Here are some things to think about to create an extra source of income for yourself during this economy. It all starts with believing in yourself and knowing that you can do it!
1. Why?
Be clear on why you want to start your own business. It takes knowledge AND passion to be successful in any given field. Also, realize that nothing happens over night. Even though your idea is great, it comes down to the execution and drive, so be prepared to WORK for it.
2. Type?
Now is the time to determine what type of business you will run. Within your field, what will set you apart from the competition? You have to decide what it is and how it will run. This also means deciding what type of entity you will form based on how it’s run.
3. Plan!
Create a business plan that will guide you to fulfilling your goal of entrepreneurship. Now you need to decide if writing a full out plan is most beneficial, or writing a simple to the point one page plan is enough.
4. Demographic?
Who are you catering to? Are you providing pet services and sourcing pet owners? Or are you launching a clothing line, and sourcing an uptown girl? Either way, nailing your target market will increase your chances of success tremendously.
5. Pricing?
How to set pricing is a HUGE question for so many new business owners. The key is to never sell yourself short. When coming up with pricing, remember to take in account for any supplies/purchases, plus a profit margin for each product/service. Then, look at what your competition is charging, and place yourself at a comfortable place for you and your business.
6. Finding Money!
This part always makes people go crazy. How can I find the funds to fulfill my dreams? Well, once you have done the research, completed the aforementioned tasks, and have your business plan ready to be seen, you can find money! A great place to start is SBA.gov they provide a list of legitimate government grants, loan options, and even tips on preparing for the process.
You’re Ready!
Once you have come up with your idea, type, business plan, demographic, price point & funding, you are ready to start your business. Good Luck on the journey! Your passion will keep the fire of success burning. Now go take over!
Through My Eyes! 