Be Your Own Boss
Wouldn't it be great to be able to quit your job, be your own boss and earn a paycheck from the comfort of your own home? The good news is that with a little planning and some startup money, it is possible! Here we'll examine some important steps to follow when starting your own business.
Do You Have What It Takes?
Not everyone is cut out for the challenge of starting their own business. There are several personality traits that are common among successful entrepreneurs, including discipline, frugality, self-confidence, good communication skills, humility, honesty and integrity, superb record-keeping skills, motivation, good health, optimism and more. For more on these characteristics, read Are You An Entrepreneur?
Creating The Concept
Smart Tip: Start with areas you already have a great deal of interest in, and equipment and materials for. This will help cut down startup costs.
Make Sure You Have Support
Develop A Work Space
Smart Tip: Make sure you have a dedicated, private area to work. This area should be free of noise and distraction.
Create A Business Plan
Find The Right Funding
Smart Tip: Try to avoid racking up costly credit card debt that could cost 20% or more in yearly interest fees. You should also avoid borrowing against your 401(k) or other similar plans as this could adversely affect your retirement.
Plan Your Company Budget
Smart Tip: While many firms draft a budget yearly, small business owners should do so more often. In fact, many find themselves planning just a month or two ahead when unexpected expenses throw off revenue assumptions.