08 Sep, 2017

Owning Your Own Business

You may be one of the many people with thoughts of owning your own business some day. A good business idea and the desire alone may not be enough to be successful. If you make the right steps, you will increase your chances of owning your own business. It is risky enough to walk the path of owning your own business. The lack of experience adds to the risk. The following steps could help you reduce your risk to the minimum. 1. Have some experience As much as the thought of having a boss to report to is not appealing to you, it pays to get some experience in the field of your interest. The only way to get such experience is to work under some one who has already been in the business. In a few years, you will be ready to go on your own having learnt the ropes of the business. As a business person, you need to have financial knowledge. If you have graduated you could take part time lessons and if still in college taking a business related course will be to your advantage. 2. Put together a winning team Since you may not have all the skills needed in your line of business you could hire employees or bring on board partners with skills that will compliment your own. 3. Seek advice Before making decisions it will be good to seek all the advice you may get from sources available to you. Your school’s alumnus is one good source. The internet is rich with business advice as well as organizations in your area. 4. Write a business plan This is mandatory. Many businesses fail for not at the onset writing a business plan. A business plan helps to critically chart your way through the choppy waters of business. It helps you avoid pitfalls and strategize on taking full advantage of favorable conditions. 5. Raise funds It is much simpler to raise funds before you get started than after. Reduce the amount of personal funds you put into the business. Loans from banks and other lending institutions may be the best source of funds. Do not use credit cards as these are very expensive to finance your business. 6. Follow the money Have some money set aside to cushion your existence for at least six months. During this period your business is not likely to make some return.