needs.

For example, if you can work from home, then you can significantly reduce your cost for office space. If you need to organize your commercial space or make some renovations, but you don’t have the proper equipment, you can rent heavy-duty power equipment such as boom lifts to help you accomplish this work.

Prepare Mentally

If you think starting a business is going to save you from stress, think about the following point carefully. Starting a business requires hard work, determination, and much learning. You may be more stressed because you have to perform tasks such as managing people, being the salesperson, and serving as the accountant.

Ask yourself several of the following questions: “Have I ever managed people before? Do I understand marketing basics?” If you take an honest assessment first, then you can mentally prepare yourself for the challenge. Try to focus on the long-term goals rather than the short-term goals, which will help you maintain your stamina for the work to come.

A large difference exists between having a great idea and starting a business, and bridging the gap is a challenge. Doing your research and practicing due diligence can start you on the right track to owning a business.

 

By Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to [email protected].