Are you one of those who dream of owning your own business? You’ll be your own boss and the captain of your destiny—–maybe even a captain of industry. Is it hard? Without a doubt. Is it challenging?
Absolutely. Do you have to be wealthy and well-educated with a lengthy resume? Not at all! Can you do it? As the magic 8-ball says, “All signs point to yes!” So how do you do it, and make it work? Plan, plan, plan! There are some tried and true ways head down the path of creating your own business, and there is no time like the present to get started!
- Have an idea. It might be a product you’ve always wanted to make, or a service you feel people need. It might even be something
people don’t know they need yet, because it hasn’t been invented! It can be helpful—–and fun—–to have people who are bright and creative join you for a casual brainstorming session. Start with a simple question like: “what shall we build?” The idea is not to create a business plan, just to generate some ideas. Many of the ideas will be duds, and there will be quite a few ordinary ones, but a few will emerge that have real potential.
- Define your goals. Do you want financial independence, eventually selling your business to the highest bidder? Do you want something small and sustainable, that you love doing and want to derive a steady income from? These are the things that are good to know very early on.
How to Start a Small Business
Category: Personal Finance