How To Start A Business

 A Basic Guide

Many of us would LOVE  to work for ourselves.  Extra income, the possibility of unlimited income, and the freedom from your daily job are always great incentives.  Before you quit your job or invest your money, make sure you know what you are doing.  You don't need to be an expert in the business you choose.  You simply need to have a well thought out plan for what you will do and how you will do it.

Sounds easy doesn't it.  I know from experience how hard that can actually be.  I, and many others, have been in such a hurry to get started that we jump into a business before thoroughly thinking it through.  This can be a very costly mistake to make in both time and money.  There are lots of products, services, and books out there that promise quick money if you follow their plan.  Being in business for yourself is not easy.  There are no shortcuts to riches, no one-size-fits-all solutions, and no one can do it for you.  If you are willing to invest the time and hardwork, this can be one of the most rewarding (not just in money) ventures of your life.

Do you still want to start a business?  Then follow these steps to get started.

1. Do you know what business you would like to start?  If you already know, go on to step 3.  Everyone else get out a blank piece of paper.  On this paper you will list your experience, skills, hobbies and interests.  Now you need to do some brainstorming.  Sit in a quiet place and think of things people would pay you for that take advantage of the strengths you just listed.  Be creative.  Outrageous and unusual are good.  Write down any idea that comes to mind.  You are getting your mind to think creatively, not listing only what you are truly likely to do.  You can also go to your local library or bookstore and look at books that offer business ideas - there are lots of them out there and they often give you a good idea of what is involved in each business they suggest.
2. Once you have your list of possibilities you need to narrow it down a little.  Cross off anything that does not fit your personality or family situation.  Remember, you can always hire others to do the things you don't want to do and there are plenty of resources for startup capital.  You will want to make a new list of your top 5 - 10 (less or more is ok) business ideas. 
3. For each of these business ideas on your new list you are going to want to create a very basic business plan.  Don't skip this step!  You can get help with this through some products on ebay.  Search Business Development in eBay to see what is available.
• What is the business - what will you do and how will you do it?
• Why will people pay you?  Why will they choose you instead of your competition?
• Will this business make money?  You will need to do a breakeven analysis here.  Figure your how much it will cost in a month to be in business (regardless of your sales).  Then figure how much you will need to sell to meet these costs.
4. Don't waste your time on ideas that won't make money or that you just won't want to do.  Pick your favorite idea and get going with it.
5. Now you will need to work on creating a great business plan.  You can get help with this with some products/services in eBay's listings - look at planning services, development kits, and business plans.  You can get a book and follow the directions.  You can even buy software.  Do your homework.  There is no substitute for the thought you put into creating your business.  A good business planning service will not offer you a "cookie cutter" business plan but will give you the tools and support to create the plan that is exactly right for you.  Investors and  Bankers can easily tell if you have thought through the business idea you are presenting. 
6. Take advantage of community resources.  The Small Business Administration website has some great resources.  Also go to your community's economic development council and SCORE counselors. (SCORE is the Service Corps Of Retired Executives).  As you build your business you will want to join professional groups for networking and educational resources. 

Now you are ready to get started.  Best of luck with your new business venture.