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Guide To "setting Up Your Own Business"

23 February 2009 No Comment

Setting up your own business is well and good, but I’d have to suggest a few things here before you try to make your first million.

I’m currently in the process of setting up my own business, but I also have a full time job. My ideas come after my work, and doesn’t stop me from having a social life.
Yes this makes the setup process for my business much longer, but I have something to fall back on if it fails. It may fail because I left something out or because of something totally out of my control.
I can only spend about two hours a day on furthering my setup of the company, but I have to pay bills, put dinner on the table and put something away for a rainy day or the dreaded emergency which may occur, AT ANY TIME.

I recommend if you are interested in setting up your own business, to take extra time in researching your product or service for two reasons:

1) Money is Money, so if you fail or need to restart again this is:
a) a waste of your time, which you could have spent working for someone else,
cool.gif a hole in your pocket, which may lead to problems with stress or relationships difficulties (family or/and spouce).

2) Time is precious, If your going to take a risk, it better be wort it. Whats the point in running your own business, making just enough to get by, when you could be working a 40 hour week, with no risks, earning the same or even more money.

So, do the research to see if your product is unique and feasible. A good suggestion is to do a survey, online or offline. You can do this in online chat rooms or forums, or in your local town by approching people on the street. Ask them valid questions in relation to your idea. eg, If this service was available would you use it? What would you be willing to pay for this service? Do you know of any other companys that offer this service and why do you use them? etc, etc, etc…

Also, a good suggestion is to pick about three business men/women in your area, that you know are sucessful at their trade. Ask for their opinion on your ideas. If these entrepreneurs are good picks by you, ask them for some help on certain points your not sure of, or are stuck on. They were in your shoes at one stage and their opinions may be the difference in you failing or sucseeding. They may even support your idea by financialy investing in your start.

Your a business man, so think like a business man. Dont go with the first thing that comes to mind because you cant wait to get started. Look for gaps in markets, products or services that arn’t available but will make peoples life easier if they use your product.

When your research is complete, and you have proof your service or product has a demand (from your surveys), draw up a Business Plan and include all valid research and information you sought in it. This is a type of Thesis of your business, so just as much time as you spent researching your ideas should be spent on it. Your going to be bringing this Business Plan to banks, suppliers, customers and others, so you want it to be as professional as possible. You want people to awh when they reead it.

And, most importantly, as I keep stressing, remember: “Your a Businessman, so act like a Businessman”
Dont put yourself in debt just because you were sick of your job, or bored from being a bum.

Think, Research, Elabourate, and Constructivly Progress.

Be clever and shrude, and you’ll “become stronger by setting new goals each day”

Happy Millions…
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