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Have you always dreamed about owning your own business? Maybe you see yourself starting up a book shop, or you might be more of a tech buff who wants an online company.
You can. Recent reports from the HSBC Global Small Business Confidence Monitor suggest a strong investment outlook for small businesses over the next few months. This means it may very well be the perfect time to consider starting your own new business.
Still, starting a small business can be tricky. But with these 3 fool-proof tips, you'll find yourself well on your way.
1. Get The Good Enough Idea
If you wait for your killer idea to rocket you into fame and fortune, you may miss your market.
Experts at Forbes say that a brilliant business idea has more to do with opportunity than innovation. It's actually much better to meet an existing consumer need than to convince consumers they need your product. To find market opportunities, you might start reading daily business reports and see what's lacking.
Noel Llopis saw smart phone application developments as the perfect opportunity for him to launch a business. He told ReadWriteWeb he created a "Flower Garden" application for mobile users, based more on a lack of gardening applications in the market than his love of flowers. Now, he is watching his business grow.
Entrepreneurial advisors at GigaOm also suggest you think of the customer first. Start testing the waters for your conceptual products or services by conducting random polls.
2. Write The Promising Plan
After you've laid the groundwork regarding business formation, it's time to write your small business plan so you can get it started. You should remember it's important to convey something interesting about your proposed company. It's a bad sign if the first paragraph bores readers. You might want to avoid industry lingo, and a catchy slogan can go a long way.
Still, business plans should not simply be people-pleasers.
Don't worry about appealing to everyone. Experts at Inc. magazine suggest that the strongest business plans focus on one industry; stay firm about your goals. This will likely impress funders.
3. Find Funders Fast
You do all the work you can and then comes the first real test: will someone else put money behind your business? The answer will probably be yes, if you know where to look.
You can take advantage of a variety of online resources that help business owners meet venture capitalists, and the Huffington Post suggests that startup loans are more likely to come from local banks than big financial firms.
Also, don't underestimate the legitimacy of friends and family investors. Before receiving funding from venture capitalist Peter Thiel, Mark Zuckerberg founded Facebook with the help of two Harvard friends.
No matter where you get your company's seed money, it's important to keep careful track of your company's finances. Intuit offers financial management software that can help you manage your funds.
According to a study from the Kauffman Foundation, fear of risk-taking is one of the greatest barriers to entrepreneurial pursuits. Don't let yourself become part of that statistic this year, and start the new decade by starting a small business.
Manage your money & investor/venture capitalist money accurately...
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