Some people say that the only real way to get rich is by starting your own business. However, this is untrue; there are a lot of reasons to start your own business. Besides the perks of managing your own money and being your own boss, having your own business gives you the control of your time. If you are not a person who wants to go to work all day and sit in front of a computer screen 8 hours a day, you can start a small business. If you want to be in control of your time so that you can spend it with your loved ones, start a small business. If you want to challenge yourself, believe strongly in your abilities as an entrepreneur, and think you can get more than the 9-to-5 paycheck an office job offers, then start a small business. If you want to be rich and famous, be a part of the elite, own a conglomerate because life has not blessed you to become a part of a wealthy business family, then start a small business.

The prestige, wealth, and potential that a small business offers is infinite so long as you’re ready to take the risks entailed with it. It is challenging as any venture but more so because you would have to answer only to yourself on whether you can keep on going. To become a small business owner, you must have the thinking and qualities of an entrepreneur. An entrepreneur must be driven, smart about products and services, disciplined, have marketing skills, and most of all be ready to face the challenges of delving into the business world. There are lots of factors that must be taken into account when you want to become a business owner such as: budgeting, business taxes, accounting, employment laws if in need of employees, insurance, etc. All of these are essential in becoming a small business owner.

Choosing What You Want to Sell

First and foremost, in starting your own small business, you must first decide what your business is going to be. What you have to do is to know your strengths, weaknesses, opportunities, and threats.

Know your strengths and weaknesses. What are you good at? What are your talent and skills? What are the things you’d like to avoid in doing your business? What is your budget? How much do you need to make to reach a comfortable living and earn more for your leisure? For example, do you like interacting with others and are you good at convincing people about something you believe in. Then you can go into the business of insurance. If you’re not a people person then maybe you can become an owner of a publishing company. As you will be spending most of your time with your business, makes sure it’s something you won’t get tired of or else being a business owner is not for you.

Knowing the opportunities and threats in the environment. As a small business owner you must always be aware of the market. This is crucial because sometimes something that you’re good at might not be something the consumers need or want. For example, you want to build an ice cream parlor however climate change has rendered the place where you do business to be in perpetual winter. It is very important to know your market. Ask yourself, what is in demand right now? What do the people want and what do they need? Can you offer something that will help the people around you as you earn? The key here is research. Research about everything about the business you want to pursue. Your product or service might be needed however there are already a lot of businesses with the same product or service that is offering them. If you can warrant the help of market experts such as a financial planner then do so if you think it will help.

There are many elements that you have to take into consideration before you start your small business. Once you’ve decided what you really want to pursue and that you really want to pursue it, you must commit yourself in order to succeed.

In the next tutorial we will be learning about the ways in which you can finance your small business.