Monday, October 21, 2019

 

Rising to the top of the business world takes a lot of passion and dedication. Unfortunately, having an awesome idea won’t get you there. You need the personality, knowledge, and toolset to set you apart from your competition and become a successful business owner. To determine whether you have what it takes to start your own company, consider the following factors listed below! 

Have you done your research?

You can’t wake up one day and say, “hey, I’m going to quit my job and start my own business!” Starting your own business takes months, even years of planning and research. The most important step is to conduct market research to determine if consumers are willing to buy your product or service.

Aside from formulating a product you want to sell, you also need to find a physical location. Researching real estate options where your business will thrive is extremely important. You don’t want to plop your candy shop at the end of a dirt road. Use websites like Re/Max to find commercial real estate that meets your budget and will help your business thrive. 

Can you afford to start your business?

Not only does starting a business take a lot of grit and knowledge, but it also requires cold hard cash as well. Sure, most of us don’t have $30,000 in our bank accounts to help us get started. But, having a strong financial background, credit score, and business plan can help you get the perfect business loan. To become the next best entrepreneur, consider these following expenses that may unexpectedly bubble up: 

●     Technology: Let’s face it— technology runs the world. While tech can become expensive, it does make our lives easier. For example, if you’re opening a local HVAC company, you should invest in HVAC service agreement software that automates billing, schedules appointments, and manages employees— all in one. 

●     Equipment: You’ll most likely need some heavy-duty equipment for your new business. From office equipment like fax machines to expensive machinery for a woodshop, scouring the internet and local businesses for the best deals will save you a lot of money. 

●     Insurance: Owning a business is a large investment. The last thing you need is for a flood or fire to wipe away all of your life’s work. Business insurance will give you peace of mind knowing your assets are accounted for in case anything was to happen. Additionally, you’ll need to give your employees health insurance plans as well. Use HR management companies like Zenefits to cut down on the cost of hiring a full-time human resources representative. 

●     Marketing: If you want to grow your business, you need to market. How else will people hear about you? Setting aside a marketing budget will allow you to place ads in local newspapers and online as well! To cut down on costs, use social media to grow your business and schedule posts through social media management tools. 

●     Utilities: If only the water from earth we drink was free. Unfortunately, it’s not and we all have to pay for our beloved (and expensive!) utilities. Make sure you factor in electricity, water, and gas bills into your budget so the power doesn’t get turned off mid-workday! 

Depending on your business, you will definitely have additional expenses besides these. Take time to plan out every aspect of your company to ensure you’re ready to open up shop. If you ever find yourself in need of an extra hand but can’t hire a new employee, outsourcing to other companies or hiring freelancers can help you get up and running! 

Understanding your personality 

Owning a business is a lot of hard work. Besides having a ton of financial and logistical paperwork to manage, you also need to make difficult decisions. Maybe you have an extremely likable employee, but they have a weak work ethic that is dragging the company down. Do you have the heart to fire them? What about when it comes to decision making? To figure out if you have what it takes, take a quick personality quiz that will show your potential strengths and weaknesses as a business owner. 

In Conclusion 

Starting your own business is hard. We wish it were easy, but reality is tough sometimes! To figure out if you have what it takes to start your own business, take a moment to reflect on all the moving parts to running a business. Can you financially afford it? How about mentally handle it? Planning is the only way to ensure you have what it takes to bring your passion to life!

 

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