Top 4 things to know when starting your business
Starting a business can be daunting..... How do you get your Tax Identification number? How do you start a website? How do you know what hours you should be open? How do you know where to open your location? How do you sleep at night with ALL that stuff in your mind?
Well, before worrying about those items, let's get you started on the right foot. What really are the 4 things you should know when starting your business?
When starting your own business the number one thing to consider is TIME. How much time do you have to dedicate to the launch of your new business? Most people spend an average of 60-80 hours a week starting their new business, some up to 90+ hours depending on the business. Are you ready to give up things to make this business successful? If so, you’re on to the next step of what you need to make sure your business is is successful.
When starting your own business the number two thing to consider is MONEY. Look at how much you really need to start your business and maintain it for the daily, weekly, monthly and yearly operations. Use that as your baseline, knowing you will have unexpected expenses along the way.
When starting your own business the number three thing to consider is RESEARCH. A unique idea won’t translate into high sales, what do you need to make your sales explode? What’s your target market, does your area have enough population of your target market? Do you have your suppliers in place? Do you need a storefront or an online store?
4. BUSINESS PLAN
When starting your own business the number four thing to consider is BUSINESS PLAN. A business plan has two purposes. First, it should be used to help run your company with a more cohesive vision. By analyzing your plan for marketing, sales, manufacturing, website design, etc., you improve your chances for success. Second, it also keeps you focused for the long term vision of your company.