Starting a business is a great way to make cash. Not only will you have the satisfaction of creating something yourself – but you will also know that all your efforts directly affect your pocket.
This can be good and bad. If you have no work – obviously this will create stress and pressure on yourself to find work. If you are busy, then great – you can feel on top of the world !
Starting a business is a long term choice. Unless you are fortunate to be in an uncompetitive market, have come across an innovative item or service to sell or are very lucky, starting a business is going to be VERY HARD WORK.
“There is plenty of information about starting a business on the internet”
If you are currently working for your employer and work 40 hours a week for your wage – and then decide to start a business – be prepared to add at least another 20 hours to your working week in the start up phases of your business.
You really need to think carefully about starting a business in the beginning. Think about it as a long term project, something that is going to be very time consuming and something that will test you dramatically.
Some people naturally aspire to starting a business.
– have a very entrepreneurial nature
– are RARE. Building a business takes HARD work and a realistic attitude.
You cannot fly off with the fairies when running your own business. It is likely you will come crashing down very quickly.
Choose a Business Name.
Register a Business Name. This is straight forward and do a search on Google in your country on how to complete this.
Entrepreneur.com indicates that “The right
name can make your company the talk of the town; the
wrong one can doom it to obscurity and failure.”
Personally I think this isn’t really that important. Just a good name is fine these days. What is important is what comes after the name. How to get everything else right, having excellent business knowledge and continually taking action.
True – a good name helps – but don’t sweat over it, you are wasting time and time is more important. If you have a good name – GO WITH IT !
Look at your tax requirements. Once again – your tax requirements will depend on the country you are in.
Please note – you should refer to
your accountant and solicitor for
setting up a business the correct way.
OK – once you have set up a business, you need to think about where to get your goods from.
Look online at the trade opportunities that exist. Check out sites like http://www.alibaba.com.
This site is a great site to touch base with suppliers from China.
Have a browse around and check it out. The site is great and easy to use.
Look at which items you think will
sell well in your region.
Download the Trade Manager Program from the Alibaba Site. This is easy to install and will allow you to talk live to any one in China or even across the world selling their goods. You will also have to create an account on Alibaba to do this. Straight forward and easy to do.
Until you get administration assistants – this will take up a significant amount of your time. Doing your tax returns – getting insurance – getting business cards – letterheads – etc etc – the list NEVER stops.
Highly recommended is that the first person you employ is an Administrative Assistant. This will instantly free you up of the tasks that consume your time. If you can’t afford one at the beginning – at least employ a part – time assistant becasue the last thing you want to be doing is filing paperwork.
Employ an adminstration assistant as soon as you can afford one – even if they are part time. They are worth their weight in gold !
Remember – always try to work smart – then work hard !
Choosing the business you start can either be very hard – or very easy. If you have been trained in a particular area, then you may naturally fall into this area as the business you start.
This can be good and bad. Obviously, if there are already a lot of competitors in your industry you will find it difficult and will always be under pressure to make a decent living. On the other hand, at least you should know you trade or skill reasonably well and can then concentrate on building the business.
Before choosing your business – think about this. What type of income is better?
Passive income or non-passive income?
The best business you can start is a business that requires low skilled workers. There are several reasons for this.
You will quickly learn that a successful business is about people. This is the one major factor in creating a successful business and by starting a business that employs low skilled workers – you will always have a large pool of potential employees to choose from.
This is a very significant point. If you start a business that employs highly qualified people such as Architects or Engineers, you will always be struggling to find qualified team members and they will always want to be paid more !
So if you haven’t chosen your business yet – think carefully about this as it will make a huge difference down the track.
Take a look at the McDonalds business model. They employ thousands of part time students and young workers.
They ensure their systems are perfect and that their team members follow instructions easily.
This is the first thing you should consider when choosing a business. If you have already chosen a business that employs highly qualified workers – don’t worry as there are ways to maximise them within your business – just remember it will be considerably harder and your business weekly salary payment will be high!
If you are going to hire a team – you will NEED systems. These days it is ESSENTIAL that you have systems in your business – as most markets are too competitive not to.
This will require creating the systems, manuals, updating, editing, training and implementing these systems. This in itself is a mammoth task – and is a constantly moving target.
Systems will make the difference between a
good business and a great business. Start working
on your systems immediately. The sooner the better.
New technology can outdate your system very quickly – and reassessing of this is essential to keep up in today’s fast paced environments.